Sirtex 1H14 profit grows 45%

Sirtex Medical (ASX:SRX) has reported a 44.6% jump in net profit for the first half of the financial year to $11.2 million, thanks to strong sales of liver cancer treatment SIR-Spheres.

Revenue grew 27.2% to $58.6 million, with global dose sales improving 11.3% to 3919 units. A depreciating Australian dollar contributed to revenue growth for the year.

Dose sales grew 14.9% in the Americas and 14.4% in APAC, but a relatively slim 0.5% in EMEA.

Sirtex said its strategy of adopting a direct sales model in various APAC markets contributed to the strong growth from the region.

During the six-month period the company made good progress with its clinical studies program, which involves six trials aimed at generating data demonstrating SIR-Spheres’ effectiveness as a cancer treatment at an earlier stage of the disease, rather than as a last resort.

Sirtex spent $11.4 million on this clinical trial program during the year, an increase of 63.1% from a year earlier.

SIR-Spheres are designed to deliver targeted radiation therapy for liver cancers including hepatocellular carcinoma and metastatic colorectal cancer.

The company’s financial report states that the company has a “very positive outlook” across all its geographic markets.

Sirtex Medical (ASX:SRX) shares were trading 5.41% higher at $15.19 as of around 1.30 pm on Tuesday.