Preliminary Results
Financial highlights
· Revenue of £7.64m (2011: £7.60m)
§ SI branded sales up 12.9% to £5.33m (2011: £4.73m) - representing 68% of total revenue
· Gross profit up 7.3% to £3.86m (2011: £3.60m)
· Gross margins improved to 50.5% (2011: 47.3%)
· Adjusted EBITDA (excluding exceptional items) of £2.89m (2011: £2.83m)
· Operating profit reduced to £1.32m (2011: £1.77m) - due to amortisation and exceptional costs
· Pre-tax profit reduced to £1.23m (2011: £1.71m)
· Adjusted earnings per share of 0.35p (2011: 0.44p)
· Net cash from operating activities of £612,000 (2011: £1.78m) - reflecting increase in working capital as a result of significant sales in December 2012
Operational highlights
· Strong second half sales with contracted orders in H2 of £5.62m up 85% on H1 (with c. £1m to be recognised in y/e 31 December 2013)
· US direct sales up 21.9% to £2.15m (2011: £1.76m) and are now 28.1% of total revenue (2011: 23.2%)
· 33% increase in unit sales of YelloPort+plus™ valves and swingtops
· YelloPort+plus™ cannula sales increased to 10,124 units (2011: 5,272 units) - will drive long term valve sales
· RGF grant of up to £5.05m to fund capital expansion strategy
· FDA approvals and US contracts provide a solid base for development of US strategy
· UK SI branded sales up 34.3% as more NHS hospitals convert to cost-saving Resposable® products
· New areas of MIS progressing well, particularly ultra-MIS (3mm) and hip arthroscopy