Belluscura PLC (AIM:BELL) reported a big jump in EBITDA losses at the half-year stage but said it remained well placed to capitalise on the substantial opportunity in a large and growing market.
An adjusted EBITDA loss of $5.1mln compared to $1.2mln in the same period last year although revenues rose 34% to $0.6mln.
The UK medical device company said it had strengthened its manufacturing capacity, secured its supply chain and reduced production costs in the first half.
The group also announced a distribution agreement with a leading durable medical equipment provider and distributor in the US for the distribution of the next generation X-PLOR.
"I am very pleased with the substantial operational progress the group has made since the launch of our first product in September last year,” Bob Rauker, chief executive officer of Belluscura, said.
“Demand for X-PLOR has been strong, and the initial feedback from the next-generation device has been positive.”