Sirtex exceeds expectations with FY2013 profit

Sirtex Medical (ASX: SRX) has come in ahead of analysts’ expectations this financial year, reporting a total revenue of $100.3 million, an increase of 16% on the previous financial year.

The company reported a net profit after tax of $18.3 million, up 7% on last year, with cash holdings of $52 million at the end of the year compared to $49 million in FY2012.

Sirtex has been one of the best-performing stocks on the ASX during the last financial year, with its share price doubling from around $6 to $12.

This rise is thanks to strong dose sales of Sirtex’s SIR-Spheres, a targeted radioactive liver cancer treatment.

The largest growth was in the US, where sales rose by 21.4%.  Across Europe, the Middle East and Africa (EMEA), sales were up 9% and in the Asia-Pacific doses increased by 29.5%.

With work on a new manufacturing facility in Germany progressing to schedule, sales in Europe should continue to grow.

Sirtex has also invested $15.8 million into its global clinical program, which aims to make its targeted radiation therapy a first-line treatment option for patients with liver cancer.

Sirtex shares were trading just under $13 at $12.96 at around 10 am on Friday.