Aided by rising Asian sales, medical devices supplier Swissray Global Healthcare Holding Ltd (SRG, 環瑞醫控股) yesterday said it aims to swing to profitability next year.
The company posted a loss of NT$399.08 million (US$12.9 million), or NT$3.16 per share, in the first three quarters of the year because of higher research and development (R&D) costs and marketing expenses.
That compares with a loss of NT$157.75 million, or NT$1.8 per share, a year ago, Swissray said in a filing with the Taiwan Stock Exchange.
Chief executive Jack Lee (李典忠) said spending on R&D and to promote its products in the Middle East, Russia and more Asian markets would continue next year, but Swissray’s bottom line should improve as sales grow.
Swissray expects to report double-digit annual revenue growth next year, after two of its X-ray imaging systems and its Norland bone densitometer were approved for sale in China this year, Lee said.
Swissray chairman Lee Tsu-der (李祖德) suggested that annual shipments would double next year.
From January through last month, Swissray reported a revenue of NT$492.89 million, up 83.65 percent from NT$224.51 million a year ago.
Its eponymous X-ray machines accounted for 23 percent of its revenue of NT$426.37 million in the first nine months of the year, while Norland bone densitometers contributed 9.2 percent and Novadaq molecular imaging products 5.1 percent, Swissray said.
Equipment maintenance revenue accounted for 62.7 percent of its sales during the period, down from 75.68 percent a year ago, it said.
Its long-term goal is to make its Swissray, Novadaq and Norland products provide 70 percent of total revenue, Jack Lee said.
The company was founded last year. Lee Tsu-der had acquired Switzerland-based X-ray machine maker Swissray Medical AG in March 2011, with its technology knowhow and access to retail channels in Europe and the US.
To expand its portfolio, Swissray acquired Norland’s bone densitometer assets from US-based medical and surgical device provider Cooper Surgical Inc last year, and contracted with Canadian medical device maker Novadaq Technologies Inc in November last year to distribute its products in 10 Asian nations, it said.
“Our strategy is to use products of renowned brands to enter Asian markets,” Lee Tsu-der said.
Asian sales provided 20 percent of its revenue in the past three quarters, it said.
It is set to shift its listing to the GRETAI Securities Market on Dec. 23, issuing 160 million shares, said Will Tsai (蔡揚威), Swissray’s executive assistant to the chairman, adding that the company has not yet set the share price.
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