Monday, May 6, 2013

Sarin's 1Q Revenue +3%, Profit +4%

Sarin Technologies Ltd. reported that its revenue rose 2.5 percent year on year to $20.2 million in the first quarter that ended on March 31. The firm's profit increased 3.8 percent to $8.1 million. Gross profit margin rose slightly to 72 percent. The company observed improving  business sentiment across the diamond industry and found that diamond manufacturers accelerated their technology investments  during the quarter.
Sarin stated that sales of its Galaxy-related product family were robust with recurring revenue up by 50 percent year on year. Sarin delivered nine Galaxy systems in the period and now services a base of 105 systems worldwide. Following the commercial launches of DiaExpert Atom and the Sarine Light, the group will launch Galaxy Ultra in the second quarter and Sarine Loupe later in 2013.
“The group will capitalize on the prevailing favorable conditions to increase the pace of Galaxy family systems deliveries in second quarter and throughout 2013. In fact, the orders that we have received thus far in second quarter have already almost equaled those delivered in first quarter,” said Uzi Levami, the CEO of Sarin. “We will also take advantage of Sarin’s market dominance in rough planning products to create additional entry barrier to any would-be automated inclusion mapping competitor.”


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