Galway medtech firm Aerogen reports record revenue of €54.4m
Sales of company’s medical devices rise 21 per cent in 2017
Aerogen founder and chief executive John Power. The Galway-based medtech reported earnings before interest, tax, depreciation and amortisation up 28 per cent to €13.7 million in 2017.
Galway-based medtech and drug delivery company Aerogen has reported record revenue for 2017 with turnover jumping from €47.2 million to €54.4 million.
Newly-filed accounts for the company’s parent, Stamford Devices, show sales in its core medical devices totalled €53.4 million, up 21 per cent on the previous year, with earnings before interest, tax, depreciation and amortisation (ebitda) rising 28 per cent to €13.7 million.
The company, which has been growing at a rate of 25 per cent over the last 10 years, last week started work on an expansion at its facility in Galway to support growth.
Founded by John Power as Cerus Medical in 1997, Aerogen’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 United States.
Overall, more than six million acute care patients globally have benefited from the company’s various products.
The company has won a number of awards, including European Entrepreneur of the Year, medical technology company of the year and Irish exporter of the year. It has also been a finalist in both the Irish Times Innovation awards and the EY Entrepreneur of the Year awards.
Mr Power said that last year the company incorporated new entities in Germany and Hong Kong, as well as a branch in Dubai. It also entered into clinical trials in the US and Australia.
“Though we have a long road ahead of us we are encouraged by our initial performance,” said Mr Power about the trials.
“We continue to be committed to delivering clinically superior products that deliver both better patient outcomes and clear economic value to the healthcare sector,” he added.
Employee numbers at Aerogen rose to 144 from 117 last year with staff-related costs jumping to €15 million from €11.7 million, the accounts show.
In addition, the company ploughed €10.2 million into research and development, an increase of 23 per cent on the previous year.