Surbiton, UK - Aortech International plc reported a net loss of £523 348 ($979 399) in its yearly results, a 72 per cent improvement on last year's figures.
The medical device and biomaterials company recorded a 900 percent increase in turnover of £1.42 million the year ending 31 Mar.
About £1.1 million of the turnover figure came from an agreement with St Jude Medical for the use of AorTech's Elast-Eon polyurethane copolymer material.
Developed in conjunction with Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO), Elast-Eon has been applied in long-term implantable life supporting devices in the fields of cardiovascular surgery and interventional cardiology.
"Having achieved this first commercialisation agreement I am confident that this will be the first of several licence and supply agreements over the coming years. Our company is now achieving a financial and cash flow stability that we have been seeking to create since 2003," AorTech chairman Jon Pither said.