Business Description:
Sirtex Medical Limited (SRX) is focused on production and marketing of SIR-Spheres technology for the treatment of liver cancer. Second focus is on research to enhance the SIRT technology and potentially broaden its application.

Strategy Analysis:
SRX is conducting larger scale trials to build profile and credibility. In early 2008 the company commissioned a production facility on the US East Coast to enhance its ability to service its US customers, and opened a facility in 2011 in Singapore to supply Europe and Asia. Prior to this, product was shipped from Australia. It is also developing other products to reduce the risk of a single product portfolio. These include Thermospheres - magnetic microspheres for liver cancer - that generate heat via induction, and a worldwide licence agreement with the Peter MacCallum Cancer Centre in Melbourne for their radioprotector technology. These latter compounds provide a means of protecting healthy tissue from the harmful effects of radiation. Sirtex Medical reported NPAT down 28.6% to $11.48m for the year ended 30 June 2011. Revenues from ordinary activities were $72.95m, up 1.2% from last year. Diluted EPS was 20.4 cents compared to 28.8 cents last year. Net operating cash flow was $15.29m compared to $20.23m last year. The final dividend declared was 7 cents, taking the full year dividend to 7 cents, in line with 7 cents last year.