13/01/2006
This developer of advanced laser devices for use in medical and cosmetic procedures has risen sharply after US regulator the FDA finally approved the group’s low-cost laser, Chromolite.
This bodes well for Chromogenex since the company can now deliver equipment already ordered to customers, through the group’s US distributor. This revenue will be too late to register for the next set of results – the company is due to report final figures to December in March. However, the first half of the current financial year will receive a fillip.
Originally, chairman Peter McGuinness, who also runs OFEX-traded Skin Health Spa, expected FDA approval in November. There was never much fear that the approval would not come through, since the product is already used widely in the UK. A Japanese distributor has also been appointed. However, the news is a welcome relief.
Chromogenex joined AIM last June, raising £1.6 million net at 11p per share. Initial interim figures were mildly disappointing. These showed pre-tax profits halved to £56,000 despite sales ahead 19% to £1.47 million. House broker Corporate Synergy is currently reviewing its forecasts, but profits might emerge by the end of this year.
Further research into Chromogenex’s principal product Nlite might keep the group in the red though. Nlite was originally developed to treat scarring caused by acne, but has undergone scientific tests that show it can help prevent the reoccurrence of the skin disease itself.
| Market cap: | £6.73m |
| PE Forecast: | n/a |
| Share price: | 11.38p |
| AIM | £0.5m |
0.82p
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