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Double-digit revenue increase for Ellex

05/09/2018By Matthew Woodley
ASX-listed Ellex Medical Lasers has reported annual revenue of $79.1 million, a 13% increase at constant currency rates compared to the same period last year.

The majority of sales were derived from the company’s lasers and ultrasound segment ($67.5 m), which increased by 10.4% for the year, while iTrack surgical system sales were up 38% to $11.1 million. However, despite the increased revenue, the iTrack still contributed $5.1 million in losses to Ellex’s overall deficit of $5.3 million.

According to Ellex, the loss was due to a considerable investment in marketing and sales representation in the US for the iTrack, which was now “optimised for the near term” and would result in a reduced operating expenditure for 2019.

“The business now has in place 17 sales representatives in targeted, highly prospective territories and three clinical trainers. This team has grown in experience and effectiveness over the year with a focus now on increased efficiency and execution at the sales level, where additional capacity exists,” the ASX release stated.

“The growth in investment directed activities during the financial year 2018 across sales and marketing, reimbursement, education and awareness and key opinion leader engagement is expected to deliver further tangible sales benefits to the business in financial year 2019.”

The company also said a $4 million improvement in operating cashflow, from a deficit of $3.5 million in FY2017 to $500,000 this year, was evidence of the self-funding nature of its glaucoma growth strategy.

“Ellex expects to grow group sales and have an improved operating result in financial year 2019 subject to global economic conditions and foreign exchange rates,” it stated.

“The targeted glaucoma growth strategy, which delivered growth during the year is expected to be primary growth driver in financial year 2019.”

Ellex has a current market cap of approximately $100 million, and is expecting results from its 2RT laser AMD trial later this month.

More reading: Ellex moves to state-of-the-art headquarters

Aussie company doubles production of glaucoma devices

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