Interim Results

Sep 20, 2023

Advanced Medical Solutions Group plc
(“AMS” or the “Group”)

RNS Number : 9881M
Advanced Medical Solutions Grp PLC
20 September 2023

Interim Results for the six months ended 30 June 2023

Winsford, UK, 20 September 2023: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, today announces its unaudited interim results for the six months ended 30 June 2023 (the “Period”).

Financial Highlights:






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Business Highlights (including post period end):

The Group made significant progress in a number of key projects during the period which are expected to establish substantial, new commercial opportunities in the short to medium term. As previously highlighted, the results were impacted by the temporary de-stocking impact of the US LiquiBand® strategic growth initiative but included strong growth in other parts of the business.


  • Revenue increased by 8% to £63.1 million (2022 H1: £58.3 million) driven by growth in non-US markets, which averaged 20% against the first half of last year

  • Gross margins reduced to 56.5% (2022 H1: 58.9%) due to temporary adverse product mix

  • Total investment in R&D increased to £6.0 million (2022 H1: £5.4 million), representing 9.5% (2022 H1: 9.3%) of revenue, as progress was made on key projects including new product development and Medical Device Regulation (“MDR”)

  • The Group reports a 1% increase in adjusted profit before tax to £13.8 million (2022 H1: £13.6 million) with adjusted profit before tax margin of 21.8% (2022 H1: 23.4%)

  • Net cash decreased to £69.1 million from a 2022 year-end position of £82.3 million (2022 H1: £75.3 million) following the acquisition of Connexicon Medical Ltd (“Connexicon”) in February

  • Surgical Business Unit revenues increased to £39.4 million (2022 H1: £35.9 million), an increase of 5% at constant currency

  • Woundcare Business Unit revenues increased to £23.7 million (2022 H1: £22.4 million), an increase of 4% at constant currency

  •  Given the Group’s strong net cash position and reflecting the Board’s continued confidence in the future, the proposed interim dividend is increased to 0.70p per share (2022 H1: 0.64p)


  • Good progress towards establishing new US LiquiBand® distribution agreements with hospital partners and executing new route-to-market strategy. As previously reported, associated destocking was greater than expected but end-user sales were unaffected and the Board remains confident that this initiative will achieve its objective of creating the foundation for accelerated growth for LiquiBand® in the US

  • Acquisition of Connexicon completed, adding to the Group’s ability to develop and commercialise innovative adhesive and sealant technologies and to offer the increased differentiation and exclusivity sought by our US partners. Integration is going well, financial performance is in line with initial expectations and its pipeline approvals are progressing well

  • Recruitment of the Seal-G® and Seal-G® MIST human clinical trials completed in July 2023 with data to be made available for a European soft launch in H2 2023. Initial data shows significant reduction in leakage rates in cases using Seal-G®

Commenting on the interim results, Chris Meredith, Chief Executive Officer of AMS, said: “I’m pleased to report first half growth at Group level driven by our diverse portfolio of products, despite the short-term disruption to US LiquiBand® sales and the changes to the Organogenesis royalty stream. This demonstrates the increasing strength of our existing portfolio which will play a big part in generating and sustaining stronger growth in the future. I am particularly excited at the breadth of opportunities now open to us as a number of new initiatives and product launches, such as LIQUIFIXTM in the US and Seal-G® in Europe, come into effect this year. With so many potential growth drivers in place, I remain confident that we will see accelerated growth from 2024.“

– End –

For further information, please contact:

Advanced Medical Solutions Group plc

Tel: 44 (0) 1606 545508

Chris Meredith, Chief Executive Officer

Eddie Johnson, Chief Financial Officer

Michael King, Investor Relations

Consilium Strategic Communications

Tel: 44 (0) 20 3709 5700

Matthew Neal / Lucy Featherstone

Investec Bank PLC (NOMAD & Broker)

Tel: 44 (0) 20 7597 5970

Gary Clarence / David Anderson

HSBC Bank PLC (Broker)

Tel: 44 (0) 20 7991 8888

Sam McLennan / Joe Weaving / Stephanie Cornish

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® 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 five 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 and Connexicon, an Irish tissue adhesives specialist.

AMS's products, manufactured in the UK, Germany, France, the Netherlands, 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, 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 800 employees. For more information, please see

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