Four-fold rise in sales of next generation eye imaging devices
RETINAL imaging specialist Optos has reported a 73 per cent rise in pre-tax profits for the year on the back of a four-fold rise in device sales.
Optos said sales for the year to September 30 rose by 35 per cent to $143.3 million (£91.4 million), largely from purchases of its next generation eye imaging devices.
The sharp rise in revenue saw pre-tax profits for the year soar to $22 million (£14.05 million) compared to $12.7 million (£7.85 million) a year ago.
Optos returned to profit last year, turning around a pre-tax loss of $3.8 million (£2.43 million) in 2009.
The Dunfermline-based company, which makes testing machines that produce an image of the retina, said device sales rose fourfold to $37.6 million (s24.3 million) against $8.1 million (£5.18 million) a year ago.
This was due to the launch of its next generation 200Dx and 200Tx products.
However, income from leased devices fell by nearly nine per cent to $81.2 million (£51.8 million)
Optos, which reports in dollars as the bulk of its sales are in the US, said optometrists were increasingly buying its 200Dx and 200Tx devices rather than leasing.
Sales in the US rose by 25 per cent to $117 million (£74.7 million) while international sales also doubled to $26.2 million (£16.7 million), with new markets opened within the EU, Japan, Australia and Middle East.
Optos chief executive, Roy Davis, said: "During the last financial year we have delivered a significant increase in both revenues and profits whilst making important investments in the long term growth of the business.
"We have expanded into several new markets, whilst building our product portfolio both through acquisition and organic development.
"At the same time, we have developed a growing body of clinical evidence that demonstrates the critical importance of retinal diagnostics.
"Overall, we are pleased with our progress towards becoming the leading retinal diagnostics company and are increasingly confident about Optos' long term growth prospects."
Optos said it will also launch its next generation desktop retinal imaging device, the Daytona, in the first quarter of 2012.
The US Food and Drug Administration approved Optos' next-generation ultra-wide field retinal scanning device in August.
Optos said it hopes to create a new market and begin to replace larger standalone machines, many of which are leased to customers.
Shares in Optos rose by more than two per cent in early trading today.