March 26, 2020 / 5:57 AM / 9 days ago

CORRECTED-Medical technology company IBA reports 2019 profit despite pricing pressure

(Corrects reason for price pressures in 1st paragraph)

March 26 (Reuters) - Belgian medical technology therapy company Ion Beam Applications reported a small annual core profit on Thursday, meeting its guidance after its first six months ended in the red, and said it faced continued pricing pressure as rivals attempted to gain market share.

The group, which makes machines that deliver cancer-fighting proton beams, a super precise form of radiation, made a full-year profit before interest and taxes (REBIT) of 87,000 euros ($94,986.60), after a profit of 5.7 million euros a year earlier.

The company, which had forecast a positive REBIT, said the results reflected gross margin weakness as a result of pricing pressure on new contracts and greater investment in research and development, but cost cuts and controls helped mitigate that.

It said its cash position would allow it to continue to invest in next generation technologies. ($1 = 0.9159 euros) (Reporting by Sarah Morland in Gdansk)

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