Israeli medtech firm SHL Telemedicine has reported a significant jump in profits for the year after a comparatively weak performance in 2017.
Profits were up 321% to US$10.1 million on revenues that grew 9% to US$40.3 million.
“We are very pleased by these results and achievements. We have grown our business and delivered significant value to our customers this year while preparing the company for future growth opportunities,” said chief executive Yoav Rubinstein.
Although SHL’s business in Israel was flat, its German business performed well. There revenues were up 65% to US$27.6 million.
In the reports of the company’s figures no comment was made about the SIX Swiss Exchange-listed company’s ownership.
The two Chinese investors Mengke Cai and Kun Shen hold a 56.8% stake in the group, but because they have declined to make a mandatory bid for remaining shares, their voting rights were blocked in September last year.
Shares in SHL bounced 9.2% on news of the annual figures.
SHL Telemedicine develops personal telemedicine systems and provides medical call centre services, with a focus on cardiovascular and related diseases.