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Share Price: 0.50

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Surgical Innovation shares fall amid supply chain issues in US

Tue, 27th Jun 2023 16:28

(Alliance News) - Surgical Innovations Group PLC on Tuesday said that strong demand in the UK during 2022 has continued into 2023 despite industrial action in the NHS.

The Leeds, England-based surgical & medical instrument manufacturer said key international markets Japan and Europe performed above 2022 levels, but India and the US "have been slower to gain momentum, in part due to local sales training delays in India and some supply chain issues for

key product in the US".

However, Surgical added that it "is confident that further investment in sales and marketing support will help drive activity in these key markets during H2 2023. The order book for Surgical Innovations' original equipment manufacturer business is strong although supply chain challenges have impacted sales during H1."

As of May 31, the company had net cash of around GBP600,000, down 39% from GBP990,000 at the end of December.

Surgical Innovation shares fell 14% to 1.90 pence on Tuesday afternoon in London.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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