In December 2017 Admedus changed its financial year-end from June 30 to December 31 to align the company’s financial reporting with its global business sales cycle.
Most of the revenue growth was driven by ADAPT technology sales, which is used to repair congenital heart deformities and more complex heart defects.
ADAPT sales grew 55% year-on-year to $11.1 million compared to $7.2 million in 2017.
The increase was driven by sales in North America, which is the first market where the expanded 3D product range including CardioCel, CardioCel Neo and VascuCel launched last year.
Admedus managing director and chief executive officer Wayne Paterson said: “The developments over the past year form a solid basis for a sustainable global business.
“ADAPT revenue growth was 55% over the previous year which is significantly higher than cost growth.
“Uptake throughout 2018 continued to increase, as more key opinion leaders and surgeons have started to use or increased their utilisation of ADAPT treated products.
“The company continues to take market share away from large and more established competitors via superior clinical data, increasing KOL advocacy and an expanding portfolio of unique products.”
Selling, general and administration expenses (SG&A), including research and development spend, was $34.3 million for 2018.
In 2018 SG&A costs for ADAPT declined as a percentage of revenue from 142% to 122%, with gross profit for the group for the year being $12.4 million, representing a gross profit margin of 49%.
Net loss after tax was marked at $24.7 million and the closing cash balance on December 31, 2018, was $12 million, up from $8.3 million on December 31, 2017.
Paterson added: “Our 3D aortic valve, the central component of our TAVR device is also progressing and we’re working closely with our TAVR medical advisory board who are helping direct our engineers to develop a unique and competitive TAVR device.
“The current market worth is estimated to be upwards of US$12 billion by 2025 and these new products will help the company continue to expand into the larger adult market while maintaining high levels of adoptions in the niche paediatric segments.”