CR Bard pre-tax profits decrease

PRE-tax profits at the Irish subsidiary of US-owned healthcare manufacturer CR Bard decreased in 2009 by 32% to $100.2 million (€75m) even as revenues increased.

Accounts filed with the Companies Registration Office show the Dublin-based Bard Shannon Ltd increased its revenues by 5% from $694.2m to $729.6m to the end of December 2009.

In spite of the increase in revenues, the company’s pre-tax profits dropped by $47.2m from $147.4m to $100.2m in 2009.

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

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

CR Bard, Inc is a leading multinational developer, manufacturer, and marketer of innovative life-enhancing medical technologies in the fields of vascular, urology, oncology, and surgical specialty products.

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

The $729m in turnover represents 29% of the corporation’s global sales in 2009 of $2.5bn where it employs 11,000 worldwide.

In 2009, the Irish-based holding company made a payment of $4.4m to its US parent.

The company states that the dividend is made “in connection with the parent company’s plans to repatriate foreign earnings which were previously taxed for US tax purposes”.

In relation to future developments of the business, the directors state that they expect the general level of activity to continue for the foreseeable future.