Surgical Innovations Group plc Trading update

Surgical Innovations Group plc, the designer and manufacturer of creative solutions for minimally invasive surgery, is pleased to provide the following trading update. 

During the year to 31 December 2011 the Group has traded in line with market expectations. 

In difficult market conditions SI continued to trade according to plan in the second half of 2011, with a strong fourth quarter. The focus towards development of US opportunities is a major element of the company’s strategy, particularly with the current challenges throughout the European market.  Orders from the US have continued to grow as a result of strengthened routes to market complementing our Master Dealer’s growing distribution network.

The Group has continued to see positive results from its investment program in product development; sales of the innovative PretzelFlex™ laparoscopic retractor have been encouraging following its launch in November.  In addition, new handle technology with improved ergonomics for an OEM customer will soon be undergoing clinical evaluations in preparation for launch in the US market. 

The concept and development teams have benefited from support from our Clinical Advisory Board, which has been strengthened by three new appointments this month from the fields of general surgery and arthroscopy.  We have made advances with our arthroscopy project, and the Group is targeted to introduce a number of new pre-production products at an international arthroscopic clinical congress in the second half of 2012.

The senior management and finance team was strengthened following the appointment of Mike Thornton, formerly a partner at PricewaterhouseCoopers, as Financial Director of Surgical Innovations Limited in December.  Mike, who reports directly to Graham Bowland and the Group Board, has already made a positive impact.

Graham Bowland, Chief Executive Officer, said: “SI has made progress in 2011, particularly in the US and in the development and launch of new products.  The Group looks forward with confidence.”