Listed Medtech business pins its hopes on recovering markets
Leeds-based medical technology business, Surgical Innovations Group, says its trade continues to be affected by the ongoing wave of the COVID-19 pandemic in many territories.
The company has this morning released its audited results for the year ended 31 December 2020, which include a revenue fall of 41% to £6.33m (2019: £10.73m).
Second half revenue was up 44% over the first half at £3.74m (H1: £2.59m) and the Group made an adjusted EBITDA loss of £0.66m, (2019: £1.45m profit).
It also reports an adjusted operating loss before tax of £1.61m (2020: £0.38m profit).
Surgical Innovations says it was able to protect its core skills and capabilities throughout the pandemic. And it adds its revenue in the first two of 2021 months is 11% ahead of comparable period in the prior year.
The firm has signed new agreements to expand its product ranges and routes into the US market, with Adler and Microline.
It says it is now well positioned to benefit from an increased backlog in elective surgery cases across all markets.
Company chairman, Nigel Rogers, said: “Given the continued uncertainty of the pandemic, we will look to reinstate guidance at a later date when there is greater clarity on the timing of the expected recovery in elective surgery from our partners and customers.
“Whilst the UK market is unsurprisingly down by almost a third compared with last year, key international markets are showing strong growth, especially in the US and Japan.
“European demand is more muted, and likely to remain so at least through the first half of the year.
“Encouragingly, whilst demand in the UK has been suppressed, we are beginning to see early-stage signs that the UK market is recovering and expect this to sharply improve in the second quarter, with momentum building through the year as the backlog of elective surgery cases is tackled.
“We also expect to outperform the UK market due to new business wins during the downturn.”
