Relisys Medical Devices Limited, a city-based integrated medical device manufacturer, expects its original equipment manufacturer (OEM) sales revenues to touch 10 million euro (over Rs 66 crore) from Europe, which has an addressable market of 1 billion euro for medical devices, in the next financial year.
Announcing the signing of a European representation agreement with the Netherlands-based distribution firm 2Spring BV, Relisys Medical managing director Badari Narayan said the company had already received orders worth $1 million (Rs 5 crore) each from Brazil and Turkey, and was in advanced stages of negotiations with two distributors in the US, which has a potential of $18 billion for cardiology catheters.
“All our international marketing networks will be in place in about five months.”
Relisys has so far invested Rs 85 crore in setting up stent, catheter, semi-finished components and complex medical tubing manufacturing facilities, completing international regulatory approvals and entering international markets with product launches. The company expects to break-even by early next year.
“We are now in the process of raising about Rs 24 crore through private equity, which will be utilised in ramping up our marketing exercise. The deal with a domestic PE firm is expected to be closed in three months from now,” Narayan said.