Surgical Innovations Group Plc · LSE:SUN
Surgical Innovations — FY2025 Earnings Presentation
24 slides from Surgical Innovations's earnings presentation, 2025
Slide 1: FY2025 Final Results Presentation
FY2025 Final Results Presentation David Marsh, CEO Brent Greetham, CFO
Slide 2: Disclaimer
Disclaimer While the information contained herein has been prepared by Surgical Innovations Group plc (“SIG”) in good faith, neither it nor any of its directors, officers, agents, advisers, affiliates or employees makes any representation or warranty, express or implied, nor shall any of them have a
Slide 3: Today's Agenda
Today’s Agenda 1. FY2025 Highlights 2. Business Update 3. Financial Review & Outlook 4. Summary and Q&A 5. Appendices
Slide 4: Overview: Focusing On The Fundamentals
Overview: Focusing On The Fundamentals ▪ Overall FY2025 revenues of £11.6m – broadly flat on prior year ▪ Positively Europe demonstrated strong growth of 23% with sales reaching £2.1m in 2025 (2024: £1.7m) driven by the continued resonance of the Group’s sustainability messaging ▪ UK 3rd party sales
Slide 5: Financials
Financials ▪ Revenues down slightly on prior year at £11.6 million (FY24: £11.9 million) ▪ Gross margin: Improved to 33.7% (FY24: 30.7%) ▪ Adjusted EBITDA loss of £0.4m (FY24: profit of Product mix Improved £0.1m) Margins ▪ Net cash inflow of £0.6m (FY24: -£0.1m) ▪ The Group concluded the year with
Slide 6: Operational Highlights
Operational Highlights ▪ Build on positive progress ▪ MDR certification achieved ▪ Leverage NHS business in UK ▪ Strong European momentum ▪ Maximising distribution network Third ▪ Sustainability message resonating party products Up 14% ▪ Investment in sales structure ▪ Restructured UK sales team ▪ I
Slide 7: Today's Agenda
Today’s Agenda 1. FY2025 Highlights 2. Business Update 3. Financial Review & Outlook 4. Summary and Q&A 5. Appendices
Slide 8: Focusing on The Fundamentals
Focusing on The Fundamentals 4. EXECUTE FUTURE STRATEGY 1. DRIVE SALES Develop vision & strategy Invest in sales organisation Develop & execute US product & Leverage NHS relationships commercial plan Focus on significant US market Develop & Implement R&D Focus on high margin products Roadmap to deli
Slide 9: Focusing on The Fundamentals: Drive Sales
Focusing on The Fundamentals: Drive Sales ▪ Improve sales organization to drive growth ▪ Expand field sales coverage ▪ Improve geographical spread. ▪ Accelerate sustainability programs ▪ Drive incremental 3rd party sales through dealer network OEM 14% ▪ Leverage NHS and Private Healthcare Provider r
Slide 10: Focusing on The Fundamentals: Increase Profitability
Focusing on The Fundamentals: Increase Profitability ▪ Improve operational efficiency ▪ Focus on key metrics to drive process ▪ Implement ‘lean’ operations ▪ Standardise workflows Improve Product ▪ Increase product margins Margins ▪ Focus on higher margin products & markets ▪ Implement price increas
Slide 11: Focusing on The Fundamentals: Improve Working Capital
Focusing on The Fundamentals: Improve Working Capital ▪ Reduce inventory ▪ Inventory target £1.5m (Y/E 2025 £2.2m) ▪ Actively managing suppliers ▪ Majority of inventory is SI related Actively Manage ▪ Sales is key driver of reduction Working Capital ▪ Manage Cash tightly ▪ Build on success of strong
Slide 12: Focusing on The Fundamentals: Execute Future Strategy
Focusing on The Fundamentals: Execute Future Strategy ▪ Develop & execute future vision & strategy ▪ Focus on the Customer! ▪ Identify core competences / differentiation and deliver ▪ Identify key product solutions and source / develop ▪ E3 – Excellence in Everything We Do Everyday! ▪ Drive sales gl
