REVENUES AT Irish medical devices company ClearStream Technologies soared by almost 70 per cent to €6 million in the six months to the end of January.
The AIM-listed company posted a net profit of €106,688 for the period, compared with a loss of €1.4 million a year earlier.
The Co Wexford-based company manufactures specialist medical devices such as stents and catheters used in coronary procedures. The rapid growth in sales is a direct result of growing recognition of its brands and products in the markets it serves, ClearStream said yesterday.
The company reported strong growth in “co-labelling” sales, but revenues from its own-brand products eased during the period. This was partly due to the difficulty that its distributors encountered in obtaining letters of credit needed to support their orders. However, this situation appears to be improving and ClearStream expects positive growth in own-brand products in the second-half of its financial year.
In addition to strong sales growth, significant progress was made in improving productivity and margins. This was achieved by implementing just-in-time manufacturing techniques and various “continuous improvement” projects launched last year.
“With a traditionally stronger second half, the directors anticipate reporting . . . further significant progress for the year as a whole and believe that the outlook for ClearStream is very positive,” commented Andy Jones, group chief executive.
The company’s share price on the London Stock Exchange was boosted by the positive results, gaining more than 13 per cent on the day to close at 38.5p. The stock has risen by more than 200 per cent since last November.
