Opto Circuits' Q1 net up 31.7%

Opto Circuits (India), the Bangalore-based manufacturer of coronary stents and other diagnostic equipment, today reported consolidated net profit of Rs 59.28 crore, a growth of 31.7 per cent for the first quarter ended June 30, 2009 compared to the corresponding quarter last year. The rise in profits was mainly on account of introduction of new products and rise in demand for its diagnostic equipment.

Its consolidated sales for the quarter rose by 29.8 per cent to Rs 230.3 crore compared to the same period a year ago. Basic earnings per share for Q1FY10 worked out to Rs 3.67, as against Rs 2.78 in Q1FY09. On a consolidated basis, 78 per cent of the turnover came from the invasive segment, 21 per cent from the non-invasive segment and 1 per cent from the other businesses.
 
Vinod Ramnani, chairman & managing director, OCI, said "Our results for this quarter are in line with management expectations and we have achieved higher market share by introducing new products."

During the quarter, Opto Circuits’ wholly-owned subsidiary Mediaid Inc. received FDA approval for key vital sign monitoring products; Model 900, a bedside monitor, and Model 960, a vital sign monitor. The subsidiary also received approval for marketing and sale of the Mediaid brand of US FDA-approved Pulse Oximetry (SPO2) products (Patient Monitors & Sensors) in Brazil and surrounding geographies.
 
The company also announced the receipt of US FDA approval on a next-generation pulse oximeter (SpO2) module, Sequel TM developed by its US-based subsidiary Criticare Systems Inc. (CSI). The approval enables immediate integration of the module into CSI monitors and marketing and sale of the product to OEM manufacturers across the globe.