Business
AGM Trading Statement
AGM Trading Statement.
About this update from Surgical Innovations Group Plc
[{"type":"text","content":"\n \n \n \n \n \n Surgical Innovations Group plc\n \n (\"Surgical Innovations\", \"SI\" or the \"Company\")\n \n \n AGM Trading Statement\n \n \n Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery (\"MIS\"), provides the following update to shareholders ahead of its Annual General Meeting being held at 10am today.\n \n Following the strong final quarter of 2021, trading to date in the first half of the year has continued with the same momentum. Revenues are showing significant growth and for the six months to 30 June 2022 are expected to be in excess of 22% above the comparable period last year. Early indications are that this impetus is continuing into the second half of the year and, as such, the Board remains confident of delivering results for FY2022 in line with current expectations.\n \n Demand in the UK market continues to be strong and is trending above pre-pandemic levels of 2019. This is primarily due to underlying business wins driven by the demonstrable sustainability advantages of our ResposableTM product ranges. With the continued backlog of patients on waiting lists and the NHS's fulfilment of 'Net Zero' obligations on sustainability, this range is well positioned for further recovery and growth.\n \n The international business is trading slightly ahead of performance for the first half of the corresponding period in 2021. The appointment of two international heads early in the year and the additional investment into the marketing team will continue to strengthen commercial initiatives in key markets and allow further bandwidth to open new markets.\n \n The regulatory pathway continues to be challenging as the Company navigates through the complexities of the EU Medical Device Regulation (MDR), however, the Company remains on track to achieve certification in March 2023. In April, the Company received Medical Device Single Audit Programme (MDSAP) recertification, maintaining access to the key strategic markets of Canada, USA, Japan and Australia for a further three years. There is a significant cost burden associated with the evolving regulatory requirements which, whilst challenging, represents an increasing barrier to entry and some competitors may not be able to attain the...