Medical firm doubles profit

GALWAY:A CO GALWAY-based medical devices firm has won an award for doubling its exports last year, writes  DAVID LABANYI

Creganna won the Life Sciences Exporter of the Year Award 2008 after a particularly strong export performance to developing economies that pushed overall exports up 109 per cent in 2007.

A spokeswoman for the private company said despite the economic downturn revenues would increase again this year, although she declined to provide figures.

The company employs over 500 staff the vast majority of which are based at its manufacturing plant in the Parkmore West business campus outside Galway.

It has a second facility in Marlbrough, Massachusetts, in the US.

Creganna has set up an innovation centre in Galway where 25 people are employed researching new technologies. It is the largest indigenous medical devices company in the State, she said.

The company concentrates on medical devices for minimally invasive procedures and this includes specialist needles for use in medical procedures such as biopsies and catheter or delivery shafts.

These are designed to follow the natural entry points to the body such as the gastrointestinal system.

Founded in 1979 as an engineering company, it decided to concentrate exclusively on medical devices in 1999.

Creganna manufactures components and complete medical devices, but sells to other medical device firms and not directly to customers.

According to the most recent accounts available Creganna reported pre-tax profits of €4.3 million on turnover of €31.5 million in 2006.