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17 Jan 2014 07:00
Surgical Innovations Group plc
("SI" or the "Group" or the "Company")
Trading update
Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of creative solutions for minimally invasive surgery ('MIS'), provides the following trading update for the 12 months ended 31 December 2013.
Total revenues for the year ended 31 December 2013 will be £8.6m, a 13% increase against the previous year (2012: £7.6m). The Group's strategy for long term growth is the development of the SI Brand within the lucrative US market, underpinned by the appointment in May 2013 of an SI President of US Sales and Operations. The Group is therefore pleased to report a substantial increase of 75% in sales to the US of SI Branded products, through multiple new routes to market, clearly demonstrating our potential for growth and vindicating the high level of initial investment required. Overall, SI Branded product revenues have grown by 23% driven by the demand for our resposable technology.
Group profitability has been adversely affected by the combined effect of the US dollar exchange rate and more significantly the strategic investment during the second half of the year in manufacturing operations designed to streamline and improve process flows of individual product lines to enable and support the 75% growth in US revenues. As a result, the adjusted EBITDA (excluding exceptional items) for the year ended 31 December 2013 will be significantly below the reported number for the year ending December 2012 (2012: £2.9m).
Enquiries:
Surgical Innovations Group plc | Tel: +44 (0) 113 230 7597 | |
Graham Bowland, Chief Executive Officer |
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Mike Thornton, Chief Financial Officer |
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Panmure Gordon (Nominated Advisor & Broker) | Tel: +44 (0) 20 7886 2500 | |
Freddy Crossley (Corporate Finance) |
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Adam Pollock (Corporate Broking) |
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Walbrook PR Ltd | Tel: +44 (0)20 7933 8780 or si@walbrookpr.com | |
Paul McManus | Mob: 07980 541 893 | |
Lianne Cawthorne | Mob: 07515 909 238 | |
Notes to Editors:
About Surgical Innovations Group plc - www.sigroupplc.com
Surgical Innovations Group plc specialises in the design and manufacture of creative solutions for minimally invasive surgery (MIS) and industrial markets.
As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio.
Over 100 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards.
The Group's patented products are sold through three main channels:
SI brand | Through an established network of distribution partners, Surgical Innovations branded products are sold in major medical markets including North America, Britain, South East Asia, Australasia and the Indian subcontinent.
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OEM and IP | The Group supplies large medical device companies on an OEM basis, generating both sales and IP royalty fees. Clients include Teleflex Medical, Olympus and CareFusion.
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Industrial
| SI's patented segment technology has been applied to the industrial market enabling customers to undertake inspection and maintenance of large-scale equipment, in situ with minimum disassembly and downtime.
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For more information, see www.sigrouplplc.com
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