Surgical Innovations Share Discussion Threads

[buywell3] 30/5/2023 05:49

Chairman's Statement from recently published Annual Report

" Given the multiple factors driving improved prospects for growth, the Board has increased confidence in
not only the outlook for 2023 but also the longer-term growth trajectory for the Group. "


IMO

To achieve a 30M turnover by 2030 will require some major improvements in reducing overheads and increasing margins.

This will also need to be accompanied by increasing the numbers of products offered whilst also increasing the areas and countries these products are sold.

Whilst the above took place; it would also help if other competitors fell by the wayside due to their inability to change their practices and products so as to meet new MDR rules and regulations


2022 Turnover was £11,340,000.00 --- At 12.25% growth for the next 8 years future turnovers would be :

2023 £12,809,860.95
2024 £14,470,241.40
2025 £16,345,836.00
2026 £18,464,540.23
2027 £20,857,865.32
2028 £23,561,406.92
2029 £26,615,374.46
2030 £30,065,189.23


--------------------------------


Nigel Rogers of Surgical Innovations has recently stated the following:


------ Regulatory and new product development -------


The Company has made significant advances to obtaining MDR approval with one of the three product categories already receiving certification along with the key Quality
Management System (QMS), with another product group to be imminently approved.

The QMS approval was vital to allow the Company to continue new product development and plans to launch a range of instruments to complement the Logi™ Resposable® portfolio are in place for Q4 2023.

The decision by the EU to extend the transition time for MDR is only applicable for companies who are on the pathway for MDR and this further raises the barrier to entry for not only new entrants but also many existing medtech competitors.

In addition to the extension of the Logi™ Resposable™ portfolio there are a number of projects focused on improving both manufacturing efficiencies, expanding overall
capacity and reducing costs.

This initiative has been enabled by the ongoing investment programme in plant and tooling. Further investment in manufacturing and regulatory is planned for the coming year, providing opportunities to further support the growth, improve the efficiencies, and overall enhance the profitability of the business


------ Current trading and outlook -------


Whilst the backlog of patients requiring treatment in the UK continues to increase, standing at 7.2m in December 2022, sales remain strong. Revenue in the current year to date for SI brand and Distribution sales are 9.2% ahead of corresponding period last year and the future order book is looking positive going into Q2.

There is a similar picture globally, however the unique selling proposition of our
product portfolio, which are high performing, sustainable and cost-effective solutions, leave us well placed to address this pent-up demand and make a positive impact on the environment

The launch of the new YelloPort Elite 5mm™ in Q2 2022, designed in a collaboration with CMR Medical, alongside the introduction of the Optical trocar provides increased opportunity in USA, Japan and India where there is a significant requirement for an Optical 5mm trocar.

The planned launch of the additions to the Logi™ range were delayed as a consequence of the MDR process and will now be launched later in the year.

In addition, a number of cost down R&D projects will provide the opportunity for margin improvement throughout 2023 and into next year.

New geographical markets are providing some significant scope for growth in the forthcoming year.

In India, where registration was obtained earlier this year, evaluations with key surgeons in a group of Delhi-based hospitals are progressing well.

A new partner in Germany has seen the conversion of a new account with further evaluations scheduled.

In the US the partnership with Microline is seeing progress with a number of hospital conversions and again further evaluations are underway. The Company continues to work with key partners to strengthen the overall growth opportunities

Given the multiple factors driving improved prospects for growth, the Board has increased confidence in not only the outlook for 2023 but also the longer-term growth trajectory for the Group.

Nigel Rogers
Non-Executive Chairman
28 March 2023


--------------------------------------------


buywell adds:

As the new logi range gets added to the range of products in 2023 Q4 together with the 5mm Optical Trocar then sales should accelerate in the final quarter imo

Circa 15% to 20% higher than last years number looks achievable

Then for 2024 imo we should see further acceleration due to FDA approval in the US for Liquibannd Fix8 -- FDA Approval News of which should also be in Q4 of this year with a good chance of furthet orders from Advanced Medical Solutions to follow which could further add to this years turnover


dyor

[buywell3] 29/5/2023 06:30

From the recent Chairman's Statement


Current trading and outlook


Whilst the backlog of patients requiring treatment in the UK continues to increase, standing at 7.2m in December 2022, sales remain strong.

Revenue in the current year to date for SI brand and Distribution sales are 9.2% ahead of corresponding period last year and the future order book is looking positive going into Q2.

