This sales figure was 6% above the full year forecast of $21 million.
Admedus has two key revenue streams which includes ADAPT®, the company's clinically superior regenerative tissue technology.
Sales for the ADAPT® portfolio of products for the period climbed 30% to $6.9 million
The second is the company's infusion business in Australia and New Zealand, where revenue increased 74% to $15.5 million.
Gross profit for the year jumped 110% to $10.7 million.
The growing ADAPT® volumes and continuing improvements in Admedus' manufacturing process and operations was the key driver of the 12% point improvement in gross margin to 48%.
Importance of ADAPT®
ADAPT® is now on the market in the U.S., Europe, Canada, Hong Kong, Malaysia, New Zealand, the Middle East and Singapore, as the company continues to progress its global coverage for the product and build market penetration and product awareness.
During the past financial year Admedus has continued to build on improving marketing messaging, sales force optimisation and bring new ADAPT® products to market with a focus to build market penetration and market expansion, resulting in a reduced commercial risk.
Admedus has numerous ongoing R&D and product development programs in both its bio-scaffold and therapeutic immunotherapies areas to further develop the two key platform technologies within the company.
The development of additional bio-scaffold products such as CardioCel® Neo, VascuCel® and CardioCel® 3D reinforces the quality of the ADAPT® platform technology, as well as reducing the commercial risk by having an increased number of products on the market.
Outlook for financial year 2018
Admedus said the focus for the next year is continuing to grow ADAPT® sales through market penetration, leveraging the strong benefit the product gives surgeons and patients alike in both the near and longer term.
The company will also build up the ADAPT® and cardiovascular product range with products on market for specific market segments and clear applications.
This aims to increase market penetration and company sales.