LONDON (ShareCast) - (Sharecast News) - Polarean Imaging's shares climbed on Thursday after reporting that its annual revenues doubled to come in slightly above expectations as sales in the US soared.
The medical-imaging technology company's revenue came in at $2.4m for 2018, for an increase of 97% when compared to the year before, after revenues from its American operations rose by 192% to $2.2m.

Despite the jump in top-line growth, the AIM traded company's loss before tax deepened from $4.0m to $5.5m as administrative expenses increased by 52% to $6.2m and as Polarean continued to invest in its intellectual property portfolio, securing key new patent filings involving gas exchange and pulmonary vascular disease.

The first patient was enrolled in a phase III FDA clinical trial of Polarean's drug-device combination product for the visualisation of pulmonary function in the magnetic resonance imaging (MRI) market, with the trials now nearing completion.

Consequently, the company said it expects to receive regulatory approval in the second half of the ongoing year.

Meanwhile, Polarean said it has begun early discussions with potential strategic partners in the pharmaceutical industry and in other geographic markets that could lead to important developments in new applications and uses for its technology, expansion into new territories, potentially bringing economic benefits to the group going forward.

Polarean Imaging's shares were 12.31% higher at 21.90p at 0920 BST.

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