Investors were not too pleased with the half-year update from laser therapy company Ellex Medical Lasers (ASX:ELX), sending the stock down 18 per cent on Friday morning.

Shares hit a four-year low, dropping to 50c shortly after the market opened.

The results weren’t disastrous — revenue rose 9 per cent to $41.6 million — but there was very little change in the company’s bottom line compared with the 2018 half-year.

Ellex narrowed its full-year loss by just 0.4 per cent, from $2.709 million to $2.699 million.

Ellex Medical Lasers (ASX:ELX) shares have hit a four-year low.

However CEO Tom Spurling said there was plenty of upside, pointing to a 532 per cent surge in revenue from its Ellex 2RT product, laser therapy that stimulates the eye’s natural healing response to treat degenerative retinal diseases, including the early stages of age-related macular degeneration (AMD).

Sales of the 2RT laser rose to $1.2 million in the period, following recent clinical results that showed there was a 77 per cent reduction in the rate of progression from intermediate AMD to late AMD.

That was despite the fact the trial did not meet its primary endpoint of reduction in rate of progression of the entire trial population.

“We continue to invest ahead of the curve, particularly within our glaucoma and AMD disease segments, as these markets are expected to grow significantly well into the future,” Mr Spurling said.

“The company remains well funded, and operating cash flow is sufficiently strong to warrant these strategies while still expecting an improved operating result in FY19 as our product mix improves, sales grow and margins expand.”

Stockhead has approached Mr Spurling for comment.