Advanced Medical Solutions Grp PLC Trading Update (3219L)
January 12 2021 - 2:00AM
UK Regulatory
TIDMAMS
RNS Number : 3219L
Advanced Medical Solutions Grp PLC
12 January 2021
12 January 2021
Advanced Medical Solutions Group plc
("AMS" or the "Group")
Year End Trading Update
Winsford, UK - 12 January 2021: Advanced Medical Solutions Group
plc (AIM: AMS), the surgical and advanced woundcare specialist
company, today announces a trading update for the year ended 31
December 2020. The Group intends to publish its preliminary results
for the year ended 31 December 2020 on 17 March 2021.
AMS announces that FY 2020 trading has been in line with
previously issued guidance. Adjusted profit before tax is expected
to be slightly ahead of consensus market forecasts and revenue is
expected to be slightly below consensus market forecasts at
approximately GBP86.5 million.
Despite the challenges presented by the pandemic, AMS met the
demand of its healthcare partners throughout 2020 whilst
prioritising the safety of its employees and maintaining its robust
balance sheet. The restrictions relating to the COVID-19 pandemic
during 2020 severely disrupted the entire global market and
resulted in a significant slowdown in surgical and wound treatment
volumes. In addition, the reduced access to hospitals for our
customers and our sales teams significantly restricted our business
development activities during the year. The timing of when
hospitals' activities can return to normalised levels is expected
to be determined by progress in the various COVID-19 vaccination
programmes in key markets and the associated reduction in infection
rates and hospital admissions.
US LiquiBand(R) performance is on track to recover strongly in
2021 driven by:
-- Increased share of end-market volumes in the first quarter of
2020 maintained throughout the year.
-- Strong order book despite current COVID-19 restrictions.
-- Commercial launch of LiquiBand(R) Rapid(TM) in 2021 following
its approval and virtual launch in 2020, enabling a key partner to
regain ground with an improved product.
-- The planned 2021 launch of LiquiBand(R) XL, which will enable
AMS to compete in the treatment of large wounds and unlock further
growth potential in our LiquiBand(R) business. Clinical trials were
successfully completed in late 2020 and the Group is on track to
file its 510k in March 2021.
The US clinical trial to support the Premarket Approval (PMA)
for LiquiBandFix8(R) is progressing well with more than half of the
total required patient procedures now complete. Filing for the
device is expected in 2022, following the 12 month follow-up
stipulated by the FDA.
Following the acquisition of Raleigh Adhesive Coatings in
November 2020, the integration is progressing well and AMS
continues to be optimistic about its growth prospects, as well as
the potential for significant cross-selling and cost saving
synergies. This underlines the Group's strategy of acquiring
strategically-aligned businesses in adjacent spaces with
significant commercial synergies to supplement our organic revenue
growth.
Chris Meredith, Chief Executive Officer of AMS, commented: "I am
pleased that the Group expects to report financials in line with
consensus market forecasts for FY 2020. AMS performed well both
operationally and financially in 2020 despite the severe COVID-19
disruption. Going into 2021, finances are in robust condition, we
have a healthy order book in both Business Units, and the Group is
positioned for strong organic growth this year. The acquisition of
Raleigh adds to the Group's woundcare capabilities and growth
potential and our investments in Sealantis, the LiquiBandFix8(R)
PMA and the Medical Device Regulation are expected to drive
additional commercial benefits from 2022. The Board is committed to
its strategy of building organic and acquisitive growth and is
confident in the short and long-term prospects for AMS."
- End -
For further information, please visit www.admedsol.com or
contact:
Advanced Medical Solutions Group plc Tel: +44 (0) 1606
545508
Chris Meredith, Chief Executive Officer
Eddie Johnson, Chief Financial Officer
Consilium Strategic Communications Tel: +44 (0) 20 3709
5700
Mary-Jane Elliott / Matthew Neal / Olivia
Manser
Investec Bank PLC (NOMAD & Broker) Tel: +44 (0) 20 7597
5970
Daniel Adams / Patrick Robb / Gary Clarence
About Advanced Medical Solutions Group plc - see
www.admedsol.com
AMS is a world-leading independent developer and manufacturer of
innovative and technologically advanced products for the global
surgical and woundcare markets, focused on quality outcomes for
patients and value for payers. AMS has a wide range of surgical
products including tissue adhesives, sutures, haemostats, and
internal fixation devices, which it markets under its brands
LiquiBand(R) , RESORBA(R) , and LiquiBandFix8(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. In 2019, the Group made two acquisitions: Sealantis, an
Israeli medical device company with a patent-protected sealant
technology platform; and Biomatlante, an established developer and
manufacturer of innovative surgical biomaterial technologies based
in France. In 2020, the Group acquired Raleigh Adhesive Coatings, a
leading coater and converter of materials predominately for
woundcare and bio-diagnostics products based in the UK.
AMS's products, manufactured in the UK, Germany, France, Israel,
the Netherlands, and the Czech Republic, 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, the
Czech Republic and Russia. The Group has R&D innovation hubs in
the UK, Germany, France and Israel. Established in 1991, the Group
has more than 700 employees. For more information, please see
www.admedsol.com
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END
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