Rochester Medical, a Minnesota urology and urinary incontinence treatment company, has a three-year plan to double sales.
As such, the company, which makes silicone disposable urological catheters, has been rapidly adding to its U.S. sales force. In a conference call to discuss quarterly performance Thursday, CEO Anthony Conway pointed out that the company has increased its U.S. home care market sales force to 20, up from three. In the acute care market, the company’s U.S. direct sales force stands at 23.
“We have quintupled our U.S. sales force from when we started,” Conway said.
And the investment is paying off in top-line growth at least. In the quarter ended June 30, the company had sales of $14.3 million, up from $10.2 million a year ago.
Nonetheless, the company had a loss of $294,000, or 2 cents per diluted share, compared with a profit of $95,000, or 1 cent per diluted share, in the same year-ago period.
Direct sales in the home care market grew both in the U.S. and overseas, largely fueled by the company’s acquisition of Laprolan, a Dutch medical supplies distribution company and a subsidiary of Fornix. In January, Rochester Medical announced that it would buy Laprolan for about $14 million in cash.
“The integration of Laprolan is complete and the Netherlands employees are very happy to be part of Rochester Medical,” Conway said, noting that Laprolan’s third-quarter results met expectations.