Opto Circuits (India) Ltd. (OCI), India's leading manufacturer of medical diagnostics and interventional products, has achieved impressive growth of 59 per cent in consolidated net profit during the year ended March 2009 to Rs 209.80 crore from Rs 132.39 crore in the previous year. Its consolidated net sales moved up sharply by 75 per cent to Rs 818.52 crore from Rs 468.08 crore. With significant growth in profits, its earning per share touched to Rs 12.97
The board of directors has recommended a dividend of Rs 4 per share, for the ninth consecutive year, subject to approval of the share holders.
Its Invasive segment contributed 23 per cent to its turnover and non-invasive segment 75 per cent during 2008-09.
OCI received the DCGI approval for the commercial sale of DIOR, a CE-marked Drug (paclitaxel) Eluting Coronary Balloon Dilatation Catheter used in Coronary Angioplasties during 2008-09.
The company's newly incorporated subsidiary Maxcor Lifesience, Inc., entered into a strategic cooperation agreement with USA based Micell Technologies. Maxcor and Micell would co-operate in developing and commercializing leading edge Rapamycin (Sirolimus) - based Drug Eluting Stents (DES) and Drug Eluting Balloons (DEB) which will complement OCI's present range of successful paclitaxel-based drug-device combination products.
Post the acquisition of Criticare Systems Inc (CSI), a leading US-based healthcare company, saw the launch of two new patient monitors - eQuality and Ncompass. Both eQuality and Ncompass monitors have received approval for sale in USA and Europe. Criticare also received US FDA approval on a next-generation pulse oximeter (SpO2) module, Sequel. The approval enables immediate integration of the module into CSI monitors and marketing and sale of the product to OEM manufacturers across the globe.
During the year, Opto Circuits' wholly-owned subsidiary Mediaid Inc. received approval from the US FDA 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.
In June 09, the board of directors approved to issue, offer and allot equity shares of the Company for an aggregate amount up to Rs 400 crore. In addition, the Promoters, Employees and others have subscribed for 60 lakh warrants at Rs.210.
According to Vinod Ramnani, chairman & managing director, OCI, "New products to be launched from Criticare and Eurocor in the coming year are expected to give us a technology lead in the industry. We also hope to access new geographies for both the segments over the current year."