Concepta PLC (LON:CPTA) shares rose on Tuesday as the firm coupled annual results with news of early successes for its myLotus fertility product for couples in the early stages of trying to conceive.
The self-test product went on sale last year and a supply agreement was struck with Boots in the UK in March.
“The market opportunity for myLotus in fertility, pregnancy and women's health is substantial and with limited direct competition, the board believes Concepta has strong prospects for growth,” said chairman Matthew Walls.
“We are at the early stages of our product launch and program build and we will continue to educate users on the value of myLotus, raise brand awareness and bolster our sales and marketing expertise over the coming year,” he added.
Results for the 12 months ended December 31 charted a period of operational progress including CE Mark certification (European sign-off for the device) and ISO manufacturing approval. The company also launched the www.myLotus.com e-commerce site.
During the year Concepta appointed Walls as chairman and Peter Dines, from largest shareholder Mercia Technologies, as an independent director, while David Darrock became chief operating officer.
As is common for companies at this formative stage of its commercial development, Concepta was loss-making – to the tune of £2.65mln on an underlying earnings (EBITDA) basis.
Cash at the year-end was £740,000, which was supplemented by a further £2.2mln, raised at 3p a share in April.
“Our priority for 2019 is to develop our UK sales channels in B2C and B2B and engage a sustainable growth model which we can extend across the EU,” said Walls.
“We will also develop our strategic relationships with large diagnostic groups capable of internationally exploiting our diagnostic platform across personalised health and wellbeing.”
In afternoon trading, Concepta shares were 4.4% higher at 3.55p.
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