Life sciences firm MedaPhor has enjoyed a 33% rise in sales in first year as a publicly trading company.

The Cardiff-based business also suffered a loss of £1.5m.

MedaPhor, which is now AIM listed, is a global provider of advanced ultrasound education simulators for medical professionals.

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Riccardo Pigliucci, Chairman of MedaPhor, said: “This has been an excellent year for the Group.

“We have raised significant funds that have been used to expand both the sales force in the UK and North America and grow our already impressive product portfolio.

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“The launch of the Cloud based services for ScanTrainer is particularly exciting and we look forward to growing the business globally in 2015.”

MedaPhor has increased its staff numbers from two to nine over the past 12 months.

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Mr Pigliucci added: “During the year the Group continued to invest in research and development activities and expanded our products into the radiology and emergency medicine markets, with the successful launch of several new modules for our ScanTrainer Transabdominal simulator.

“Following the share exchange with MedaPhor Limited and the Company’s Admission to AIM, which raised £4.7m before costs, the directors believe that the Group is well placed to fund its business expansion plans.

“Sales in December 2014 beat all previous records, at close to £0.5m for the month, and while January and February have been typically less active, due to the timing of our customers’ budget periods, we have visibility on significant potential orders to support management’s expectations for the first half of 2015.”

MedaPhor chief executive Stuart Gall said 2014 was a year of consolidation and investment for the business which is run from the Cardiff Medi-centre.

Mr Gall said: “Half the year was taken up with the listing and raising the money.

“In 2014 we put people on the ground and trained them up.”

MedaPhor is expected to break even in 2016.

Mr Gall added: “We are a very good example of the knowledge economy in Wales and how, when it is done right, universities can be a great source of ideas and intellectual property.

“You need the right sort of private and public backing.

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“We are seen as a centre for excellence for ultrasound simulation in the world and that is happening at Cardiff University Hospital.

“We want to make this a growth area for the Welsh economy and we are a good example of how you can start small and hopefully get there.”