There is a similar picture globally, however the unique selling proposition of our product portfolio, which are high performing, sustainable and cost-effective solutions, leave us well placed to address this pent-up demand and make a positive impact on the environment.

[buywell3] 26/5/2023 06:54

Read the ' Our Mission ; page 6


Our Mission

To provide high-performing and sustainable medical devices for surgeons leading to improved clinical outcome for patients, with a focus on sustainable instrumentation to make a positive impact on the environment


Note:

"Growth"

To grow our turnover to £30M by 2030

[kenone] 25/5/2023 18:12

Been out all day. Just got back. Tried before9.00 to get 100k . No luck. Think I'll stick for now. Looks like someone knows something! Hopefully exciting times ahead.

[van zandt] 25/5/2023 08:28

Hi Kenone,
How many do you want and what will you pay PS?
as ever
VZ

[gbh2] 25/5/2023 07:55

Try again, I can get a good few K for 2.2p

[kenone] 25/5/2023 07:11

RNS this morning. Tried to buy some more, but nothing available on line just now.

[buywell3] 25/5/2023 06:31

No trades buywell can see over the last few days published reflect this ??


Todays RNS


Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery ("MIS"), was notified on 24 May 2023 that, on 24 May 2023, Janis Glenn (wife of Jonathan Glenn, Non-executive Director) purchased 1,315,482 ordinary shares of 1p each in Surgical Innovations ("Ordinary Shares") at a price of 2.28 pence per share.




Surgical Innovations Group PLC

22 May 2023

Surgical Innovations Group Plc



Directorate changes and board succession planning



Surgical Innovations Group Plc (AIM: SUN), the designer, manufacturer and distributor of innovative technology for minimally invasive surgery, announces the appointment of Jonathan Glenn as Senior Independent Non-executive Director and Chairman-designate of the Company with immediate effect.



Jonathan is an experienced board director and chairman, with an excellent track record in the medical device sector. He is currently Non-executive Chairman of Tissue Regenix plc, and was formerly Group CEO of Consort Medical Plc from 2007 to 2020, where he oversaw the £230m acquisition of a European contract development and manufacturing organisation. Jonathan led the business as CEO until its acquisition for £505m in 2020. Jonathan is a member of the Institute of Chartered Accountants in England and Wales.



He joins the board in anticipation of the upcoming retirement of Professor Mike McMahon, the founder of the Company, who retires from the board at the Annual General Meeting of the Company expected to take place on 27 June 2023.



Following an orderly handover process, Jonathan will succeed Nigel Rogers as Chairman upon announcement of the interim results expected in September 2023. Nigel has indicated his intention to remain on the board until an additional independent non-executive director has been appointed.



Chairman of the Company, Nigel Rogers, commented: "It has been my great pleasure to lead the board since my appointment in 2015, and especially to work alongside Prof. Mike McMahon. As part of our planned succession arrangements, we are now delighted to have Jonathan joining us, and look forward to working with him to complete the transition in board composition for the next stage in the Company's evolution."





