Memry Corp, manufacturers of shape memory alloy products and devices recorded a record result for the fiscal year ended June 30, 2002.
Over the last fiscal year, total revenue grew by 10% to nearly $33million, while net income rose to over $3.7million, compared to a net loss of nearly $4.7 million in the previous fiscal year. The fiscal year just ended marked the third consecutive year of revenue growth, while the last quarter was the sixth straight quarter of profitability.
Revenue growth was largely driven by demand for shape memory superelastic tube based on nickel-titanium shape memory alloys. These devices are used for medical applications such as embolic protection, neurology and orthopaedics.
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