KUALA LUMPUR (July 10): Wire and cable maker Supercomnet Technologies Bhd said its latest catheter for cardiovascular use has been approved and is now listed on the US Food and Drug Administration (FDA) website.
The product "D*Clot HD Rotational Thrombectomy Catheter", which is registered under the group's wholly-owned unit Supercomal Medical Products Sdn Bhd (SMP), is classified as a catheter or embolectomy on the FDA website.
"The FDA approval means that the company can now start manufacturing the catheter for its client, which is a Denmark-based company," Supercomnet said in a statement today.
"The client is the exclusive distributor for several world-leading producers of medical devices. Its global sales force works out of 10 sales offices in Europe, the US and Asia, supplying medical devices to hospitals and other end-users," it added.
Supercomnet is principally involved in manufacturing and assembling quality wires and cables for various segments such as medical devices, electronic appliances, consumer electronics and automotive.
The latest development is in line with the group's push to expand into new markets and acquire new clients as the ACE Market-listed firm diversifies its corporate footprint globally.
"At the same time, we also strive to solidify our position in our current markets, making us one of the leading original equipment manufacturers (OEMs) for automotive cable and medical devices," it said.
Last year, the group's revenue rose 39.28% year-on-year (y-o-y) to a record RM122.97 million, while its net profit also hit a new record high, increasing almost 74% y-o-y to RM19.38 million.
These were contributed by higher sales from existing customers of subsidiaries, the group said.
It is worth noting that several key products of SMP, which is involved in the manufacturing and sub-assembly of cables for the medical device market, are utilised in the treatment of Covid-19 patients.
Among the critical medical devices, the group said, are disposable bronchoscopes, which are used in the first line of lung treatment for patients with suspected or confirmed Covid-19 infections, and the critical care monitoring cable that is presently being used for Covid-19 patients in the intensive care unit.
At 12.13pm, shares in Supercomnet were down one sen or 0.81% to RM1.23 apiece with 1.88 million units done. This gave the counter a market capitalisation of RM790.89 million.