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(Sharecast News) - Surgical and wound care specialist company Advanced Medical Solutions updated the market on its trading for 2020 on Tuesday, confirming that it ended the year in line with its previously-issued guidance.
The AIM-traded firm said adjusted profit before tax was expected to be "slightly ahead" of consensus market forecasts, with revenue anticipated to be "slightly below" consensus market forecasts at approximately £86.5m.
Its board said that the restrictions relating to the Covid-19 pandemic during 2020 "severely disrupted" the entire global market, and resulted in a significant slowdown in surgical and wound treatment volumes.
In addition, the reduced access to hospitals for its customers and sales teams "significantly restricted" its business development activities during the year.
The timing of when hospitals' activities could return to normalised levels was expected to be determined by progress in the various Covid-19 vaccination programmes in key markets, and the associated reduction in infection rates and hospital admissions.
AMS said US 'LiquiBand' performance was on track to recover strongly in 2021, driven by an increased share of end-market volumes in the first quarter of 2020 maintained throughout the year, as well as a strong order book despite current Covid-19 restrictions.
It also said the commercial launch of 'LiquiBand Rapid' in 2021, following its approval and virtual launch in 2020, would enable a key partner to regain ground with an improved product.
The planned 2021 launch of 'LiquiBand XL' would also enable AMS to compete in the treatment of large wounds and unlock further growth potential in its LiquiBand business.
Clinical trials were completed in late 2020, with the company on track to file its 510k in March.
AMS said the US clinical trial to support the premarket approval (PMA) for 'LiquiBandFix8' was progressing well, with more than half of the total required patient procedures now complete.
Filing for the device was expected in 2022, following the 12-month follow-up stipulated by the US Food and Drug Administration (FDA).
Following the acquisition of Raleigh Adhesive Coatings in November, the board said the integration was progressing well, with AMS "optimistic" about its growth prospects, as well as the potential for significant cross-selling and cost saving synergies.
"AMS performed well both operationally and financially in 2020 despite the severe Covid-19 disruption," said chief executive officer Chris Meredith.
"Going into 2021, finances are in robust condition, we have a healthy order book in both business units, and the group is positioned for strong organic growth this year.
"The acquisition of Raleigh adds to the group's wound care capabilities and growth potential and our investments in Sealantis, the LiquiBandFix8 PMA and the medical device regulation are expected to drive additional commercial benefits from 2022."
Meredith said the AMS board was committed to its strategy of building organic and acquisitive growth, and was confident in the short and long-term prospects for the company.
AMS said it would publish its preliminary results for the year ended 31 December on 17 March.
At 1021 GMT, shares in Advanced Medical Solutions Group were down 0.66% at 233.46p.
12 Jun 2020 16:05