Medrad achieves 16 percent revenue gain in 2003

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Sales revenues increased 16 percent to $294 million for Medrad Inc. in 2003. Medrad credits new product launches, global expansion and national recognition for achievements in quality and customer satisfaction, including the 2003 Malcolm Baldrige National Quality Award.

Medrad also expanded its workforce in 2003, growing by 93 full-time, permanent employees to bring the worldwide total to more than 1,250 people. Seventy-two of these jobs were in the Pittsburgh area, where full-time employees numbered 919 at year-end.

The company expects to add another 100 full-time employees in 2004; 60 in Pittsburgh and the balance throughout the United States and around the world.

The 2003 highlights include a 40 percent revenues increase in Medrad's Multi-Vendor Service (MVS) business. MVS repairs both Medrad and non-Medrad MR coils and ultrasound probes.

Medrad also converted to a direct sales and service operation in Brazil, giving Brazilian hospitals and medical imaging centers direct access to Medrad sales, service and clinical application specialists. The company also expanded its customer support model in Europe, adding clinical applications specialists in Germany, Italy, France and the United Kingdom.