Record annual sales for medtech group
Leeds-based Surgical Innovations Group says its revenues for 2023 are expected to be about £12m, an increase of 6% compared with the prior year (2022: £11.3m).
In a trading update for the year ended 31 December 2023 the company, which designs, makes and distributes medical technology for minimally invasive surgery, notes sales for the second half of the year were around 13% higher than the first half.
The group expects to report a positive adjusted EBITDA of £200,000, which is in-line with expectations.
David Marsh, CEO, said: “Despite a challenging 2023, the company finished the year with record sales and entered 2024 with an encouraging order book.
“The recent actions taken to improve operational efficiencies, together with continued increasing sales momentum, give the Board confidence that we have put the business onto a sustainable growth trajectory for 2024 and beyond.”
Surgical Innovations adds its sales have been supported by growing global acceptance of the need to adopt more sustainable solutions in healthcare.
In its outlook statement, it notes that while continued industrial action in the NHS has impacted the volume of elective surgeries and slowed some progress with evaluations of its products, this is not expected to affect quarter one sales.
The group says some of the supply chain issues seen last year have impacted its original equipment manufacturer (OEM) sales, but these problems have now been resolved.
