Markets rebound for keyhole surgery instrument maker with sales up to £9.13m
Surgical Innovations saw its revenue increase by 44% to £9.13 million for the year ended 31 December 2021. It was 85% of the comparable pre-pandemic period in 2019, when revenue was 10, £73million.
It recorded an adjusted EBITDA profit of £500,000, compared to a loss of £660,000 the previous year. The adjusted operating loss before tax was £330,000, compared to a loss of £1.61m in 2020.
It has seen increasing levels of hospital reviews and conversion to its Resposable products. Surgical Innovations says it has invested in sales and marketing teams to capitalize on pent-up demand.
The impact of the Omicron variant was less severe than expected despite healthcare worker shortages in some markets.
Revenues for the first two months of the current year are around 40% higher than the corresponding periods of 2021 and slightly higher than the pre-pandemic levels of 2019.
Nigel Rogers, President of Surgical Innovations, said: “Trading in the first two months of the current year is approximately 40% higher than corresponding periods in 2021 and slightly ahead of pre-pandemic levels in 2019. This would indicate a more normalized level of trading for the rest of the year with the return of elective surgery.
“Despite the Omicron Covid-19 variant causing healthcare worker shortages in some markets, the impact was less severe than expected. The UK market continues to be strong and trending above pre-pandemic levels and as patient waiting lists continue to grow, this momentum is likely to continue.
“Demand in European markets and the rest of the world is increasing steadily but remains more moderate. However, the US and APAC markets continue to grow significantly from pre-pandemic levels.
“In addition, we are committed to improving and expanding our product portfolio through new product launches, investing in sales and marketing to drive our sustainability messages, and developing key partnerships, all of which will further support revenue growth in 2022 and beyond.”
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