TIDMAMS
RNS Number : 5546F
Advanced Medical Solutions Grp PLC
11 July 2023
11 July 2023
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Half Year Trading update
On track to meet expectations for the Full Year 2023
Winsford, UK : Advanced Medical Solutions Group plc (AIM: AMS),
the world-leading specialist in tissue-healing technologies, today
announces a trading update for the six months ended 30 June 2023
("the Period"). The Group expects to announce its interim results
on Wednesday 20 September 2023.
During the Period, the Group has made significant progress in a
number of key projects which are expected to establish substantial,
new commercial opportunities in the short to medium term:
-- Pre-Market Approval (PMA) of LiquiBandFix8(R) for use in
hernia surgery, granted ahead of schedule and seven months after
submission. Partner selection is in the late stages of contract
negotiation and is expected to complete in time for a Q4 2023
launch
-- US LiquiBand(R) partner negotiations are progressing well as
the Group executes its new route to market strategy. The associated
destocking has been largely completed and ordering is expected to
return to normal in H2 2023 with accelerated growth thereafter
-- Recruitment for the 160 patient SEAL-G(R) and SEAL-G(R) MIST
clinical study is nearing completion with the last patient
procedure to be completed imminently. The European soft launch of
the product is on track for H2 2023
-- Woundcare pipeline delivering increased orders from multiple partners
First Half Guidance 2023
As previously reported, our strategic initiative to accelerate
2024 US LiquiBand(R) growth resulted in a disruption to ordering
patterns in H1. Order volumes are expected to normalise during the
second half of the year, with accelerated growth from 2024 onwards.
Despite this significant headwind in the first half, growth was
delivered in other parts of the business and revenue for the Period
is expected to be about 8% higher than last year, at approximately
GBP62.8 - GBP63.2million (H1 2022: GBP58.3 million).
Given the short-term downturn in US LiquiBand(R) sales, coupled
with lower Organogenesis royalty payments in the first half,
operating margins were impacted by product mix effects and the
Board expects to report H1 adjusted profit before tax of GBP13.4
million - GBP13.8 million (H1 2022: GBP13.6 million).
Full Year 2023 and Outlook
Both Business Units are forecasting increased volumes in the
second half of 2023. With business improving, full year 2023
revenue and adjusted profit before tax is expected to be in line
with current consensus forecasts with improving product mix
expected to result in earnings being more second half weighted, as
set out at the time of our preliminary results. It is anticipated
that progress made on key projects in the year, including the soft
launch of Seal-G(R) in Europe and launch of LiquiBandFix8(R) in the
US, will set the foundation for accelerated growth in 2024 and
beyond.
Chris Meredith, Chief Executive Officer of AMS, commented: " AMS
is on track to meet expectations for 2023 and to accelerate its
growth thereafter as its expanding range of innovative products
gains traction in key markets. I am very pleased with the progress
we have made across the Group in the first half, especially with
the speed of approval of the LiquiBandFix8(R) Pre-Market Approval
and progress with partner discussions in the US for both
LiquiBand(R) and LiquiBandFix8 (R) . "
- End -
For further information, please contact:
Advanced Medical Solutions Group plc Tel: +44 (0) 1606
545508
Chris Meredith, Chief Executive Officer
Eddie Johnson, Chief Financial Officer
Michael King, Investor Relations
Consilium Strategic Communications Tel: +44 (0) 20 3709
5700
Matthew Neal/ Lucy Featherstone
Investec Bank PLC (NOMAD & Broker) Tel: +44 (0) 20 7597
5970
Gary Clarence/ David Anderson
HSBC Bank PLC (Broker) Tel: +44 (0) 20 7991
8888
Sam McLennan / Joe Weaving / Stephanie
Cornish
About Advanced Medical Solutions Group plc
AMS is a world-leading independent developer and manufacturer of
innovative tissue-healing technology, focused on quality outcomes
for patients and value for payers. AMS has a wide range of surgical
products including tissue adhesives, sutures, haemostats, internal
fixation devices and internal sealants, which it markets under its
brands LiquiBand(R) , RESORBA(R) , LiquiBandFix8(R) and Seal-G(R) .
AMS also supplies wound care dressings such as silver alginates,
alginates and foams through its ActivHeal(R) brand as well as under
white label. Since 2019, the Group has made five acquisitions:
Sealantis, an Israeli developer of innovative internal sealants;
Biomatlante, a French developer and manufacturer of surgical
biomaterials, Raleigh, a leading UK coater and converter of
woundcare and bio-diagnostics materials, AFS Medical, an Austrian
specialist surgical business and Connexicon, an Irish tissue
adhesives specialist.
AMS's products, manufactured in the UK, Germany, France, the
Netherlands, the Czech Republic and Israel, are sold globally via a
network of multinational or regional partners and distributors, as
well as via AMS's own direct sales forces in the UK, Germany,
Austria, the Czech Republic and Russia. The Group has R&D
innovation hubs in the UK, Ireland, Germany, France and Israel.
Established in 1991, the Group has more than 800 employees. For
more information, please see www.admedsol.com .
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END
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