Clearstream sees tenfold increase in annual profits

Medical device manufacturer, Clearstream Technologies last year enjoyed a bumper year as profits increased tenfold to €11.57m.

New accounts show that the Wexford-based firm enjoyed the sharp increase in profits after revenues increased by 67% going from €23.46m to €39.4m.

The firm recorded the jump in sales and profitability as numbers employed increased from 271 to 361.

In 2011, US medical device firm, C R Bard paid $68.7m (€54.4m) to purchase the Clearstream Technologies group.

ClearStream’s medical devices are used to clear blocks in the coronary and peripheral arteries and its products are used by cardiologists, radiologists, and vascular surgeons in angioplasty procedures.

According to the directors’ report section of the accounts, the group is committed to a programme of R&D to enhance its market position.

The business’s R&D spend last year decreased from €5.29m to €3.1m. The firm’s cash during the year decreased from €1.5m to €851,763. The profit last year takes account of non-cash depreciation costs of €1m.

A note attached to the accounts states that “the company is going through a phase of expansion and growth, has been profitable for the past financial year and is expected to remain profitable for the foreseeable future”.

The note on the company’s going concern status states that C R Bard will not seek repayment of inter company loans and balances within the foreseeable future.

Staff costs increased from €8.6m to €11.5m.