Profits fall 12% at Wexford medical devices firm

Pre-tax profits at medical device manufacturer Clearstream Technologies fell 12% to €23.47m last year.

Newly filed accounts show that revenues at the Wexford-based firm dropped by 6% to €53.69m in the 12 months to the end of last November. The accounts also show that Clearstream’s 2015 acquisition of Embo Medical totalled €35.58m — made up of €19.86m in cash and €15.7m in ‘deferred contingent consideration’.

However, Clearstream did not have to pay €4.6m of the consideration as anticipated sales milestones by the new subsidiary were “no longer expected to be met”.

As a result, Clearsteam has booked the €4.6m as an exceptional gain in its accounts.

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

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.

The Americas remain the company’s largest market, accounting for €48m of total revenues. Sales to other EU countries narrowed from €8.3m to €5.3m last year.

Numbers employed at the company last year fell from 390 to 373 with 294 engaged in production and 79 engaged in administration.

Staff costs last year increased from €11.7m to €12.27m.

Last year’s profit resulted in Clearstream’s accumulated profits amounting to €43m.