Optos plunges into the red for fiscal 2009

December 2, 2009 by MassDevice staff

Sales for Optos plc (LSE:OPTS) slid 3.6 percent during fiscal 2009, to $97.2 million, but its strategy to boost pay-per-patient revenues continued to gain traction even as it posted a net loss for the year.

The British retinal imaging firm, which has operations in Marlborough, Mass., said its pay-per-patient revenues for the fiscal year ended Sept. 30 rose 2 percent to $93.5 million, compared with $91.7 million during the same period last year, as it developed its strategy to shift from large capital equipment sales.

But Optos plunged into the red for the year, posting an after-tax loss of $4.3 million, compared with after-tax profits of $4.6 million during fiscal 2008.

CEO Roy Davis said the results came in "slightly ahead of expectations," citing the "modest growth" in pay-per-patient revenues as encouraging.

In a separate announcement, Optos said it made interim CFO Christine Soden's appointment into a permanent affair.

The company tapped Soden as interim CFO in September, after Allan Watson quit in August to take the top financial spot at pharma firm ProStrakan Group plc.

Soden was CFO and COO for another British pharma company, BTG plc.

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