Sirtex Medical (ASX:SRX) announced a record result for the six months to December 2015, reporting net profit after tax of $25.9 million, up 46.9 per cent.
CEO Gilman Wong said the company was pleased with the "record" result, which he confirmed was in line with its expectations for the full year.
"We remain focused on ensuring that SIR-Spheres Y-90 resin microspheres is available to as many patients as possible though the expansion of certified treatment sites, trained clinicians, high quality clinical data and access to government or private reimbursement.”
The result, underpinned by a 40 increase in revenue from sales, disappointed investors with the company's share price falling 10 per cent.
The jump in net profit was driven by double digit dose sales growth, measured operating expenditure growth and the transactional benefit of a lower Australian Dollar versus the US Dollar and Euro - 95 per cent of SIR-Spheres microspheres revenues are foreign currency denominated.
"Gross margins increased 60 basis points or 0.6 per cent to 84.9 per cent, reflecting improvements in manufacturing efficiencies associated with higher dose sales in the key US market, partially offset by the additional costs associated with the commissioning of the new Frankfurt manufacturing facility," said the company.
The company said the US market will remain a key driver for dose sales and revenue growth into the future. It now represents 70.3 per cent of its global mix by volume (up from 68.5 per cent in the pcp) and 79.4 per cent by revenue (up from 76.1 per cent in the pcp).
"The strong increase in dose sales is attributable to further awareness and utilisation of SIR-Spheres microspheres in the US market, an increase in the number of hospitals (treatment sites) certified to use our treatment by 17.7 per cent to 533 sites compared to the pcp, and representing 8.1 per cent sequential growth over the second half of FY15, and a material increase in our sales and marketing infrastructure following the release of the SIRFLOX data at ASCO," said the company.
It also said it remains committed to expanding reimbursement coverage in key European markets.