AorTech International (AIM:AOR) - potential heart valve deal
AimZine microcap comment
Aortech issued its Interim results this morning (Friday 27th November). The Company reported that trading for the 6 months to 30 September 2015 was in line with expectations and that after amortisation and exceptionals the reported operating loss was $193,000. Much of the Chairman’s statement was taken with describing the potential for the set up of a new company to take forward AorTech’s heart valve technology - could this potentially unlock some of the value here in this AIM minnow, valued at just £1.2 million?
Interim Results AorTech (AIM:AOR) has developed a range of implantable biomedical polymers. It derives revenue by licensing its technology to medical device companies. The interim results reported revenue for the six months to 30 September 2015 of $380,000 which, after administrative costs of $365,000, resulted in a small profit at the EBITDA level. The operating loss was reported at $193,000 after taking into account $45,000 of exceptional litigation costs and amortisation of $163,000. AorTech reported that it was having difficulty in collecting debts totalling $450,000, saying that this will “impact on the timing and potentially the values of cash flows…