Medcon reports stable gross, climbing sales for second quarter

Medcon (TASE:MDCN), a Richter family medical technology firm, today reported a 36% increase in sales to NIS 11.8 million.

For the half year sales climbed to NIS 23.2 million, up 30% against the parallel six months of 2001.

Revenues were boosted chiefly through increasing United States sales by subsidiary Medcon Telemedicine Technology.

Medcon reported that its net income rose to NIS 1.8 million for the second quarter, versus NIS 1.6 million in the parallel quarter of last year an increase of 12%.

Uzi Blumensohn, Medcon's CEO and general manager, said the company is meeting its sales targets. It aims to boost 2002 sales by 25% compared with 2001, he said, to $10 million.

While 50% of the company's sales are generated in the United States, he said, Medcon recently commenced activity in Germany, which is the third-largest industry for telemedicine technology after the U.S. and Japan, Blumensohn said.

Medcon's activity in Germany should bear fruit from 2003, he added.

The company's gross profit was NIS 9.5 million, comprising 81% of sales about the same as in the parallel quarter.

For the first half gross profit improved to 79%, from 78% in the corresponding period of 2001.

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