ClearStream profits suffer a drop of 12% to €23.47m

FIGURES published last week have shown that pre-tax profits at Enniscorthy-based medical device manufacturer ClearStream Technologies dropped by 12% last year to €23.47million.

THE newly filed accounts show that revenues at the company, which has its plant at Moyne Upper, dropped by 6% to €53.69million in the 12 months to the end of last November. The accounts also showed that Clearstream’s 2015 acquisition of Embo Medical totalled €35.58million, consisting of €19.86million in cash and €15.7million in ‘deferred contingent consideration’. However, ClearStream did not have to pay €4.6m of the consideration as anticipated sales milestones by the new subsidiary were “no longer expected to be met”. As a result, ClearStream has booked the €4.6m as an exceptional gain in its accounts.

Purchased by US medical device giants CR Bard in 2011 for $68.7million (€54.4m), ClearStream manufactures medical devices used to clear blocks in the coronary and peripheral arteries and its products are used the world over. Numbers employed at the company last year fell from 390 to 373 with 294 engaged in production and 79 in administration, and staff costs rose from €11.7million to €12.27million. Last year’s profit resulted in ClearStream’s accumulated profits totalling €43million.