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”.