Sirtex posts another boost in sales and profit

Sirtex (ASX:SRX) has seen sales of SIRSpheres increase by 30.5% and net profit increase by 27.6% to $7.8 million in its half-year results.

According to Sirtex (ASX:SRX), its enhanced emphasis on improving sales and marketing efforts in the United States is paying off, with a 35.4% lift in dose sales of its SIR-Spheres treatment for liver cancer and a 25.1% rise in overall revenues to $46 million.

Dose sales in other regions were considerably below US levels, although they also rose by 34.5% in Asia Pacific, and 17.9% in Europe, Middle East and Africa.

According to the company, the economic conditions in Europe impacted sales, although it is confident that sales momentum will be maintained.

The company posted a net profit before tax of $7.8m, which is up 27.6% on the same period last year.

Cash has also increased by 132.1% to $13.2 million, with the company continuing to invest in research and development and clinical trials.

Foreign exchange did impact revenues, with over 95% of Sirtex’s income coming from overseas.

Sirtex has had a run of growth in revenues and profit over recent periods, and expressed confidence about the future.

“Sirtex today is well positioned for long-term sustainable growth and our business outlook in all geographic markets remains positive”, it said in a statement.

“There is a significant unmet global medical need for our liver cancer therapy which will continue to drive demand in new and established markets over the long term.

“We are focused on rapidly expanding our business through our continued investment in resources and capabilities backed by a promising new product pipeline that provides a solid foundation for long-term growth and business success.”

After dipping in morning trade, Sirtex (ASX:SRX) stocks bounced back to post a fractional decrease of 5c to $11.66 as of around 1.30 pm.