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AtCor Medical Reports Preliminary H1 Fiscal 2009 Results

AtCor Medical Holdings Limited (AtCor Medical) has reported preliminary sales of AUD5.4 million for the first six months of fiscal 2009, up 76%, compared with the sales in the year-ago period. On a constant currency basis, sales increased 64% over the previous corresponding period.

Sales were up 125% in the US in first six months of fiscal 2009, compared to first six months of fiscal 2008, reflecting increased demand for central blood pressure measurement using SphygmoCor in pharmaceutical clinical trials. Coming off a strong prior year performance, European sales rose 26% on the pcp, and Asian sales grew by 11%.

AtCor Medical chief executive officer Duncan Ross said, “The strong sales momentum achieved in the past two years has continued, and we maintain a healthy sales pipeline. Despite seeing some impact from the macro economic environment we have upgraded AtCor Medical’s full year sales guidance to an increase of 55% for FY2009 over FY2008, up from the 45% increase we anticipated in November. We expect full year sales of at least $10.0 million.”

The company lodged its quarterly cash flow report with ASX. This showed a $1.2 million reduction in operating cash outflows for first six months of fiscal 2009, compared to the previous corresponding period (first six months of fiscal 2009: $1.159 million vs. first six months of fiscal 2008: $2.377 million). Cash at 31 December 2008 was $2.924 million. With increasing sales, strong trade receivables and continued reduction in cash outflow expected, AtCor Medical does not anticipate a need to raise funds for operating purposes in the foreseeable future.

AtCor Medical’s half-year results will be announced on February 19, 2009.