Orthopedic imaging technology developer EOS Imaging reported a net loss in the first half of its 2019 fiscal year (end-June 30), as well as a notable change in its commercial cycle.
The company's net loss for the first half of 2019 amounted to 9.97 million euros ($10.96 million U.S.), compared with a net loss of 5.84 million euros ($6.42 million) for the same period last year.
Since the beginning of 2019, EOS has been reporting sales for its products at the time of installation rather than its prior method of recording sales upon receipt of the order, the company said. This change has resulted in the appearance of a lag in sales by three to 12 months, making impractical the comparison in equipment sales of 770,000 euros ($846,000) in the first half of 2019 to 13.61 million euros ($14.96 million) in the first half of 2018.
However, EOS reported that its recurring revenues increased to 5.23 million euros ($5.75 million), up 33% from 4.66 million euros ($5.12 million) last year. The company also booked 30 equipment orders for 12.82 million euros ($14.09 million), down 6% from last year.
