US and UK demand drives growth for Surgical Innovations
SURGICAL Innovations Group today announced strong rises in profit and turnover as more of its products are being used in surgery in the UK and USA.
The Leeds-based designer and manufacturer of specialist equipment for keyhole surgery, known as minimally invasive surgery (MIS), saw pre-tax profits up 19.4% to £567,000 on revenues up 28.4% to £3.88m in the six months to June 30.
The group said that gross margins in the core MIS business increased to 45.5% while EBITDA was up 16.8% to £1.14m.
Revenues from SI branded products was up 37.7% to £2.93m from £2.13m a year before while Surgical Innovations said that it saw strong sales of its disposable instruments, branded Resposable.
In the UK the company saw 144% growth in its branded product revenues to £809,000 while it has added two more distributors to its US network and also received its largest ever order from America since the half year end.
Chairman Doug Liversidge, said: “We remain confident about the future growth prospects of the business and the continued growth and success of our own SI branded products. The increased adoption of our cost effective Resposable® products in the UK is particularly encouraging and our access to the US market had been greatly improved through the establishment of additional distribution relationships.
“We continue to develop innovative new products for hip arthroscopy and a 3mm range and look forward to the launch of the hernia mesh fixation device, all of which will contribute to future revenue growth.”