Past Trades


May 23, 2023 1.95p 1.81p 1.81p 1.95p 756
May 22, 2023 1.95p 2.05p 2.05p 1.95p 100,000
May 18, 2023 1.95p 1.86p 1.86p 1.95p 382
May 17, 2023 1.95p 2.05p 1.86p 1.95p 49,683
May 16, 2023 1.95p 2.05p 1.86p 1.95p 116,476
May 15, 2023 1.95p 1.86p 1.86p 1.95p 34,500
May 12, 2023 1.95p 2.07p 1.86p 1.95p 210,867
May 11, 2023 1.95p 1.86p 1.86p 1.95p 3,000
May 10, 2023 1.95p 2.07p 1.80p 1.95p 398,351
May 9, 2023 1.95p 2.07p 1.85p 1.95p 17,380
May 5, 2023 1.95p 2.05p 2.05p 1.95p 376,594
May 4, 2023 1.95p 2.05p 2.05p 1.95p 1,267
May 2, 2023 1.95p 2.05p 2.05p 1.95p 4,878
Apr 27, 2023 1.95p 2.05p 1.84p 1.95p 157,461
Apr 26, 2023 1.95p 2.05p 1.84p 1.95p 270,249
Apr 25, 2023 1.95p 1.84p 1.84p 1.95p 51,178
Apr 24, 2023 1.95p 1.84p 1.84p 1.95p 20,000
Apr 21, 2023 1.95p 1.96p 1.82p 1.95p 572,078
Apr 20, 2023 1.95p 1.96p 1.81p 1.95p 191,274
Apr 19, 2023 1.95p 1.96p 1.83p 1.95p 256,282
Apr 18, 2023 1.95p 1.96p 1.87p 1.95p 11,490
Apr 17, 2023 1.95p 1.87p 1.87p 1.95p 125,000
Apr 14, 2023 1.95p 1.97p 1.85p 1.95p 550,000
Apr 12, 2023 1.95p 1.97p 1.97p 1.95p 100,508
Apr 11, 2023 1.95p 1.97p 1.83p 1.95p 82,107
Apr 6, 2023 1.95p 1.97p 1.97p 1.95p 101,221
Apr 4, 2023 1.95p 1.98p 1.98p 1.95p 407
Apr 3, 2023 1.95p 1.98p 1.83p 1.95p 177,465
Mar 31, 2023 1.95p 2.10p 1.80p 1.95p 12,240
Mar 30, 2023 2.10p 2.09p 1.81p 1.95p 1,747,493
Mar 29, 2023 1.95p 2.03p 1.99p 2.05p 549,353
Mar 28, 2023 1.90p 1.99p 1.83p 1.90p 265,245
Mar 27, 2023 1.90p 1.99p 1.83p 1.90p 141,710
Mar 24, 2023 1.90p 1.83p 1.83p 1.90p 73,049
Mar 23, 2023 1.90p 1.99p 1.99p 1.90p 13,467
Mar 22, 2023 1.90p 1.99p 1.83p 1.90p 54,495
Mar 21, 2023 1.90p 1.83p 1.83p 1.90p 83,671
Mar 20, 2023 1.95p 1.99p 1.82p 1.90p 242,833
Mar 17, 2023 1.95p 1.99p 1.90p 1.95p 84,116
Mar 16, 2023 1.95p 1.99p 1.90p 1.95p 51,424
Mar 15, 2023 2.05p 2.05p 1.90p 1.95p 140,000
Mar 14, 2023 2.05p 2.08p 1.91p 2.05p 8,957
Mar 13, 2023 2.05p 2.08p 1.90p 2.05p 36,220
Mar 10, 2023 2.05p 1.92p 1.92p 2.05p 70,000
Mar 9, 2023 2.05p 1.92p 1.92p 2.05p 18,897
Mar 8, 2023 2.05p 2.15p 1.92p 2.05p 6,975
Mar 7, 2023 2.05p 2.15p 1.90p 2.05p 53,746
Mar 6, 2023 2.15p 2.21p 2.00p 2.05p 123,158
Mar 3, 2023 2.15p 2.27p 2.00p 2.15p 679,024
Mar 2, 2023 2.05p 2.29p 2.00p 2.15p 534,776

[mandate] 07/5/2023 07:33

@buywell3 As ever, thanks for your input

[buywell3] 06/5/2023 07:15

At this point in time --- and some may say 'at long last'

The US market imo presents the greatest opportunity for Surgical Innovations to sell its products in an appreciable number and in a relative short timescale.

3 main reasons for this are :

1) Advanced Medical Solutions have recently stated that they expect to get approval for the SI designed and manufactured 'Liquiband Fix8' in the second half of this year


2) Sales look set to improve with US based SI distributor Microline , Microline have trained several sales reps to sell SI port access devices PLUS Microline have been reported as saying that they can't wait to get their hands on the latest SI 5mm Elite Trocar --- covid has slowed things down over the last 2 years . As vaccinations have now resulted in covid becoming a new disease we live with --- imo sales into the US of SI trocars by Microline should now start to pick up.

3) If CMR Surgical gain US approval then sales of Versius can begin --- the recent deal with J&J might help . Thus there is a real chance that approval could be granted in 2023.



Regarding Versius

Safe implementation of surgical innovation: a prospective registry of the Versius Robotic Surgical System

Objectives:

To describe a new, international, prospective surgical registry developed to accompany the clinical implementation of the Versius Robotic Surgical System by accumulating real-world evidence of its safety and effectiveness.

Conclusions:

Harnessing the power of large-scale, real-world registry data for routine surveillance of device performance in live-human surgery from first use will enhance the safety and efficacy outcomes of innovative surgical techniques.

