AtCor forecasts profit in 2013
Medical device manufacturer AtCor (ASX:ACG) expects to report a profit in this financial year following strong sales of its SphygmoCor diagnostic device.
AtCor (ASX:ACG) expects to report a profit for this financial year when its audited results are released later in February.
The company reported sales of its SphygmoCor blood pressure and arterial stiffness diagnostic device were up 43% in H1 of FY2013 compared to the same period last year.
Sales were $5.4 million compared to $3.8 million in H1 FY12.
This made the company cash flow positive, with a cash balance as of 31 December of $2.1 million, up from $1.1m as of June 2012.
The company reports that sales in the US and Europe were strong despite the prevailing economic conditions and a reduction in staff in Southern Europe from 3 to 2.
The FDA also recently cleared AtCor to market SphygmoCor in the United States, with the diagnostic being officially released on 1 January by the American Medical Association with a code for reimbursement.
“We are very pleased with our H1 performance,” said AtCor Medical CEO, Duncan Ross. “Our team delivered and we are on track to achieve our key financial metrics for the year, including strong sales growth and a cashflow positive business.”
AtCor (ASX:ACG) last traded at 7c, which has remained steady for over a week.
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