Galway medtech firm Aerogen reports record revenues

Overall turnover rises to €47.2m as revenues in core medical devices segment up 26%

Aerogen was founded in 1997 as Cerus Medical by John Power

Aerogen was founded in 1997 as Cerus Medical by John Power

 
Aerogen, the Galway-based medtech and drug delivery company headed by John Power, has said it is well positioned to see continued significant growth in 2017 after recording record revenues last year.

Recently filed accounts for Aerogen’s parent Stamford Devices show overall turnover climbed from €39.9 million to €47.2 million last year.

Revenues in the company’s core medical devices business rose by 26 per cent to €44.2 million from with earnings before interest, taxes, depreciation and amortisation (ebitda) totalling €10.7 million, up 22.3 per cent versus 2015.

The company reported a €9.65 million pretax profit compared to a €10.1 million profit a year earlier.

Aerogen was founded in 1997 as Cerus Medical by Mr Power, who was last year named European Entrepreneur of the Year at the European Business Awards in Milan.

Mr Power told The Irish Times more than 5 million acute care patients have benefited from treatments that use Aerogen products.

The company’s acute care aerosol drug delivery devices are used in 75 countries, with its customers including 80 per cent of hospitals in Ireland and 60 per cent of the top 100 hospitals in the US.

According to the latest accounts, operating expenses rose by nearly 50 per cent in 2016 to €22.4 million. This was partly attributed to Aerogen taking on 40 more staff to work on research and development projects. The company’s R&D spend last year amounted to €4.6 million.

Aerogen employed 86 people last year with staff costs, including wages and salaries, totalling just over €7 million.