French contrast developer Guerbet posted revenue increases for its 2017 fourth quarter and year-end (end-December 31).
For the quarter, the company reported revenue of 215 million euros ($268 million), up 3.7% after currency adjustments compared with the same period in 2016. Guerbet also announced revenue of 812.4 million euros ($1 billion) for the year based on constant exchange rates -- a 4.7% increase from 2016 and a growth rate that surpassed its target of 3% to 4%.
The company saw revenue growth in all business segments over the year: The MRI segment grew by 1.9% to 275.2 million euros ($342 million), the x-ray segment rose by 0.5% to 377.2 million euros ($469 million), the interventional radiology and theranostic segment went up by 3.6% to 57.5 million euros ($71.5 million), and the Imaging Solutions and Services segment increased by 4.6% to 80.1 million euros ($99.6 million).
In other news, Guerbet announced it has acquired Accurate Medical Therapeutics, an Israel-based developer of microcatheters for tumor and vascular aneurysm embolization procedures. Accurate's products have been cleared for marketing in the U.S. and are awaiting the CE Mark in Europe.
Guerbet is acquiring 100% of Accurate's shares with an initial payment of 19.5 million euros ($24.3 million) and additional payments spread over several years, with the total purchase price not to exceed 57 million euros ($70.9 million). The deal is subject to the achieving of regulatory and commercial objectives.