Galway company rebounds from €8 million loss to €2 million profit

Galway Daily news Galway family syndicate

The Galway based medtech company Bio-Medical Research Group has rebounded from a loss of €8.4 million in 2016 to posting €2.3 million profit from last year.

BMR produces the Slendertone and Flex Belt muscle toning belts, with the Flex Belts being marketed solely in the United States.

Last year the medtech company removed its marketing operations from the UK to rejoin its global headquarters in Galway.

According to the Irish Independent last year also saw substantial gains for BMR from selling off its majority share in the company’s medical devices subsidiary Atlantic Therapeutics Group Limited.

In February of 2017 BMR sold Atlantic to a consortium of interests including Early Bird Capital and Seroba Life Sciences for €15 million.

Following the reunification of operations last year BMR recruited heavily in digital marketing and e-sales, the paid with online business jumping to 12% of total of total sales in 2018.

BMR has seen its business in the U.S grow significantly in that period with the QVC home shopping network pushing the brand this year.

While 2019 will see its newest product, the Slendertone Corefit, stocked at Costco Target retail outlets.

The brand has benefited from the endorsement of celebrity actresses Lisa Rinna and Denise Richards.

According to BMR growth has also been strong in the Asian and European markets this year, with sales in China alone trebling in 2018 and good performance in Korea and Japan.

CEO Brian Sheehan said that BMR is planning a a new tv marketing campaign for the UK and France launching in 2019 to promote the Slendertone Abs8 which released recently.

Looking to the German and Spanish markets, BMR has recruited key accounts managers to grow their market share in 2019.

Due to the sale of Atlantic Therapeutics Group gross turnover in 2017 was €44,808,655, down from €52,490,917 in 2016.