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Aridhia sees losses swell from £1.5m up to £3.5m

HEALTH data analytics firm Aridhia Informatics has seen its losses widen from £1.5 million to £3.5 million after a period of heavy investment which saw its staff numbers more than double.

Revenue was said to have increased from £2.5 million to more than £3 million in 2013 but operating costs surged as staff numbers rose to 65, up from around 30 at the start of the previous calendar year.

However chief financial officer David Allan said the results were in line with expectations and the company remained very optimistic about the long term potential of its products.

He said: "We invested fairly heavily in the second half of 2012 and those costs really hit for the full year in 2013 for the first time.

"It has all been in line with the business plan and the expectations.

"The investment has been heavy as we have built a collaborative data analytics platform."

Edinburgh-based Aridhia is headed by entrepreneur David Sibbald and its backers include the likes of Scottish Equity Partners and Albion Ventures.

The software platform developed by Aridhia allows large amounts of health data to be analysed to help support treatment of patients.

Mr Allan said: "The potential for the business is still enormous because of the issues within the healthcare market and even more the genomic, personal medicine.

"We are not unhappy with where the business is at the moment."

Mr Allan said the business anticipated being in profit next year and forecast rising revenues. He added Aridhia was still making a lot of investment in further product development and building up its sales team.

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