Last checked at 19 Sep 2014 07:00
Press Release | 19 September 2014 |
Surgical Innovations Group plc
("SI" or the "Group" or the "Company")
Trading update
Notice of results
Surgical Innovations Group plc (AIM: SUN), a leading creator of innovative medical technology addressing unmet clinical needs in minimally invasive surgery, provides the following trading update.
As a consequence of continued reductions in OEM revenues and slower than anticipated revenues from the US dealer network, coupled with the Board's strategic decision to reduce inventories within the customer supply chain, it is anticipated that full year revenue and profit will be significantly below market expectations.
Furthermore, in light of current trading the Board has concluded that the Group should focus on growth of the SI Brand, cash conversion and those OEM products that add value to the SI Brand. Consequently, the Directors have performed a review of all balance sheet OEM assets resulting in an exceptional non-cash impairment charge of £2.2 million.
The Company will provide further details with its interim results for the six months ended 30 June 2014, which will be announced on Thursday, 25 September 2014.
-Ends-
For further information please contact:
Surgical Innovations Group plc | |
Graham Bowland, Chief Executive Officer Mike Thornton, Chief Financial Officer | Tel: +44 (0) 113 230 7597 www.sigroupplc.com |
Nominated Advisor and Broker | |
Panmure Gordon Freddy Crossley / Peter Steel (Corporate Finance) | Tel: +44 (0) 207 886 2500 www.panmure.com |
Media Enquiries | |
Abchurch Communications Jamie Hooper / Stephanie Watson surgical@abchurch-group.com | Tel: +44 (0) 207 398 7719 www.abchurch-group.com |
Notes to Editors:
Surgical Innovations Group plc (AIM: SUN) is a highly reputable British-based medical device designer and manufacturer, focused on delivering clinical solutions for surgeons that are both cost-effective and efficient. Since the Group's inception in 1992, it has established itself as a pioneer within the laparoscopic surgery field through a successfully developed portfolio of innovative medical devices.
Surgical Innovations' innovative products are centred on its Resposable® concept which utilises a combination of disposable and reusable components to deliver cost-efficient solutions to healthcare organisations. Within the Group's SI Brand division, the portfolio of products includes port access systems, instrumentation and retraction devices.
The technologies used in SI's laparoscopic products can be adapted to meet the needs of surgeons in other specialties of minimally invasive surgery (MIS), including hip arthroscopy, cardiac and thoracic. SI is currently working with leading clinicians to develop tailored solutions in these emerging areas of MIS surgery. SI has successfully adapted its technology to the industrial sector, conducting "keyhole surgery" on jet engines, creating revenue streams from both development work and eventual device sales.
The business has a compelling market position with an established international footprint. Through its developed network of distribution partners, Surgical Innovations' branded products are being sold in all the major high growth medical device markets. With a balanced investment strategy focused on R&D, manufacturing, coupled with sales and marketing and clinical training, the Group is well positioned and has the management expertise in place to capitalise on the growing demand, gain market share and deliver return to shareholders.
For more information, please see www.sigroupplc.com