INDIANOLA, Pa., March 1 /PRNewswire/ -- MEDRAD, INC.'s sales revenues grew to over $411 million in 2005, an increase of 20 percent over the previous year. This year-end performance exceeds MEDRAD’s annual revenue growth goal of 15 percent, an achievement the company has sustained for over 10 years.
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“MEDRAD’s consistent growth is grounded in a commitment to understanding the needs of our customers around the world, and designing medical devices and services that provide reliable solutions,” said John P. Friel, president and CEO. “We will sustain this growth by focusing on new technologies that can help diagnose and treat disease even more accurately, and ultimately deliver improved patient outcomes.”
2005 business highlights include strong growth of MEDRAD’s Computed Tomography (CT) products, recruitment for 130 new positions and plans to build a new Corporate Center facility to accommodate growth.
2005 product successes are led by the Stellant(R) CT Injection System, which exceeded worldwide projections and contributed to new manufacturing production records for injectors, syringes and disposables in 2005. Stellant Dual offers two syringes to enable both contrast and saline injection at the same time; with the proper ratio and timing, left and right heart ventricles can be illuminated uniformly. MEDRAD also launched several products in the Magnetic Resonance (MR) modality, including the Veris(TM) Vital Signs Monitor, high-definition neurovascular coil, enhanced performance injection system, prostate immobilizer and 3T prostate coil. MEDRAD’s Multi-Vendor Service (MVS) unit, established in 2002 to repair and extend the life of MR coils and ultrasound probes, also experienced significant growth in 2005.
MEDRAD’s total employee base grew almost 10 percent, with 132 full-time, permanent employees added. The company had over 1,500 employees at year-end, 1,100 of whom are located in Pittsburgh. It is anticipated that more than 100 full-time positions will be added in Pittsburgh in 2006, and additional employees around the world to support global growth.
In November, MEDRAD announced plans to build a new Corporate Center facility 18 miles north of downtown Pittsburgh, becoming the first tenant in the new Tech 21 Research Park. The 125,000-square-foot building is expected to be complete in Spring 2007. It will initially house 260 corporate office employees and reach full capacity of 350 employees by year 2011. MEDRAD’s facilities in Indianola and RIDC Park in O’Hara Township will continue to be fully operational.
Readers of Medical Imaging Magazine again ranked MEDRAD among the top five in two out of three categories in its 2005 Readers’ Choice Awards, alongside industry leaders GE Healthcare, Philips Medical Systems, Siemens Medical Solutions and Eastman Kodak Co. MEDRAD tied for fifth place in the Manufacturing category, and moved up a ranking to fourth place in Accessories/Supplies/Service.
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 2005 revenues were $411 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 a U.S. affiliate of Schering AG, Germany . For more information, visit MEDRAD’s website at www.medrad.com.
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 undertakes no obligation to update publicly or revise any of these forward-looking statements, whether to reflect new information or future events, circumstances or otherwise.
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CONTACT: Michael T. Howard, Senior Vice President and CFO, +1-412-767-2400ext. 3570, or mhoward@medrad.com, or Luanne S. Radermacher, CorporateAffairs, +1-412-767-2400 ext. 3184, or lradermacher@medrad.com, both ofMEDRAD, INC.
Web site: http://www.medrad.com//
