AGM Statement

RNS Number : 3265K
Surgical Innovations Group PLC
24 June 2014



Press Release

24 June 2014



Surgical Innovations Group plc


("SI" or the "Group" or the "Company")


AGM Statement


Surgical Innovations Group plc (AIM:SUN), a leading creator of innovative medical technology to address unmet clinical needs in minimally invasive surgery ('MIS'), will hold its Annual General Meeting at 2.00pm today at Clayton Wood House, 6 Clayton Wood Bank, Leeds, LS16 6QZ, during which the Chairman, Doug Liversidge CBE, will make the following statement:


"The Board is pleased that the Company is now succeeding in capitalising on the infrastructure put in place over the past year.  We are confident that our investment choices and strategic decisions will result in future growth.  Working capital has been significantly enhanced following the investment from Chris Rea, as announced on 9 June 2014 which will support the development, together with promotion, of our unique clinical solution for 3mm surgery.  We look forward to welcoming Chris to the Board.


"We continue to build upon last year's strong growth both in the UK and US.  The Resposable® concept provides a cost-saving solution to the NHS which is committed to cost reduction programs in UK hospitals.  During 2013, there was a 59% increase in the number of Yorkshire hospitals using SI branded products. The US remains a key market and the Company is effectively broadening sales channels in order to realise revenue and brand recognition opportunities.  This is evidenced by the 75% increase in sales to the US of SI branded products driven primarily by new dealer relationships across the US.


"The Board is committed to improving our manufacturing capabilities to effectively satisfy the global demand for both SI branded and OEM products.  The Group is satisfied that in recent months our continued investment is being realised in this area as significant improvements have been made.


"The product development pipeline continues to be strengthened through the focused investment in our 3mm 'Ultra MIS' technology, underpinned by our allegiances with Key Opinion Leaders in this specific surgical field.  The Board is confident that the Group's future success will be achieved through the strategic introduction of our '3mm 'Ultra MIS' clinical solutions.


"Overall, we are pleased with the progress made and look to the future with confidence."




For further information please contact:

Surgical Innovations Group plc

Graham Bowland, Chief Executive Officer

Mike Thornton, Chief Financial Officer

Tel:  +44 (0) 113 230 7597

Nominated Advisor and Broker

Panmure Gordon

Freddy Crossley (Corporate Finance)

Maisie Atkinson (Corporate Broking)

Tel:  +44 (0) 207 886 2500

Media Enquiries

Abchurch Communications

Sarah Hollins / Jamie Hooper / Stephanie Watson

Tel: +44 (0) 207 398 7716




Notes to Editors:

Surgical Innovations Group plc (AIM: SUN) is a highly reputable British-based medical device designer and manufacturer, focused on delivering innovative clinical solutions for surgeons that are both cost-effective and efficient. Since the Group's inception in 2002, its foundations have been rooted in the field of laparoscopic surgery. It has established itself as pioneers in this field and successfully developed a portfolio of innovative medical instrumentation for Minimally Invasive, or "Key-Hole", Surgery.


Surgical Innovations' industry leading products are centered on its pioneering "Resposable™" concept which utilises a combination of disposable and reusable components to deliver cost-efficient solutions to healthcare organisations which, in this time of financial austerity, constantly have to find budget saving alternatives that do not compromise treatment quality. Within the Group's SI Brand division, the portfolio of products includes port access systems, instrumentation and retraction devices.  Not only do such devices supply the laparoscopic market,  the technologies can also be transferred in to other areas of the body such as hip arthroscopy, cardiac and thoracic.  Additionally the Company is also exploring alternative therapeutic avenues and thus generating additional revenue streams. It has also successfully taken its technology to the industrial sector, and can currently conduct keyhole surgery on jet engines.


The business has a compelling market position with an established international footprint. Through its developed network of distribution partners, Surgical Innovations' branded products are being sold in all the major high growth medical device markets, including: UK, US, South East Asia, Australasia and the Indian subcontinent. With an investment strategy focused on Sales and Marketing, the Group is well positioned and has the management expertise in place to capitalise on the growing demand, gain market share and deliver return to shareholders.


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