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 said its profitability had taken a hit due to the USD exchange rate and also due to its strategic investment during the second half in streamlining its manufacturing operations.
The biotechnology company said it expects revenues for the year to be GBP8.6 million, a 13% increase from GBP7.6 million in the previous year, as it continued to see increased sales in the US of its branded products.
Surgical Innovations saw sales of its branded products in the US rise by 75%, and by 23% in total.
Shares in Surgical Innovations were trading down 13% at 4.68 pence Friday morning having set a new 52-week low of 4.05 pence at the open.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Surgical Innovations (SUN)