ITASCA, IL and SYDNEY, AUSTRALIA--(MARKET WIRE)--Jan 22, 2009 -- AtCor Medical Holdings Limited (ASX:ACG.AX - News), the developer and marketer of the SphygmoCor® system, which measures central blood pressures and arterial stiffness noninvasively, today announced unaudited six months FY 2009 sales of $5.4 million, a 76% increase over the sales in the first six months of FY 2008 and a record for the company. On a constant currency basis, sales increased 64% over the corresponding period in the prior year.
Sales in the United States were up 125% for the first six months of FY 2009, compared with the same period in FY 2008, reflecting demand for central blood pressure measurement using SphygmoCor in clinical trials. Coming off a strong prior year performance, European sales rose 26% over the same period in the prior fiscal year, and Asian sales grew by 11%.
AtCor Medical president and chief executive officer Duncan Ross said, “The strong sales momentum achieved in the past two years has continued, and we maintain a health sales pipeline. Despite some impact from the macroeconomic environment, we have upgraded AtCor’s full year sales guidance from an increase of 55% for FY2009 over FY2008, up from the 45% increase we anticipated in November. We expect full year sales of at least $10 million.”
Improved cash flow
The company’s quarterly cash flow report, filed with the ASX, showed a $1.2 million reduction in operating cash outflow for the first half of FY 2009 ($1.159 million) compared with the same period in FY 2008 ($2.377 million). Cash at December 31, 2008 was $2.924 million. With increasing sales, strong trade receivables and continued reduction in cash outflow expected, AtCor does not anticipate a need to raise funds for operating purposes in the foreseeable future.
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 measure central blood pressure noninvasively. 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 1,800 SphygmoCor systems are currently in use worldwide at major medical centers, research institutions and in clinical trials with leading pharmaceutical companies. The company’s technology has been featured in over 400 peer-reviewed studies published in leading medical journals. AtCor has operations in the United States, Australia and Europe. For further information, please visit our web site at www.atcormedical.com. Contact:
For further information, please contact:
Larry Watts AtCor Medical 630-228-8875
