Health software provider Orion Health is spending more on research and development to keep up with global demand for health management software.
The company reported a loss of $27 million in the six months ended September, although revenues were up more than a quarter on the year earlier.
Its chief executive Ian McCrae said the net loss was in line with expectations, as the company focused on developing software and markets to meet growing demand.
"Currently R & D is running at about 27 or 28 percent, which is much higher than it would normally be," he said.
An analyst with Forsyth Barr Blair Galpin said the result was ahead of its forecast, but failed to excite in the absence of any guidance from Orion on revenue and profit.
Orion's shares fell more than 3 percent, and are now at about half the record level it debuted on the NZX a year ago.