Advanced Medical Solutions Group Plc · LSE:AMS
Advanced Medical Solutions — FY2024 Earnings Presentation
23 slides from Advanced Medical Solutions's earnings presentation, Mar 19, 2025
Slide 1: Results for the 12 months ended 31 December 2024
Advanced Medical Solutions Results for the 12 months ended 31 December 2024 19 March 2025 ® 11 INTERNAL
Slide 2: Highlights
Highlights Strong growth and excellent progress integrating acquisitions • 43% Group revenue growth driven by strong Surgical performance and acquisitions • 18% underlying revenue growth of Surgical business (excluding Peters Surgical and Syntacoll) • Successful implementation of new US LiquiBand® r
Slide 3: Transformative Acquisition: Peters Surgical
Transformative Acquisition: Peters Surgical • Acquisition of leading surgical business closed on 1 July 2024 for an enterprise value of €132.5 million • Significantly enhances our ability to compete in the global suture category • Expands direct selling capabilities across key additional markets • D
Slide 4: Acquisition Progress: Syntacoll
Aquisition Progress: Syntacoll • Acquisition of market leading manufacturing facility closed on 1 March 2024 • Significantly enhances our collagen technical and manufacturing expertise and growth potential • Contributed £5.6 million to Group revenues in 2024 • Revenues offset by incremental running
Slide 5: Product Progress: LiquiBand
Product Progress: LiquiBand® • Strong US growth following implementation of enhanced route to market strategy • Improved partner engagement • Strengthening of partners’ own brand presence in the market • Strong pipeline of new business continues to build • Restocking in H1 positively impacted report
Slide 6: Product Progress: Internal Fixation and Sealants
Product Progress: Internal Fixation and Sealants Hernia mesh fixation (branded LIQUIFIXTM in US and LiquiBand Fix8® ex US): • Global supply affected by supplier-driven quality issue – now resolved but impacted 2024 sales • Initial US orders in 2024 ahead of expectations, includes level of stocking •
Slide 7: Product Progress: Traditional Closure
Product Progress: Traditional Closure • Increased levels of growth achieved with AMS portfolio of RESORBA® branded sutures • 15% growth at constant currency • Good suture growth continues in Germany and multiple other territories Integration with Peters Surgical sutures: • Dedicated team established
Slide 8: Product Progress: Biosurgical
Product Progress: Biosurgical Collagen: • Syntacoll assets acquired in March 2024 • Technical and capacity issues at Nuremberg facility resulted in end user demand not being reflected in reported sales • Integration of Syntacoll facilities and expertise already started to address the issues with sup
Slide 9: Product Progress: Woundcare
Product Progress: Woundcare • Challenging market conditions and lower Organogenesis royalties impacted woundcare performance, as previously reported • Restructuring of Woundcare division in progress: • Focus on growing higher margin business • More selective investment in growth • Focus on improved
Slide 10: Financial Summary
Financial Summary 10 INTERNAL
Slide 11: Financial Highlights
Financial Highlights • Revenue increased by 41% at constant currency to £177.5 million and by 43% at reported currency • Adjusted EBITDA increased 35% to £40.2 million • Adjusted pre-tax profit increased 14% to £29.4 million • Net debt of £55.8 million (Dec 2023: net cash £60.2 million) following th
Slide 12: 2024 Revenue
2024 Revenue Growth at 2023 £ million 2024 (£m) constant • Group revenue up by 43%* to £177.5 million (2023: £126.2 (£m) currency million) • AMS Surgical revenue up 28%* to £98.6 million (2023: AMS Surgical 79.1 98.6 +28% £79.1 million) Peters Surgical - 37.2 - • Peters Surgical revenue £37.2 millio
Slide 13: 2024: LiquiBand and Fix8/LiquiFix revenue
2024: LiquiBand and Fix8/LiquiFix revenue Advanced Closure £M Advanced Closure Internal Fixation and Sealants 45 £M • LiquiBand® revenue up 28%* to £43.4 million (2023: £34.6 million) 40 • New US route to market strategy, product exclusivity and greater 8 partner commitment drove 52%* growth in the
Slide 14: 2024: Sutures, Biosurgical and Other Revenue
2024: Sutures, Biosurgical and Other Revenue Traditional Closure Biosurgical £M £M 25 25 Traditional Closure 20 20 • Revenue up 15%* to £19.9 million (2023: £18.9 million) 15 15 • Good growth in Germany and other markets 10 10 Biosurgical Devices 5 • Revenue up 42%* to £22.6 million (2023 £16.4 mill
Slide 15: 2024: Woundcare Revenue
2024: Woundcare Revenue £M £M 50 Infection & Exudate Management 50 Other Woundcare Revenue down 11%* to £41.8 million (2023: £47.1 million) 45 45 40 40 Infection & Exudate Management • Revenue down 6%* to £36.9 million (2023: £39.5 million) 35 35 due to exiting some low margin business, pricing pres
Slide 16: 2024 Operating Margins
2024 Operating Margins £M Surgical Business Unit 140.0 35.0% 120.0 25.3% 30.0% 22.2% 100.0 80.0 25.0% 20.0% Surgical 135.8 60.0 15.0% • Adjusted operating margin decreased by 310bps 40.0 79.1 10.0% 20.0 20.0 30.1 5.0% • Margin upside from US LiquiBand® growth and US 0.0 0.0% LIQUIFIX launch offset b
Slide 17: Exceptional Items
Exceptional Items Exceptional items in 2024 • Peters Surgical and Syntacoll acquisition costs : deal advisory fees, legal, accounting and tax due diligence fees • Syntacoll ramp-up costs: resulting from acquiring inactive assets from administration e.g. operating costs during an idle period and term
Slide 18: 2024 Cashflow
2024 Cashflow 2023 £ million 2024 (£m) (£m) Cash flows from operating activities: Working Capital of -£6 million Profit from operations 18.9 11.2 10.8 16.3 • -£10 million: Increase in receivables due to strong performance of US partners Depreciation and Amortisation Working Capital movements (15.9)
Slide 19: Net Debt
Net Debt • Net debt at the period end: £55.8 million • Cash £17.0 million (2023: £60.2 million) and • Debt £72.8 million (2023: £Nil) • Net debt is expected to reduce by ~£10m p.a. 2025-2026 despite the significant integration investment • 2025 YE net debt expected to be below 1 x EBITDA • 2027 YE n
Slide 20: Environmental, Social and Governance
Environmental, Social and Governance • Through the acquisition of Peters Surgical, we have leveraged the considerable ESG program that was already in place at Peters • An optimised combined ESG program for the enlarged Group is now being created • This program will include combining emissions data f
Slide 21: Summary and Outlook
Summary and Outlook 21 INTERNAL
Slide 22: Summary and Outlook
Summary and Outlook • Strong financial performance in 2024 • New US LiquiBand® route to market strategy performing well and driving growth • LIQUIFIXTM launched in the US with GPO approvals supporting accelerated growth • Transformative acquisition of Peters Surgical • Syntacoll acquisition strength
Slide 23: Contact
Summary Contact and Outlook Positioned for further growth with a promising pipeline of next-generation products Advanced Medical Solutions plc Premier Park, 33 Road One, Winsford Industrial Estate, Winsford, Cheshire W7 3RT, UK Chris Meredith (Chief Executive Officer) corporate@admedsol.com Eddie Jo
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