Opto Circuits (India) (OCI), India’s leading developer, manufacturer and distributor of medical diagnostics and interventional products, today announced its financial results for the third quarter ended December 31st 2009.
Consolidated Performance
Q3FY10 Consolidated net sales grew by 21.80 per cent to Rs 257.03 crore as compared to Rs 211.02 crore in the corresponding quarter last year. Net profit grew by 24.81 per cent to Rs 65.68 crore compared to Rs 52.63 crore in the corresponding quarter last year. For the nine months ended December 31, 2009, the company registered a 22.75 per cent rise in consolidated turnover at Rs 743.12 crore as compared to Rs 605.40 crore for the corresponding period of the previous year. Net profit also made an impressive jump to Rs 191.81 crore, registering a 24.38 per cent rise from the corresponding period last year.
Standalone Performance
On a standalone-basis, OCI’s net sales for the Q3FY10 were at Rs. 116.89 crore, a 23.55 per cent growth compared to Rs 94.61 crore from the last equivalent quarter. Net profit is at Rs 35.63 crore, an increase by 14.29 per cent from Rs. 31.18 crore in the corresponding quarter last year. For the nine months ended December 31, 2009, the company registered a 19.40 per cent rise in its stand-alone turnover at Rs 335.88 crore as compared to Rs 281.31 crore for the corresponding period of the previous year. The 9MFY10 Net profit was at Rs 103.02 crore, a 3.01 per cent increase, as against Rs. 100.01 crore in the corresponding period last year.
Management Comments
Commenting on the quarter, Vinod Ramnani, Chairman & Managing Director, said, “In the last quarter, we have expanded our offerings by introducing next generation novel products, both in the invasive and non-invasive segments. We hope to access emerging markets like Latin America, Africa and South Asia for some of these products in both the segments.”
Quarter Highlights
During the quarter, Opto Circuits introduced 5 next generation products, 3 in the non-invasive category, from its subsidiary, Criticare Systems Inc. (CSI) and 2 in the invasive category, from Eurocor GmbH (Bonn-based subsidiary), into the world markets.
Non Invasive Products
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- eVision 9100 is Criticare Systems Inc. first ever modular and green patient monitoring system. This modular design with a touch screen display and an interactive user interface allows the base configurations to be easily upgraded in the field or factory.
- Poet® IQ 8500H is a modular gas bench developed by the CSI team. It provides a unique combination of leading edge vital signs technology and anesthesia gas monitoring in a compact, modular system.
- eTraq is a compact, portable, multi-parameter monitor specifically targeting the Transport Monitoring Segment.
Invasive Products
- Magical is Eurocor’s CE-marked novel drug-eluting option that combines a bare metal stent with a drug-coated balloon for rapid healing without long-term anti-platelet therapy. It is yet another path-breaking concept in occluding diseased arteries of the heart. The product is set to compete with conventional drug-eluting stent options for some applications.
- Freeway, a paclitaxel eluting balloon dilatation catheter, is slated to be a prime option for interventionists treating diabetic and atherosclerotic patients with peripheral artery blockages.
OCI has also opened up its proprietary technologies for OEM partnerships. The company and its subsidiaries have recently entered contractual terms to private-label its gas analysis, vital signs and pulse oximetry modules for a few Fortune 500 medical device companies, addressing some of the world’s fastest growing medical markets.
OCI was awarded the prestigious ranking of being one of the 200 Best Under a Billion Asian companies by esteemed business magazine Forbes in its fifth such Annual Listing in 2009; OCI garnered the ranking for the second consecutive year.
The Company’s India-based subsidiary, Advanced Micronic Devices (AMDL), has manufactured the core function i.e. the Intelligent Controller for the Parking management system which is an AMDL & Exultsoft technologies Pvt ltd design.
OCI and along with its subsidiaries CSI and Mediaid Inc. participated in The World Forum for Medicine, the MEDICA in Düsseldorf. The focus of the show was the global launch of CSI’s new patient monitor, the eVision™. CSI also showcased its entire range of gas benches, multi-parameter monitors and SPO2 sensors in an extravagant display where even a new “pod” style meeting room was incorporated into this year’s booth design to hold private meetings with distributors and potential customers.
About Opto Circuits (India)
Opto Circuits (India) (OCI) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is a 100 percent EOU and a leading manufacturer of healthcare equipment in India. The product profile includes digital thermometers, sensors, pulse oximeters, patient monitoring systems, stents, catheters and other innovative products. In 2001, OCI acquired 60 per cent stake in Advanced Micronic Devices (AMDL) to market and distribute its products in India. Mediaid came into existence with the acquisition of the patient monitoring division of Palco Labs, US, in end-2003 and it now directly markets OCI’s products in the US. OCI acquired Eurocor GmbH in 2006. Eurocor manufactures Cardiac Stents of various types, including Drug Eluting Coronary stents. In April 2007, OCI ventured into new product segments - Urology, Gastroenterology, Gynecology and Orthopedics after acquiring Devon Innovations Private Limited (Bangalore) and Ormed Medical Technology Limited (Chennai). OCI completed the acquisition of US based Criticare Systems, Inc. in April 2008. Criticare designs, manufactures, and markets leading edge patient monitoring systems, vital signs monitors and gas benches for a wide range of hospitals and alternate health care environments throughout the world.
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