Galway-headquartered medtech company Aerogen, which is developing a number of potential Covid-19 therapies, expects to surpass €100 million in revenues this year after announcing record sales last year.
Newly-filed accounts for Aerogen's parent Stamford Devices show it recorded record revenues of €72.8 million in 2019, up from nearly €60 million a year earlier.
Sales in its core medical devices business rose to €70.2 million, resulting in earnings before interest, tax, depreciation and amortisation (ebitda) of €15.1 million.
Founded by John Power as Cerus Medical in 1997, Aerogen's acute care aerosol drug delivery devices are used to treat 10 million patients in 75 countries.
“2019 was another strong year for Aerogen, maintaining our record of year-on-year revenue growth for every year since its establishment in 1997,” Mr Power said.
“We continue to grow our global leadership position in acute care aerosol drug delivery through our award-winning medical device business and our emerging speciality pharmaceutical development,” he added.
Aerogen last week revealed it is playing a key role in the development of more than 15 potential therapies for Covid-19, including a promising inhaled interferon treatment.
The company formed a Covid response unit earlier this year to support projects researching potential treatments and vaccines, and is now working with global pharmaceutical companies on the safe delivery of inhaled therapies.
Aerogen’s technology is currently being used in several clinical trials, with others set to begin with moderately and severely ill Covid-19 in the coming weeks.
“Whilst Covid-19 has brought challenges to the operations of all businesses, Aerogen is well placed as the provider of the only globally available ‘closed system’ nebuliser for ventilated patients to play a pivotal role in the fight against the virus,” said Mr Power.
“Aerogen products are now being used in numerous studies and trials globally as the preferred aerosol delivery system for both treatments and vaccines,” he added.
The company last year announced plans to create at least 80 new jobs this year. It currently employs 243 people, up 24 per cent on the prior year.
