SALES SURGE HELPS ELLEX DOUBLE PROFIT

Written on the 4 September 2015

SALES SURGE HELPS ELLEX DOUBLE PROFIT

ELLEX Medical Lasers (ASX: ELX) has more than doubled annual net profit for FY15, with the result buoyed by a 15 per cent surge in sales.

The Adelaide-based ophthalmology and surgical laser specialists announced a bottom-line profit of $1.68 million, up 113 per cent on a year earlier, as revenue lifted to $62.6 million.

Ellex CEO Tom Spurling says a strong sales period for the company's growing treatment portfolio played a large part in the FY15 result.

"The improved operating performance has been driven by strong global sales of our treatment laser portfolio," says Spurling.

"We have been focussing on improving working capital management, particularly inventory utilisation in addition to improving the impact to our bottom line.

"The pleasing operating result for FY15 shows that these efforts are gaining traction, despite operating expenses, which include $1 million invested in growth opportunities for 2016 and beyond."

Company results have been released ahead of the European Society of Cataract and Refractive Surgeons (ESCRS) conference to be held in Barcelona on 5-9 September, where Ellex will showcase its latest ground-breaking technology in the treatment of eye disease.

The 2RT laser system is currently the only therapy on the market addressing early stage age-related macular degeneration, potentially also the world's first interventional treatment for the disease.

Around 1500 procedures have already been performed by early adopters of the 2RT, with the device's presentation to the ESCRS also marking its commercial rollout in Europe.

Spurling says another strong year is already in the pipeline, with new products including the 2RT continuing to buoy revenue growth and improve profitability.

"The existing Ellex portfolio of treatment devices for the four major eye disease categories, combined with our new product development pipeline, provides us with a strong outlook for 2016."

The company's underlying profit for FY15 also showed strong improvement, with pre-tax earnings doubling to $2.6 million.

Free cash flow from operations was $2.1m, up from negative $500,000 in FY14, reflecting improved working capital management and profitability.


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