AOTI Inc on Monday said it was satisfied with its operational progress as revenue grew, however higher costs led to a widened interim loss.

The Oceanside, California-based medical technology firm said pretax loss widened by 67% to $3.7 million in the first half of 2024, from $2.2 million a year ago.

Revenue climbed 18% to $16.8 million from $14.3 million. However, operating costs increased 32% to $25.7 million from $19.5 million.

Looking ahead, AOTI said it expects to meet market expectations for 2024, aiming for revenue growth of 30% and adjusted earnings before interest, tax, depreciation and amortisation margins of 15% to 20%.

Chief Executive Officer & President Mike Griffiths said: ‘As we move through the second half of 2024, I am pleased with the operational progress we have achieved to date. We remain on track to meet market expectations for the full year as we continue to deliver on our scale-up strategy which is underpinned by a continued trajectory of profitable growth.’

AOTI shares were flat at 135.00 pence each on Monday afternoon in London.

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