BTG boosts full-year guidance thanks to PneumRx acquisition

5th Feb 2015 15:33

After currencies moved in its favour and the completion of a recent acquisition, healthcare group BTG has raised its guidance for full-year revenue.Full-year revenue is now expected to range between £345m and £360m, around 4% higher than the previous guidance of £330m to £345m.The FTSE 250 group said its overall performance during the year to date had been in line with management expectations but prospects for the top line had improved since the completion of acquisition of PneumRx on 7 January and a reversal of the adverse foreign exchange impact that had been reported for the six months to 30 September 2014.US pulmonology business PneumRx was acquired at cost to BTG of up to $457m (£315m), based on an initial consideration of $230m and up to $245m in performance-related milestone payments.BTG has said it expects PneumRx's flagship product, the RePneu Coil for severe emphysema, to become the cornerstone of its growing interventional pulmonology business.During the first half to 30 September, the interventional division was helped by good growth in Therasphere and Ekos, its liver cancer and blood clot treatments which were acquired last year.First commercial sales of varicose vein treatment Varithena were also recorded in August after its launch in the States, while commercial launch preparations are under way in China for DC Bead, used in the embolisation of malignant hypervascularised tumours.