News blog
ClearStream Technologies
- BY: Andrew Hore |
- POSTED: 09/11/2009 |
ClearStream Technologies made its maiden full year profits in the year to July 2009.
The Ireland-based manufacturer of balloon catheters and stents used for heart procedures and for minimally invasive surgery to clear clogged arteries has a strong base from which to build. Even if the 1.5m licence payment from CR Bard, for a peripheral catheter product, is stripped out ClearStream still made a profit of around 400,000 last year. Revenues increased from 9.2m to 13.9m.
The Intrepide drug eluting stent will continue to build up sales as more studies show its efficacy in the coronary market. ClearStream has bought out the US manufacturing rights to Intrepide.
Sales by CR Bard have been delayed but there should be another $500,000 in milestones payable by CR Bard this year. Even so, new house broker FinnCap forecasts a profit of 500,000 in 2009-10. That is because it is a period of investment and the full benefits wont show through until next year when profits of 1.3m are forecast, rising to 3.8m the following year. The main growth will come from ClearStream-branded products.
Net cash is 689,000. The business will remain cash generative this year but 2m will be spent on increasing production and other capital investment. This will reduce the cash in the bank but it should start to build up from 2010-11 onwards.
At 27.5p a share, ClearStream is valued at £12.7m.
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