MedaPhor and SonoSim settle patent infringement

MedaPhor Group has announced that it has now formalised and executed their agreement on a patent licence and patent infringement settlement with SonoSim Inc. and The Regents of the University of California (MedaPhor, 2017). As a result, the lawsuit between the parties will be dismissed with prejudice.

MedaPhor’s unaudited group turnover for the year to December 31st 2016 grew by 50% to £3.3m, up from £2.2min 2015. Unaudited global sales of ScanTrainer training simulators grew by 10% to £2.45m. Following the acquisition of Inventive Medical Limited in August 2016, HeartWorks training simulators contributed approximately £0.85m to sales in the post-acquisition period. The loss for the year before share based payment charges, but after the currently anticipated one-off costs of the SonoSim litigation and final settlement, is expected to be around £2.5m, compared to a loss £1.5m in 2015. Cash net of the anticipated litigation and settlement costs payable was £1.4m.

MedaPhor’s Board is encouraged by the sales growth achieved in 2016 despite the issues faced during the year. Following the resolution of the patent infringement action, they say they look forward to achieving Medaphor’s growth targets for its US-based business in FY 2017 and beyond.

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