Data are crucial to driving the evolution of robot-assisted minimal access surgery while minimizing risk to patients.




dyor

[buywell3] 04/5/2023 06:55

March 29th 2023


Chairman of Surgical Innovations, Nigel Rogers said: "Whilst the backlog of patients requiring treatment in the UK continues to increase, standing at 7.2m in December 2022, sales remain strong. Revenue in the current year to date for SI brand and Distribution sales are 9.2% ahead of corresponding period last year and the future order book is looking positive going into Q2. There is a similar picture globally however the unique selling proposition of our product portfolio, which are high performing, sustainable and cost-effective solutions, leave us well placed to address this pent-up demand and make a positive impact on the environment.



"New geographical markets are providing some significant prospects for the forthcoming year. In India, where registration was obtained earlier this year, evaluations with key surgeons in a group of Delhi based hospitals are progressing well. A new partner in Germany has seen the conversion of a new account with further evaluations scheduled.

In the US the partnership with Microline is seeing progress with a number of hospital conversions and again further evaluations are underway.

The Company continues to work with key partners to strengthen the overall growth opportunities.



"Given the multiple factors driving improved prospects for growth, the Board has increased confidence in not only the outlook for 2023 but also the longer-term growth trajectory for the Group."

[buywell3] 29/4/2023 06:24

Surgical Innovations already have received Medical Device Regulation (MDR) status for one group of their products

Two other groups remain

It would be nice IMO for the market to read an RNS that the second group of products have received Medical Device Regulation (MDR) status

dyor

[john148] 01/4/2023 12:00

Buywell3 I'm Wondering what this translates to in terms of shareholder returns. Although I sold the majority of my shareholding at the top several years ago, I'm disappointed at the collapse of the share price since and it's failure to recover. This company needs to be taken private or taken over as I'm afraid it offers no return in value to it's shareholders.

[buywell3] 30/3/2023 21:33

This is a must listen to video presentation of the Final results IMO




It is buywells understanding that Singer Capital have a EBITDA forecast for SUN at 0.9 Million pounds for 2023



buywell opines that due to the pent up demand in the US and Japan for 5mm Elite trocars and optical trocars --- plus new orders from India/Germany/other countries due to new market penetration by way of gaining entry to new hospital sales of SI devices on the back of CMR Surgical sales which of course include the 5mm Elite trocar and the optical trocar plus consumables = Add on sales of other existing SI instrumentation and EH offerings plus consumables for both ongoing

Due to this buywell is forecasting more than 1M profit for 2023

Double that for 2024 as EU, US and APAC market penetration increases with MDR completed and the new Logi range of graspers and cutters gets added = 2024 profit 2.5 Million pounds

Then we have the AMS expected sales of LiquibandFix8 in the USA --- starting soon

This alone could be transformational if PMA is given by the US later this financial year

Assuming a profit of 1M the P/E for SUN would be 19.12 at todays Mkt Cap

At a 2024 2.5M profit the SUN forward P/E would be 7.6

dyor

[buywell3] 29/3/2023 21:36

Look at this Final results presentation slides just made available




Sales look set to accelerate from here into the rest of 2023

Market Environment – USA

• YelloPort™ Elite 5mm and Optical trocar
expected to have strong impact on US sales this
year
• Momentum now growing with some early
account conversions



Market Environment – UK

• New account conversions underpinned by
sustainability driving growth
• Investment in key Sales & Marketing
positions enhancing relationships in NHSSC*
and private sector
• Growth continues into Q1 with sales YTD up
on 2022



Market Environment – EU


• Strong return to growth, +28%
• Sustainability resonates in
some key market
• Sales & Marketing training has
renewed partner focus
• New Distributor in Germany
beginning to gain traction



Market Environment – APAC

• Continued growth up 24.6%
• Japan underpins sales in the
region and registration for
5mm Optical in Q4 will provide
further opportunity
• India will have positive impact
on 2023




Market Environment – ROW

• New distribution partner for
Canada




Market Environment – OEM Business


• Strong sales growth up 45%
• Collaboration with CMR to develop YP
Elite opens opportunity within
robotics and new territories
• Ongoing supply chain issues disrupted
sales to partners in Q1
• Strong order book for Q2


buywell notes --- this has nearly tripled since 2020 and looks set to grow further this year






2023 NPD Projects (under MDR):


• Cost down initiatives on YelloPort Elite®
range
• Extension to Logi® Resposable® range,
three new jaw configurations


buywell note

The extension to the Logi range above is expected to commence Q4 2023

At present it is just one cutter


buywell expects various grasper types to be added to the range



As buywell has posted 2024 looks set to be a bumper year if AMS LiquibandFix8 is added to the mix with PMA approval for sales to commence in the US --- could be as early at august 2023 --- sales of CMR Surgical Versius robots continues to gain traction = very good for Surgical Innovations Elite 5mm sales + consumables ongoing

dyor

[kenone] 29/3/2023 08:15

A bit disappointing, but continued slow progress. Still hopeful they will either ramp up sales significantly,and ,or get taken over sometime soon. No reason to sell just now, but don't think I will be increasing my holding either.

