HeartSine, one of Northern Ireland’s most iconic companies, said it was confident that growing demand for its portable defibrillators would see it return to profit next year.
The company, which was founded by one of the team which helped develop the world’s first out-of-hospital mobile coronary care, reported a loss of over £4.7 million in its most recent financial accounts for the year to the end of 2022, despite a 60% hike in turnover.
It said supply chain disruption and a sharp hike in raw material costs, particularly electronic components, had dented profits during the year but the launch of its over-the-counter portable defibrillators in the US in 2023 made for a more positive outlook. Its product is one of only two available in the US and was launched in 2023 following a delay hitting the market as a result of the global supply chain bottleneck in the wake of the Covid-19 pandemic.
“Although volumes sold increased in comparison to the previous year, supply chain disruption and raw material cost increases, particularly for electronic components, drove up cost of sales,” HeartSine said in its accounts published on Companies House. “However, with demand increasing we are confident of continued growth a return to profitability in the coming years.”
HeartSine was founded in 1998 by Professor John Anderson who worked with the pioneer of out-of-hospital mobile coronary care Dr Frank Pantridge in Belfast in the 1960s and 1970s.
Dr Pantridge was part of the team that developed the world’s first mobile coronary care unit. The company’s defibrillator has saved many lives around the world since it was launched, including footballer Fabrice Muamba who collapsed playing for Bolton against Tottenham Hotspur in 2012.
The company has been owned by Stryker Corporation, a US medical technology firm based in Michigan, since 2016.
