Microsaic Systems plc (AIM: MSYS) said on Thursday that 2019 revenues have significantly exceeded 2018.
The developer of point of need mass spectrometry instruments expects £0.87m of revenues in 2019, a 50% increase from 2018, with sales in the second half being 66% above the first half.
The company also revealed improved gross margins of 43% during H2, up from 32% in H1, and a £2.62m cash position at year end.
Microsaic said it has product launches planned in H1 2020, with a ‘cost-effective approach’ to traditional liquid separation, in what it described as a ‘potentially game-changing approach’ to protein separation.
Shares in Microsaic Systems were trading 13.64% higher at 1.25p on Thursday
Glenn Tracey, CEO, commented: "I am very pleased with the progress in 2019, and excited by the growing pipeline of opportunities ahead of us, which the Board believes will deliver significant growth in the short to medium term.”
Commenting on his 2020 outlook, he said: "Our business development pipeline has increased momentum, and, in 2020, we expect to grow our targeted direct sales channel as well as sign more deals with partners.”
Mr. Tracey also praised Microsaic’s collaboration with the Centre for Process Innovation: “To our knowledge, there is no other MS technology that can offer a complete suite of product and process analysis in bioprocessing, while simultaneously controlling the biomanufacturing process.”
He said: “We have a potentially game changing technology, applicable to all areas of high value drug production, and indeed for many other types of chemical production where real-time analysis is critical to reducing production costs and reducing the costs of non-compliance and failure."
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