Sirtex profit grows 30% in FY14

Sirtex Medical (ASX:SRX) grew its net profit for the financial year ending in June by 30.6% to $23.9 million, thanks to higher sales of its SIR-Spheres liver cancer treatment microspheres.

Sales revenue grew 33.7% to a record $129.4 million, with dose sales increasing to 8561 - another company record.

SIR-Spheres deliver targeted radiation therapy to liver cancers. The product is on sale in the Americas, EMEA and Asia-Pacific.

Revenue from the Americas grew 37.4% to $96 million, thanks to a 22.5% increase in dose sales. EMEA sales were up 24.6% to $27.7 million, but dose sales increased a slimmer 5.6%. APAC revenue increased 20.9% to $5.7 million and dose sales grew 12.4% to 809 units.

Sirtex CEO said the company had delivered “another solid result” during the financial year. “We believe our current growth rate is sustainable. However, a positive result from our clinical studies should see an acceleration or step change in our growth.”

The company is currently engaged in the multi-year Sirflox marketing study and expects the results from the trial to help convince more clinicians to take up SIR-Spheres as a first-line treatment for liver cancer.

The study completed recruitment in April 2013, and results are expected to be released in 2015.

Sirtex Medical (ASX:SRX) shares were trading 0.2% lower at $20.00 as of around 2 pm on Wednesday.