Opto Circuits (India) Ltd. (OCI), India’s leading developer and manufacturer of patient monitoring systems and interventional products, today announced its audited annual financial results for the first quarter ending June 30, 2010.
For the first quarter ending June 30, 2010 (Q1 FY11):
Consolidated Results
- Net Sales stood at Rs. 291.98 crore as against Rs 230.36 crore in the same period last year
- PBT at Rs. 92.57 crore as against Rs 59.57 crore in the same period last year, a 55 per cent increase.
- PAT at Rs 83.36 crore as against Rs 59. 28 crore in the same period last year, a 41 per cent increase.
Standalone Results
- Net Sales stood at Rs 127.49 crore as against Rs 98.12 crore in the same period last year
- PBT at Rs 57.64 crore as against Rs 28.53 crore in the same period last year, a 102 per cent increase
- PAT at Rs 56.95 crore as against Rs 28.49 crore in the same period last year, a 100 per cent rise
On a consolidated basis, 27 per cent of the turnover is from the Invasive segment, 71 per cent from the Non-Invasive segment and 2 per cent from other businesses.
Management Comment
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Mr. Vinod Ramnani, Chairman and Managing Director, OCI comments: “The results meet our expectations. Both our business segments continue to grow and our future plans are on track.”
Key Highlights of the quarter:
Invasive Segment:
OCI acquired Kolkata (India) based N. S. Remedies Ltd. for about USD 1.5 million through an all cash deal. N. S. Remedies has an advanced facility for stent manufacturing and R & D. The company has the required capabilities to produce stainless steel and cobalt chromium stents. The company also has necessary CE approvals on its stents.
Eurocor GmbH participated in EuroPCR 2010, Europe’s leading congress on interventional cardiology. The company presented very convincing clinical results from DIOR DEBUIT trial. The study compared the effectiveness of the DIOR drug-eluting balloon device in combination with a bare metal stent (BMS) vs. other treatment options involving drug-eluting stents and coated balloon catheters.
Eurocor GmbH participated in the 6th Asian Interventional Cardiovascular Therapeutics (AICT) 2010 in Singapore. Two successful lives cases, both using DIOR were presented. The company also hosted a symposium - “DIOR - Drug Eluting Balloon (DEB) - Concept to Clinical application”.
Eurocor Gmbh launched its drug-eluting balloon DIOR in Canadian market through collaboration with Medivations Inc., a local distributor.
Non-invasive segment:
Criticare Systems Inc. (CSI) won large orders for nGenuity (A multi-parameter vital signs patient monitor) and nCompass (A multi-parameter vital signs patient monitor) from leading hospitals based out of Delhi and Trivandrum.
Criticare Systems, Inc. (CSI) is moving into its new 55,000 sq.ft facility in Pewaukee, Wisconsin. The new facility will allow CSI to increase production of its new line of vital signs monitors, pulse oximetry devices and sensors. CSI will also utilize this facility to launch a center of excellence for training and support of distributors and their own sales team.
Criticare Systems, Inc. appointed Mr. Joseph LaPorta as Chief Operating Officer. Mr. LaPorta has over 20 years of experience in the medical device & diagnostics industry having held leadership positions for Beckman/Coulter, Allscripts and the McKesson Corporation.
About Opto Circuits (India) Ltd.
Opto Circuits (India) Ltd. (OCI) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is an Indian MNC in the business of design, development, manufacture and marketing of healthcare equipment and interventional products. The product profile includes digital thermometers, sensors, pulse oximeters, patient monitoring systems, anesthesia analysers, diagnostic equipment, stents, catheters and other innovative products. It is presently a Group of 14 companies with a consolidated total sales of Rs.1077 crores (FY10) and it is headquartered in Bengaluru, Karnataka, India.
Its key markets are US, Europe and South East Asia. It was ranked as one amongst 200 Best Under a Billion companies in AsiaPac by Forbes Asia in 2009, 2008.
Visit us at www.optoindia.com