INDIANOLA, Pa., March 20 /PRNewswire/ -- MEDRAD, INC.'s sales revenues grew to $478 million in 2006, an increase of 16 percent over the previous year. The medical device company has achieved a 15 percent compounded annual growth in sales for over 10 years.
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“The medical imaging industry is discovering better ways to detect and treat patients’ disease more accurately and cost effectively, and we remain focused on that goal,” said John P. Friel, president and CEO. “As the population ages, more patients will want to understand their disease and treatment options. Medical imaging provides the data to make informed decisions.”
2006 business highlights include magnetic resonance (MR) product innovations, milestone installations of computed tomography (CT) injection systems, the addition of 180 new positions, and progress on the construction of new Global Center and syringe manufacturing facilities in the Western Pennsylvania region.
MR innovations included the introduction of the Certo(TM) MR Wireless Network in 2006, which allows MEDRAD wireless-enabled equipment to travel with the patient from the prep room to the scanner room and then to the recovery area, while maintaining full communication with the remote display on the network. The system allows clinicians to focus less on equipment and more on patient care while efficiently managing patients through the scanner suite. MEDRAD also introduced the first endorectal coil for 3.0T magnetic resonance prostate imaging in 2006. The MEDRAD 3.0T Prostate eCoil(TM) produces accurate diagnostic images of the prostate that may enable early diagnosis and staging of prostate cancer. MEDRAD’s full line of eCoils earned a 2006 Product Differentiation Innovation Award from Frost & Sullivan, for unprecedented MR imaging of endorectal regions such as the prostate, colon, bladder, and cervix.
The Stellant(R) and Vistron CT(R) Injection Systems both reached the milestone of 5,000 systems installed worldwide last year. MEDRAD’s CT injection systems enhance the images of soft tissue, organs and vascular systems by delivering contrast agent into a patient’s vascular system during a CT procedure.
MEDRAD’s total employee base grew almost 12 percent in 2006, with a net of 180 full-time, permanent employees added. The company employed over 1,700 employees at year-end, 1,200 of whom are located in the Pittsburgh region. It is anticipated that over 100 full-time positions will be added in Pittsburgh in 2007, as well as additional employees around the world to support global growth.
Construction is almost complete on a new 125,000-square-foot Global Center office facility in Tech 21 Research Park in Warrendale, Pennsylvania. The facility will initially house 260 corporate office employees. Construction of a new 120,000-square-foot sterile disposables manufacturing facility in Saxonburg, Pennsylvania is also well underway. Scheduled to open at the end of 2007, employment at the facility is expected to grow to 500 in five years.
MEDRAD, INC. is a worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body. Used in diagnostic imaging, MEDRAD’s product offerings include a comprehensive line of vascular injection systems, magnetic resonance (MR) surface coils and patient care products, and equipment services. Total 2006 revenues were $478 million. MEDRAD is a 2003 recipient of the Malcolm Baldrige National Quality Award, the top honor a U.S. company can receive for quality and business excellence. The company’s world headquarters is near Pittsburgh, Pennsylvania, in the United States. MEDRAD is an affiliate of Bayer AG. More company information is available at http://www.medrad.com.
Bayer AG is one of the world’s leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care, and Pharmaceuticals divisions. The Pharmaceuticals division comprises the following business units: Women’s Healthcare, Diagnostic Imaging, Specialized Therapeutics, Hematology/Cardiology, Primary Care, and Oncology. The company’s aim is to discover and manufacture products that will improve human and animal health worldwide. The products enhance well-being and quality of life by diagnosing, preventing and treating diseases.
Cautionary statement regarding forward-looking statements.
Certain statements in this press release that are neither reported financial results nor other historical information are forward-looking statements, including but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and MEDRAD’s plans and objectives to differ materially from those expressed or implied in the forward-looking statements. MEDRAD, INC. undertakes no obligation to update publicly or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.
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CONTACT: Michael T. Howard, Senior Vice President and CFO of MEDRAD, INC.,+1-412-767-2400 ext. 3570, mhoward@medrad.com; or Luanne Radermacher ofCorporate Communications, +1-412-767-2400 ext. 3184,lradermacher@medrad.com
Web site: http://www.medrad.com/
