Belgium's IBt logs 2007 net loss, sees 2008 profit
BRUSSELS, March 6 (Reuters) - Belgian's International Brachytherapy (IBTH.BR) posted a 2007 net loss of 8.6 million euros ($13.2 million) after a hard year marked by the end of its U.S. direct sales, but forecast a profit this year.
Sales in 2007 for the radiotherapy implant maker rose 14 percent from the previous year to 10.94 million euros, the company said on Thursday, slightly above analysts' forecasts.
The net loss was wider than the 7.5 million euros expected by KBC Securities and slightly below the 8.7 million forecast by Degroof.
"The group results reflect a difficult year for IBt," said a statement from the company, whose radiation-emitting implants are placed in cancer tissue to destroy diseased cells.
"They have been severely affected by the loss related to the decision to stop direct sales activities in the United States and the corollary decision to cease production of the Pd-103 isotope and the associated product at the Seneffe site."
But the group forecast a net profit for 2008, saying that after buying Germany's Eckert & Ziegler (EUZG.DE) it was taking a leadership position in Europe.
"IBt will continue its development strategy aimed at creating a group with a strong identity, seen as the reference in the field of brachytherapy cancer treatment and innovation in this specific segment," it added.
The start-up, listed on Euronext, specialises in brachytherapy, implanting of radioactive "seeds" mainly used to treat prostate cancer. (Reporting by Ingrid Melander; Editing by Dale Hudson)
