US growth drives profits at Advanced Medical Solutions

Advanced Medical Solutions Group plc (AMS), the Cheshire-based healthcare technology company, has seen its profits soar following strong sales growth in the US.

For the six months to June 30, the firm reported adjusted pre-tax profits of £8.2m, a 13% rise against the previous year’s £7.3m figure, despite the fact that distribution costs and administrative expenses increased by £27k and £1.3m respectively.

In H1 2015, AMS’ revenue grew by 11.1% year on year, rising to £32.7m.

Over in the US, AMS saw sales of its sterile tissue product LiquiBand increase by 161% during the six-month period (139% when considered at a constant currency). US sales stood at £3.3m, a year-on-year increase of £2m.

Advanced Medical Solutions’ CEO, Chris Meredith, said: “The first half of 2015 has seen another period of good performance by the Group and we are confident of meeting current market expectations for the full year.

“LiquiBand Fix8, our innovative new surgical device currently used for Hernia Mesh Fixation, has also been well received with a strong uptake by surgeons internationally, highlighting not only the potential of our innovation at AMS but also our capabilities at navigating the regulatory approval pathway.”

Chris continued: “The strength of the underlying business and our strong financial position, combined with the opportunities we see from our innovative R&D pipeline, leads the Board to be optimistic about our longer term prospects and the potential for growth.”

Sales of AMS’s LiquiBand brand also grew across Europe, with the Dutch and French markets performing the strongest. Sales in the EU and the rest of the world increased by 20%.

Now, the firm is seeking regulatory approval in China for LiquiBand, with its submission currently under review by the Chinese FDA.