Stents issue contributes to Cook Ireland going into red
Published 17/12/2015 | 02:30
A €21.5m inventory reserve concerning stents at the Irish arm of medical device manufacturer, Cook last year contributed to the firm going into the red.
New figures show that Cook Ireland Ltd recorded a pre-tax loss of €3m.
This followed a pre-tax profit of €1.48m in 2013.
The firm recorded the pre-tax loss in spite of revenues increasing by 9pc, from €450.88m to €489.65m.
Cook Ireland is one of the largest employers in the west of Ireland, employing 793 at its Limerick base with staff costs at the firm last year totalling €36.39m
According to the directors' report "profitability was impacted by an inventory reserve of €21.5m recorded on stents purchased from a US supplier".
The directors state that they expect pressure of healthcare budgets to continue in 2015 but are confident that the group is well positioned to grow.
They state that "sales continued to grow in 2014 despite ongoing pressure on healthcare budgets in many countries".