Brighter prospects for medtech business as global healthcare markets recover
Surgical Innovations, which today released its audited results for the year ended 31 December 2022, has highlighted robust sales and international opportunities for further growth.
The Leeds-based business, which makes solutions for minimally invasive surgery, saw its revenues increase by 24.3% in 2022 to £11.34m (2021: £9.13m), which is 6% ahead of the comparable pre-pandemic period in 2019 (£10.73m).
Surgical Innovations also reports adjusted EBITDA profit of £0.70m (2021: £0.50m) and adjusted operating profit before tax of £0.01m (2021: loss of £0.33m).
Chairman Nigel Rogers said: “Whilst the backlog of patients requiring treatment in the UK continues to increase, standing at 7.2m in December 2022, sales remain strong.
“New geographical markets are providing some significant prospects for the forthcoming year. In India, where registration was obtained earlier this year, evaluations with key surgeons in a group of Delhi based hospitals are progressing well.
“A new partner in Germany has seen the conversion of a new account with further evaluations scheduled.
“In the US the partnership with Microline is seeing progress with a number of hospital conversions and again further evaluations are underway. The company continues to work with key partners to strengthen the overall growth opportunities.”
Surgical Innovations says supply chain disruption continued to be a challenge in the second half of the year.
But this was overcome by maintaining adequate buffer inventories, meaning customer back orders were managed down to normal levels by the end of the year.
The firm notes investment in its sales and marketing team has been driving commercial opportunities.
It explains global healthcare markets are gradually returning to pre-pandemic levels of elective surgery, and are now striving to reduce the growing backlog of patients requiring treatment by increasing capacity.
But it warns that in the UK market, the process of recovery has been hampered by staff shortages, industrial action and difficulties discharging patients due to restricted social care provision.