Traditional seasonal patterns and currency fluctuations affected PACS firm Sectra's financial performance in its first fiscal quarter of 2012/2013.
Sectra had net sales of 171 million Swedish kronor (20.3 million euros), up 1% from the 169.3 million Swedish kronor (20.1 million euros) reported in the first quarter last year. Consolidated operating profit was 4.1 million kronor (487,000 euros), compared with profit of 6.5 million (772,000 euros) a year ago.
President and CEO Dr. Jan-Olof Brüer noted, however, that Sectra has an operating margin of more than 12% for the running 12-month period.
In quarterly highlights, Sectra pointed to the expansion of its medical systems product line, including the acquisition of U.K. IT firm Burnbank Systems and the acquisition of product rights to a Swedish system for monitoring radiation dose. Sectra said it also strengthened its British operations with a new team for medical IT product development. U.K. operations now account for more than 10% of Sectra's consolidated sales.
In other Sectra news, the company has promoted Dr. Torbjörn Kronander to be its new president and CEO, effective 1 November.
Kronander will replace current president and CEO Dr. Jan-Olof Brüer, who has elected to step down after 27 years in the position. The 55-year old Kronander is currently executive vice president and president of Sectra's Medical Systems business area, which currently accounts for 88% of Sectra's sales. He will maintain his role as president of Medical Systems and a member of Sectra's board of directors.
