15 July 2024

Advanced Medical Solutions Group plc

("AMS" or the "Group")

Half Year Trading update

~ US LiquiBand^® driving strong Surgical revenue growth ~

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), a world-leading specialist in tissue-healing technologies, today announces a trading update for the six months ended 30 June 2024 ("the Period"). The Group expects to announce its interim results in September 2024. 

First Half 2024

Group revenue for the Period is expected to be about 10% higher than last year on a constant currency basis (+8% at reported exchange rates) at approximately £68 million (H1 2023: £63.1 million). US LiquiBand^® sales showed very strong year on year growth as the new US marketing strategy for LiquiBand^® initiated in Q3 2023 takes effect, with partners showing increased commitment to the category & products and LiquiBand^® XL now also being promoted through all three hospital distribution channels.

Adjusted profit before tax is expected to be in the range of £14.4m to £14.8m (H1 2023: £13.8 million).

Full Year 2024 and Outlook

With momentum building across all the key surgical product areas, despite continued Woundcare headwinds, the Board remains confident that the Group (excluding Peters Surgical) will generate underlying double-digit top line growth in the full year 2024, with consolidated revenues and adjusted profit before tax expected to be in line with management forecasts.

The Board is excited about the combination with Peters Surgical that completed on 1^st July and the benefits it will bring across the business as cross-selling opportunities and operational synergies are expected to significantly enhance AMS' strong underlying performance over the next three years. Further details on the potential synergies will be announced in due course.  

Chris Meredith, Chief Executive Officer of AMS, said: "We are very pleased to be able to report such a strong H1 performance and to confirm that FY 2024 remains on track. We look forward to building on this strong start to the year. As we consolidate Peters Surgical in the second half, this nearly doubles our surgical sales, significantly expands our distribution capabilities and establishes the Group as a global powerhouse in tissue-healing, solidifying our strategy for significant and sustainable growth in the long-term."

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About Advanced Medical Solutions Group plc

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX™, Peters Surgical, Ifabond, Vitalitec and Seal-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made seven acquisitions: Sealantis, an Israeli developer of innovative internal sealants, Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business, Connexicon, an Irish tissue adhesives specialist, Syntacoll a German specialist in collagen-based absorbable surgical implants and Peters Surgical a global provider of specialty surgical sutures, mechanical haemostasis and internal cyanoacrylate devices.

AMS's products, manufactured in the UK, Germany, France, the Netherlands, Thailand, India, the Czech Republic and Israel, 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, Austria, France, Poland, Benelux, India, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 1,500 employees. For more information, please see www.admedsol.com.