News blog
ClearStream Technologies
- BY: Andrew Hore |
- POSTED: 11/10/2010 |
The costs of increasing capacity and higher R&D spending knocked last year’s profit from ClearStream Technologies but a full year with the enlarged capacity will produce a much better return.
The manufacturer of medical devices for minimally invasive surgery to clear clogged arteries and balloon catheters and stents used for heart procedures reported a rise in revenues from €13.9m to €15.1m in the year to July 2010. Stripping out one-off milestone payments from Bard the underlying product revenues grew from €12.5m to €14.7m. The make up of revenues is changing with the majority now coming from peripheral angioplasty products instead of coronary angioplasty products.
Gross margins fell because of investment in training and the building up of production. There are four production lines currently working two shifts each. Pre-tax profit fell from €1.93m to €530,000 – or from €500,000 to €150,000 excluding the one-off payments.
The order book is worth €3m, which is the equivalent of two months sales. Analysts forecasts full year revenues of €19.5m.
The focus this year will be improving the gross margins of the products through greater production efficiency. ClearStream hopes to produce 1,600 units each day. A fifth production line is planned. Pre-tax profit is expected to more than double to €1.3m.
Net cash was €867,000 at the end of July 2010.
At 24.25p a share, ClearStream is valued at £11.2m. The shares are trading on nine times prospective 2010-11 earnings.
Download the October edition of AIM Journal at http://www.hubinvest.com/AIMPDFOctober2010_13.pdf
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