Ellex back in the black
Medical laser maker Ellex has bounced back into profitability with full year net income of $3.8 million.
Ellex Medical Lasers announced on Thursday morning that it had achieved a profit of $3.8 million in 2009-10. This represents a recovery from a significant loss in 2008-09 that has weighed heavily on the company’s share price.
Given that this level of profitability equates to earnings per share of 4.5¢, Ellex could be in for a rerating. Based on Thursday morning’s opening share price of 21¢, the company’s price-earnings ratio is 4.6.
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