Medical devices firm sees profits soar to €38.2m

PRE-TAX profits at the Irish arm of US medical device manufacturer Cook almost tripled to €38.2 million last year.

Accounts just filed by Cook Ireland Ltd to the Companies’ Office show that strong sales growth resulted in revenues rising by 13% from €168.5m to €190.4m in the 12 months to the end of December last.

The chief factor behind the increase in pre-tax profits was a one-off payment of €15m from the sale of intellectual property assets to a group company.

However, before those sales are taken into account, the company’s operating profits increased by 67% from €13.8m to €23.1m in the 12 months to the end of December 2010.

Pre-tax profits increased by 178% from €13.7m to €38.2m.

The company paid €6.39m in dividends last year. The numbers employed at Cook Ireland’s plant at the National Technology Park (NTP) in Limerick increased by 42 to 549 last year.

The directors’ report confirms that the company has successfully completed validation for Cook’s new drug eluting stent, Zilver PTX manufacturing process and plans to begin commercial shipments in 2011.

The directors state that “business in Ireland will be restructured during 2011. Activities will be limited to manufacturing and marketing. The distribution side of Cook Ireland’s business will be transferred to its sister company, Cook Medical Europe Ltd. We expect this will impact Cook Ireland’s profitability for 2011.”