Adelaide-based Ellex Medical Lasers has flagged a six-fold profit rise as a result of increased sales in Asia and the US.
The company, which manufactures ophthalmic lasers for use in medical applications, said full year net profit before tax to the end of June is likely to be $1.3 million, more than six times higher than the previous year’s profit of $140,000.
Ellex CEO Tom Spurling said in a statement, “The improved result was primarily driven by significant sales growth in our USA business associated with the launch of our world leading SLT laser range for the treatment of glaucoma in July 2013 and continued growth in our Asian market outside of Japan”.
Revenue from Canaloplasty, a business it acquired last year; and a more favourable exchange rate also contributed to the favourable result.
“While the strong double digit increase in revenue growth was pleasing, the flow through to operating profit in the 2014 financial year was impacted by lower-than-prior period sales against the fixed cost bases in our other direct markets, particularly Japan,” Mr Spurling said.
He added that the company also recorded some non-recurring costs such as IP protection costs related to USA SLT and additional marketing for Canaloplasty. He said the impact to the full year Net Profit Before Tax of these items totals approximately $0.6m.
Ellex’s 2RT retinal therapy laser systems became available in Europe for the first time earlier this year.