Sphere Medical's shares fall as FY results disappoint

Sphere Medical's shares are down almost a fifth as its full-year results disappointed despite confirmation that Proxima was gaining traction in the market.

The outfit booked a full-year pre-tax loss of £5.07m, an improvement on the prior same period's loss of £6.02m. Revenue was negligible at £30,000, from £15,000.

"We are pleased to have launched Proxima 4 and are very encouraged by the early market reaction to it," said chief executive Wolfgang Rencken in a statement.

"As we build a growing customer base, who routinely use Proxima, more patients will be able to benefit from being managed with the system," he added.

Sphere Medical said it continued to advance distributor talks to expand Proxima 4's commercial launch. Its goal was to make it available to a wider patient population across Europe.

Since year's end, the company had secured a £3m loan facility, or which £1.5m had been drawn and the remainder was available to March 2018.

At 10:43 GMT, shares in AIM-quoted Sphere were down 19.61% to 5.12p each.