Last checked at 25 May 2010 07:00
| Press Release | 25 May 2010 |
Surgical Innovations Group plc
("SI" or "the Group")
AGM Statement and Trading Update
Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative surgical devices, will hold its Annual General Meeting today at 1.00 pm in Leeds.
Doug Liversidge, Chairman, will provide the following trading update at today's meeting:
"The Group has made excellent progress in the first five months of the year and trading remains in line with our expectations. We announced last week the delivery of our largest industrial order to date. This is a significant achievement for SI and highlights the adaptability of our technology to industries outside surgery. The Group has recently delivered a prototype for a second commercial product, as requested by our major industrial customer and I look forward to providing an update on the potential commercial opportunities later in the year.
"Within our Original Equipment Manufacture (OEM) business, SI continues to work closely with all major partners, and should be in a position to announce details of a successful project shortly. The Group is currently in discussions with a new OEM partner and we remain confident that this will provide a route for SI into new areas of laparoscopic surgery.
"Our channels to market for our own-brand, minimally invasive surgery (MIS) products remain strong. SI has appointed a new distributor in Ireland and signed a three year £1 million contract extension with our Italian distributor. We anticipate further contract extensions to be signed with other distribution partners during the remainder of the year. SI is continuing the FDA approval process to bring our Logi®Flex product to the market in the US and I look forward to updating our shareholders on this in due course.
"The Group continues to invest in people and facilities to reflect the increasing demand for our products. We have grown the team to over 100 members of staff, and are preparing to bring plastic injection moulding capabilities on-site during the summer. The investment is now bearing fruit and in April SI was awarded the Queen's Award for Innovation. This award is testament to every member of staff and I would like to thank them for their continued commitment to the Group.
"We are extremely confident for the year ahead and look forward to providing a further update at the interim results in September."
- Ends -
For further information:
| Surgical Innovations Group plc |
|
| Doug Liversidge, Chairman | Tel: +44 (0) 113 230 7597 |
|
| www.surginno.com |
| Graham Bowland, Chief Executive Officer | Tel: +44 (0) 113 230 7597 |
| graham.bowland@surginno.co.uk | www.surginno.com |
| Westhouse Securities Limited |
|
| Tim Feather / Matthew Johnson | Tel: +44 (0) 113 246 2611 |
| tim.feather@westhousesecurities.com | www.westhousesecurities.com |
Media enquiries:
| Abchurch Communications |
|
| Sarah Hollins / Simone Elviss / Quincy Allan | Tel: +44 (0) 20 7398 7710 |
| simone.elviss@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
About Surgical Innovations Group plc
Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery and industrial markets. The Group has two divisions; Surgical Innovations Limited and Haemocell Limited.
The Group employs over 100 people at its 32,000 square feet facility in Leeds, with in-house design and the manufacturing of products to the highest quality standards. Through an established network of distribution partners, SI sells in all major medical markets including North America, Europe, South Africa, the Middle East, South-East Asia and Australia.
Surgical Innovations Limited, the main trading subsidiary of the Group, is focused on developing medical instruments for the laparoscopic surgery market - minimally invasive surgery of the abdomen. The Group has pioneered Resposable® instrumentation combining both single use and reusable components ensuring an ongoing revenue stream and delivering the optimum procedure performance to cost ratio. The Group's products include:
| YelloPort+Plus® | A Resposable® laparoscopic port access system that combines both single-use and reusable components |
| Logi®Range | Resposable® laparoscopic instrumentation that combines both single-use and reusable components |
| Quick®Range | single-use instruments, with an ergonomic handle to ensure accurate control of the instrument. The range includes scissors, graspers and dissectors |
In addition to its own branded instruments, the Group also designs and manufactures devices on an OEM basis for large medical device companies including Teleflex Medical, Gyrus, Olympus and CareFusion.
For more information, see www.surginno.com