Telemis profits fuelled by European expansion and investment in innovative technology.

Ninth consecutive profitable year for medical imaging specialist sees number of European installations grow to 175

Telemis, the specialist in medical imaging solutions, has reported its ninth consecutive profitable year as a result of a strategy that has seen continued European expansion and ongoing R&D investment.

Consolidated net earnings for 2010 - 2011 were €664,481 on a consolidated turnover of €6,841,952, up from €6,582,656 in the previous year. The company continued to operate with minimum balance sheet debt thanks to total assets of over €9.5 million and cash reserves of €3.8 million.

The successful results follow a year in which Telemis expanded its operations in Europe through organic growth and the acquisition of leading Italian PACS (Picture Archiving and Communications System) specialist Micromedica Ltd. As a result the company now has a European installed base of 175 hospitals and private practices. Telemis also continued to make significant R&D investments in 2010 - 2011 as well as building business from global medical OEMs.

The latest results were unveiled at the recent annual shareholders' meeting where Stephane Ketelaer, CEO of the Telemis group, commented: "With a strong balance sheet and consistent profitability Telemis remains in an excellent position to continue its strategy for growth, which is based on innovative technologies, geographic expansion and sales to medical OEMs. The acquisition of Micromedica consolidated our European position and contributed to the expansion of our installed base in Europe, while our high levels of investment in R&D helped us meet the advanced imaging and PACS requirements of both direct customers and OEMs."