Shares in liver cancer treatment developer Sirtex Medical have plunged after it ended a challenging year with a $26.3 million loss.
Sirtex said a previously announced $90.5 million writedown in the value of its clinical and research and development assets led to the loss, along with restructuring costs.
Excluding those one-off items, slowing sales growth contributed to a 21 per cent drop in underlying profit to $42.4 million in the 12 months to June 30 – the first fall since 2010/11.
Sirtex said it had a 5.4 per cent lift in global sales of doses of its core technology, a radiation therapy for liver cancer.
However sales growth in its largest market of America slowed to 4.6 per cent.
The company says referrals for the technology declined as c…
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