Medical device group Clearstream reports 13% jump in revenue

Medical device group Clearstream Technologies has reported a 13 per cent increase in sales last year. with revenue topping €23.46 million in the year to November last.

However, a sharp increase in investment in research and development saw the company’s profit fall by almost two-thirds to €1.12 million, according to accounts filed recently with Companies Office.

In the 12 months to last November, Clearstream spent €5.2 million on R&D activity, a fourfold increase on the €1.3 million spent the previous year. The company said in a statement that it was committed to a programme of R&D “to enhance its market position”.

The Wexford-based group, which was sold to US peer C R Bard in a £44 million deal in 2011, makes vascular stents, catheters and guidewires used to clear blockages in coronary and peripheral arteries during angioplasty procedures.

Clearstream has seen a significant change in the geographic make-up of its revenues with sales in European countries falling by more than half. That was more than offset by a jump of almost 70 per cent in sales to the US.

C R Bard has added jobs to the Enniscorthy operation since it acquired the business, including an extra 100 posts this year, which has brought total employment to around 400.

It is understood that a further jobs announcement is likely in the coming months.