SOURCE: AtCor Medical

January 24, 2008 11:00 ET

AtCor Medical Posts Record Half Year Sales

On Track to Achieve 50 Per Cent Sales Growth in FY2008

LISLE, IL--(Marketwire - January 24, 2008) - AtCor Medical Holdings Limited (ASX: ACG), the developer and marketer of the world's first non-invasive central blood pressure assessment systems, today announced unaudited H1 FY2008 sales of $3.1 million, a 27 per cent increase in constant currency over H1 FY2007 and a record for the company.

Sales increased 86 per cent in Europe, supported by new distribution agreements in Eastern Europe and greater demand from pharmaceutical clinical trials. In the United States, sales were in line with company expectations, marginally below H1 FY2007. Given that H1 FY2007 included the company's single largest order to date (US$1.1 million), the company was pleased with the US performance. US clinical and research sector sales, excluding sales to the pharmaceutical market, grew 39 per cent on prior period. Sales in Asia, where AtCor is building a distribution network, also grew in line with expectations.

AtCor chief executive officer Duncan Ross said, "We have a strong pipeline of potential sales and we are on track to achieve our target of 50 per cent worldwide sales growth, in constant currency terms, in FY2008."

The company's quarterly cash flow report, lodged with ASX today, showed a $614,000 improvement in cash outflows compared to H1 FY2007 (H1 FY2008: $2,428,000 vs. H1 FY2007: $3,042,000). Cash at 31 December 2007 was $4,571,000. AtCor remains focused on efficient cash management. With its strong gross margin (now greater than 80 per cent) and anticipated sales growth, further reductions in cash usage are expected in H2 FY2008.

Half year results will be announced on 22 February 2008.

About AtCor Medical

AtCor Medical develops and markets products for the early detection of cardiovascular risk and management of cardiovascular disease. Its technology allows researchers and clinicians to assess central blood pressure non-invasively. The company's SphygmoCor system visibly identifies the effects of reflected blood pressure in the central aortic pressure wave, effects which cannot be detected with standard blood pressure monitoring. More than 1,200 SphygmoCor systems are currently in use worldwide at major medical institutions research institutions and in various clinical trials with leading pharmaceutical companies, and the company's technology has been featured in over 200 peer-reviewed studies published in leading medical journals. AtCor has operations in Australia, the United States, and Europe. For further information, please visit our web site at www.atcormedical.com

Contact Information

  • For further information, please contact:
    Duncan Ross
    AtCor Medical
    CEO
    +1 (630) 799 8221

    Peter Manley
    AtCor Medical
    CFO
    +61 (2) 9874 8761

    Media enquiries to:
    Ashley Rambukwella
    Financial & Corporate Relations
    Ph: +61 (2) 8264 1004
    m. 0407 231 282
    a.rambukwella@fcr.com.au