Slide 13: Focusing on The Fundamentals: Key Drivers of Future Growth
Focusing on The Fundamentals: Key Drivers of Future Growth New Product Roadmap ▪ Targeted R&D investment focused on Materials high-impact projects to drive innovation Move from Silicone to TPE and value creation for core component in YelloPort Elite ▪ Introduction of new materials and design improve
Slide 14: Today's Agenda
Today’s Agenda 1. FY2025 Highlights 2. Business Update 3. Financial Review & Outlook 4. Summary and Q&A 5. Appendices
Slide 15: FY25 Financials Summary
FY25 Financials Summary Revenue £11.6m (FY24: £11.9m) Gross 34% Operating £0.6m Margin (FY24: 31%) Cash Flow (FY24 (£0.1m)) Adjusted (£0.4m) Net (£0.3m) EBITDA1 (FY24: £0.1m) Debt2 (FY24: (£0.3m)) Operating (£0.7m ) Loss (FY24: (£0.8m)) 1 Earnings before interest, tax, depreciation, amortisation, im
Slide 16: Revenue Analysis
Revenue Analysis FY25 Revenue Analysis Revenue FY Comparative £'m 14.00 Year-on-year organic growth 12.00 ▪ Surgical Innovations (SI) branded sales 10.00 decreased by 8% to £5.9m 8.00 ▪ Distribution sales increased 14% to £4.1m 6.00 ▪ OEM sales decreased 11% to £1.7m 4.00 2.00 0.00 2021 2022 2023 20
Slide 17: FY25 Margin Analysis
FY25 Margin Analysis ▪ Commercial margins increased to 33.7% ( 2024 Gross Margin Analysis 2025 2024 30.6%) impacted by a favourable sales mix. £’m £’m ▪ Overall contribution margin softened slightly versus prior year levels (26.8% vs 28.8%) due to lower levels of overhead recovery due to: Revenue 11
Slide 18: FY25 Operating Expenses
FY25 Operating Expenses Adjusted operating expenses £'m £5.0 • Adjusted operating expenses 1 decreased to £4.5 £3.9m (2024: £4.1m) £3.9M £4.1M £4.0 £0.2 £0.2 £3.5 • Most spend areas in line with prior year levels £1.1 £3.0 £1.2 £M • Reduced levels of Sales & Marketing £2.5 expenditure (-£0.4M), refl
Slide 19: FY25 Financial Position
FY25 Financial Position ▪ Working Capital: 31 Dec 2025 31 Dec 2024 ▪ Inventories - £0.8M YoY, reflecting focus upon £’m £’m business wide inventory levels and moving to lean methodology Tangible assets 1.13 1.50 ▪ Receivables -£0.1M, with all overdue balances Intangible assets 5.42 5.42 brought up t
Slide 20: Today's Agenda
Today’s Agenda 1. FY2025 Highlights 2. Business Update 3. Financial Review & Outlook 4. Summary and Q&A 5. Appendices
Slide 21: Summary & Outlook
Summary & Outlook ▪ Investment in sales has delivered a strong and encouraging start to the year, driving early momentum across key markets ▪ Strong cash management in 2025 positions business well to take advantage of growth opportunities ▪ Successfully achieved MDR certification, strengthening regu
Slide 22: Today's Agenda
Today’s Agenda 1. FY2025 Highlights 2. Business Update 3. Financial Review & Outlook 4. Summary and Q&A 5. Appendices
Slide 23: Company Overview
Company Overview Company Overview Founded by Prof. Michael Design & manufacturing Focus on minimally McMahon, leading laparoscopic expertise in innovative invasive surgery surgeon surgical devices (MIS) Leading the change to Direct sales in the UK & global Strong industry partnerships, sustainable s
Slide 24: What We Do
What We Do Provide an innovative portfolio of products to meet surgical challenges globally SI (International Sales) Elemental (UK Sales) O.E.M 38% of sales 48% of sales 14% of sales YelloPort TM Elite LogiCutTM & Logi TM Pretzelflex TM SI Own Branded Microline ML10 Cipher Surgical Aspen Surgical AM
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