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Surgical Innovations adds progress in US to strong UK H1

Tue, 10th Sep 2013 09:15

Keyhole surgery equipment specialist Surgical Innovations sold more of its own branded products in the first half, leading to a strong rise in profits. The AIM-listed company, which flagged up these results in a pre-close statement, revealed its efforts to push into the US had resulted in an expanded distribution network and its largest ever Stateside order in the second half. Chairman Doug Liversidge said: "The increased adoption of our cost effective Resposable products in the UK is particularly encouraging and our access to the US market had been greatly improved through the establishment of additional distribution relationships."US sales were up 17.8% to £1.1m during the period, with a new President of US Sales and Operations Rick Barnett developing the SI Brand throughout the US with three new distributors since he was appointed to cover 16 US states and 1,700 hospitals. The company believes its cost-effective 'resposable' products, combining reusable and disposable elements, presents a powerful proposition as US healthcare organisations look aggressively cut costs.The group said it expected further agreements during 2013, and with its largest ever order generated by distributor Adler Instruments for SI branded products, the current pace of US expansion is "exceeding management expectations". A strong focus abroad has not seen any deterioration at home, with 25 hospitals converted to Resposable products this year to increase UK SI Branded revenues 144%. Across the whole group, revenues grew 28.4% to £3.9m and pre-tax profits 19.4% to £0.57m in the first half of the year. Liversidge added that Surgical Innovations continued to develop innovative new products that will contribute to future revenue growth.Analyst Dr Mike Mitchell at broker Panmure Gordon said a new hip surgery product with a potential product launch within 12-18 months and a proposed new facility remain "an opportunity for the business to raise its game in terms of production capacity, manufacturing efficiencies and training facilities". He added his outlook for the business remained positive and was improved by the early traction of the US strategy and raised his target price from 6.6p to 7.6p.By 09:40 on Tuesday morning, shares in Surgical Innovations were up 5.4% at 6.74p.

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15 Apr 2014 08:38

Surgical Innovations Profit Hit By Investment, Exchange Rate

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15 Apr 2014 07:50

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6 Feb 2014 14:02

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17 Jan 2014 11:31

Surgical Innovations profits hit by invest plan and exchange rates

Shares in Surgical Innovations declined sharply after the company warned its profits had been hit by the US dollar exchange rate and its investment during the second half. The company, which develops solutions for minimally invasive surgery, said it therefore expected 2013 earnings before interest

17 Jan 2014 10:15

UK BROKER RATING CHANGES: Goldman Raises View On Insurance Sector

LONDON (Alliance News) - The following UK shares received analyst recommendations Friday morning:
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FTSE 100
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SOCGEN STARTS MORRISON WITH 'SELL' - TARGET 200 PENCE
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SOCGEN CUTS PRICE TARGET TESCO TO 270 (290) PENCE -

17 Jan 2014 10:05

Friday broker round-up UPDATE

Aberdeen Asset Management: JP Morgan cuts target price from 544p to 529p, while its overweight rating remains unchanged. Canaccord Genuity reduces target price from 586p to 540p and reiterates a buy recommendation. UBS lowers target price from 540p to 520p and keeps a buy recommendation. Ashtead Gr

17 Jan 2014 08:28

Surgical Innovations Shares Drop On Profit Warning

LONDON (Alliance News) - Shares in Surgical Innovations Group PLC fell sharply Friday morning after it said that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the full year ended December 31 would be significantly below the previous year. The company

17 Jan 2014 08:13

UK MORNING BRIEFING: Shares Open Higher Despite Shell Warning

LONDON (Alliance News) - UK shares have opened higher Friday despite negative news from two FTSE 100 companies, Royal Dutch Shell and Shire.

The oil major issued a profit warning, and the pharmaceutical firm said it will book a loss on the sale of

5 Nov 2013 10:28

Surgical Innovations Ships First Products Under Surgioscopy Deal

24 Oct 2013 10:29

Surgical Innovations To Develop New Production Facility In Leeds

4 Oct 2013 10:28

Surgical Innovations Appoints Romain Pizzi To Clinical Advisory Board

10 Sep 2013 10:23

Surgical Innovations Group Profits Jump As Sales Increase 28%

10 Sep 2013 08:17

Tuesday broker round-up UPDATE

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16 Aug 2013 08:44

Surgical Innovations triples profits in first half

First half profits have more than tripled at keyhole surgery equipment maker Surgical Innovations as many UK hospitals convert to using its products. The AIM company said revenues for the six months to end-June were 28% ahead of the same period last year at £3.88m, with profit before tax for the p

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