BrainZ loses $NZ5m for year; revenue surges 10:19, Wednesday, 25 October 2006
Sydney - Wednesday - Oct 25: (RWE Australian Business News) - New Zealand-based medical technology company BrainZ Instruments Ltd (ASX code: BZI) incurred a net loss of $NZ4.96 million in the year ended August 31, compared with a $NZ1.5 million loss for the previous year. Total operating revenue rose 257 per cent to $4.66 million, of which $1.6 million resulted from product sales of BRM2 monitors, disposable sensors and associated products with the remainder comprising interest revenue, government funding and foreign exchange gains. The company incurred a non-recurring writedown of capitalised development costs of $5.25 million. The results presented are consistent with the company's expectations set out in the prospectus of November 2005. As a result of parent company Tru-Test Ltd applying to change its balance date to March 31, BrainZ also intends to change its balance date to March 31 with effect from March 31 2007.
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The total installed base of BrainZ monitors around the world increased 79 per cent over the course of the 2006 financial year. During this period, BrainZ sold 74 BRM2 brain monitors, a 100 per cent increase compared with the previous year. In the last six months of the year BrainZ sold 49 BRM2 monitors, up 96 per cent over the first six months and a 133 per cent increase over the previous corresponding period. BRM2 monitors are now used in 16 countries.
BZI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held