Medtech swings to $161k profit

Healthcare software and services company, Medtech Global (ASX:MDG), swung to a net profit of $161,000 for the year ended in March.

The result of the half-year compares to a net loss of $277,000 in 1H10, and is the result of a move from a $32,000 loss in the first half to a $193,000 profit in the second.

Profit in the second half of last year had been $1.6 million, but this had not been enough to counterbalance a $1.8 million first-half loss.

In FY11, revenue grew 15 per cent to $10.9 million, with New Zealand revenue increasing to $8.4 million from $5.6 million. But revenue from Australia declined to $2.5 million from $3.7 million.

MedTech Global has Australian offices in Melbourne and Brisbane. Its products include patient management, clinical audit and device integration tools. The company also provides software development, helpdesk support, training, project management and consultancy services.

The parent group also operates in India and Ireland.

MDG shares stayed flat on Monday at $0.065.

Copyright © 2011 IDG Communications, Inc.

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