Vycor Medical, Inc. (VYCO) saw its loss narrow to $1.65 million, or $0.15 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.08 million, or $0.20 a share.

Revenue during the year grew 27.58 percent to $1.45 million from $1.14 million in the previous year. Gross margin for the year expanded 170 basis points over the previous year to 87.29 percent.

Operating loss for the year was $1.59 million, compared with an operating loss of $1.99 million in the previous year.

"Vycor's results for 2016 as a whole demonstrate the continued realization of Vycor's strategy to grow our two businesses while maintaining our low cost base, with the objective of continuing to decrease our Cash Operating Loss2, which reduced to $89,000 for the fourth quarter compared to $247,000 for the same period in 2015; and to $594,000 for the whole of 2016 compared to $1,591,000 in 2015," said Peter Zachariou, chief executive officer of Vycor Medical. "The Vycor division’s sales growth of 42% for the year demonstrates the benefit of the clinical data flowing through to increased adoption, delivered by a marketing and distribution network which we continue to strengthen."