Bard Shannon increases revenues by 13.6% to €640m

PRE-tax profits at the Irish subsidiary of US-owned healthcare manufacturer, CR Bard more than doubled to $205.4 million (€158.5m) in 2010, new figures show.

Accounts filed with the Companies Registration Office show the Dublin-based Bard Shannon increased its revenues by 13.6% from $729.6m to $828.9m (€640.3m) in the 12 months to the end of December 2010.

The directors’ report for the holding company states they expect the increase in turnover to continue.

However, the directors state the increase “has been offset to a large extent by a corresponding increase in the costs of materials, labour and overheads”.

CR Bard Inc describes itself as a leading multinational developer, manufacturer, and marketer of life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical speciality products.

Bard markets its products and services worldwide to hospitals, individual health care professionals, care facilities, and alternate site facilities.

The $828.9m in revenues represents 30% of the firm’s global sales in 2010 of $2.72 billion. It employs some 11,700 worldwide.

During 2010, the company made a payment of $20m to its US parent. This followed a dividend pay-out of $4.4m in 2009.

On future developments, the directors state they expect the general level of activity to continue for the foreseeable future.

The filings show that the company’s cost of sales increased from $389m to $415m, while net operating expenses decreased from $240m to $208.3m.

The accounts also show the company’s operating profit increased by 105% from $99.5m to $204.9m.

The accounts show that the company at the end of December last year had accumulated profits of $991m.

A breakdown of the company’s turnover showed that $468m was generated in Europe and $360m in the “rest of world”.

The profit takes account of non-cash depreciation and amortisation costs totalling $30.3m.

The accounts show that the numbers employed by the various CR Bard companies was 1,547 — an increase of 99 on the 2009 figure.

Staff costs during 2010 totalled $110.7m compared to $100.2m in 2009.

The holding company’s subsidiaries are based in Spain, Portugal, Mexico, Germany, Belgium, Italy, France, Puerto Rico, Poland, Greece, Poland, Brazil, China and Switzerland.