Polartechnics forecasts profit

Sydney-based diagnostics company Polartechnics has forecast a massive boost in revenue for 2010 after signing a series of contracts with Chinese distributor Unisplendour.

Chairman Robert Hunter told Polartechnics’ AGM today that the company expects to become profitable in 2010 on the basis of the contracts, involving the supply of 500 TruScreen units next year.

TruScreen is Polartechnics’ lead product, a point of care detection device for cervical cancer.

The company expects sales of the device to leap from $3 million next year to $52 million in 2010, and to $121 million in 2011.

It has also forecast revenue from its CerviScreen product, a self-administered human papillomavirus detection kit, to reach $30 million in 2011.

The company has had a chequered history but has recently signed an encouraging local joint venture and says it has solved production issues with its Chinese manufacturer.

An analysis by Phillip Capital Australia, which has provided capital raising and advisory services to Polartechnics, forecasts a profit after tax of $11 million in 2010 and almost $50 million in 2011.