[buywell3] 27/3/2023 08:43

Progress being made


Monday 27 March, 2023
CMR Surgical

Versius used to perform over 10,000 cases

Versius has been used to conduct more than 10,000 surgeries spanning 130 different procedure types across 7 surgical specialties including general surgery , thoracic s , colorectal surgery , gynaecology, upper GI and urology
Almost 90% of CMR Surgical’s customer hospitals are using Versius across multiple departments ; demonstrating the versatility of the system


----------------------------------------------------------------------

The reason buywell says progress is being made because

Thursday 17th November, 2022
CMR Surgical

CMR Surgical announces more than 100 Versius systems installed globally

CMR is delivering on its commercial strategy of rapid global expansion with systems installed across the world and more than 5,000 clinical cases performed



So in 4 months the number of cases has risen from 5,000 clinical cases performed to 10,000 clinical cases performed


Extrapolating that to the remainder of this year and at a minimum one would expect 20,000 clinical cases performed , it will be more because more Versius placements are happening all the time and the uses for Versius are growing.
---------------------------------------------------------------





Regarding Surgical Innovations and CMR Surgical :

SI designed and make a novel 5mm surgical port access system for CMR Surgical




Typically 4 such port access devices are used per patient per clinical case ie 4 Verius arms are independently used one for allowing the insertion of a camera via an optical trocar and the 3 others for different types of surgical instruments



eg a real live UK NHS operation using 4 Verius arms can be viewed here



A less squeamish video here





Each SI 5mm port access device uses a one seal per patient case ie 3 seals are used per typical Versius case operation and one optical disposable trocar for the camera also made by SI

These seals are replaced after the 5mm port access has been through the NHS cleaning processes as they are reposable items --- and new seals are installed for the next patient

For 25,000 Versius clinical cases performed --- the SI seals/consumables business will be worth circa 1 Million pounds

This will be ongoing as more operations are carried out and Versius new robots installed

One would expect an initial orders for circa 500 5mm SI Port Access devices has been placed along with disposable items needed to cover 25,000 operations this year

Next year this could double IMO

dyor

[buywell3] 15/3/2023 07:42

Liquiband Fix8 is designed and made for AMS by Surgical Innovations

Surgical Innovations own the patent for the Liquiband Fix8 instrument

It would seem sales of this product are doing rather well






Further AMS news


Internal Fixation and Sealants

LiquiBandFix8® uses individual, accurately delivered drops of cyanoacrylate adhesive inside the body, to fix hernia meshes in place, instead of sutures or tacks.



A strong performance from LiquiBandFix8® was supported by the UK National Institute for Clinical Excellence (NICE) recommendation and the AFS acquisition as revenues increased to record levels of £4.1 million (2021: £2.6 million) an increase of 60% at reported and constant currency. The marketing expertise from AFS will be beneficial to other marketing teams and will help to increase traction in more specialist minimally invasive surgical markets.



In October 2022, AMS reported that the Premarket Approval (PMA) for LiquiBandFix8® had been submitted and accepted by the FDA. Since then, FDA engagement has been high and the process is progressing well with approval on track for H2 2023.

This would be the first product of its kind in the US and the anticipated launch in 2024 represents a significant commercial opportunity for the Company.

[buywell3] 15/3/2023 07:23

Advanced Medical Solutions news

· Good engagement and progress with the FDA on our US LiquiBandFix8® Pre-Market Approval (PMA) with approval on track for H2 2023



looking like by august this year imo

[gnnmartin] 06/3/2023 09:54

Curious, I got an email from the Investigate Alert service this morning telling me that SUN had announced their half year profits. It did not (of course) lead me to an announcement, rather to a suggestion of an announcement that I was not privileged to see.

[barrenwuffet2] 03/3/2023 12:53

Genius. Down 6% today.

[gbh2] 03/3/2023 10:35

Good luck re a TO.

Last time they did one it was a Reverse TO so it meant nothing other than a change of name!

[barrenwuffet2] 02/3/2023 18:58

Prediction- 1.5p by April, that’s if it follows its usual trend. Puff-puff!

[justiceforthemany] 02/3/2023 16:23

2.29p paid!