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(Sharecast News) - Tissue-healing technology specialist Advanced Medical Solutions updated the market on trading ahead of the end of its financial year on Thursday, reporting that results were set to be in line with market expectations.
The AIM-traded firm said both of its business units reported "significant growth" against the comparative period, as trading recovered in line with expectations and levels of elective surgery continued to rebuild towards pre-pandemic levels.
It said the volume of product shipped increased "significantly", and the improvement in operational leverage reported in the first half had continued, with stronger margins for both units during the full 12 months ending 31 December, compared with 2020.
The group said its financial position remained "strong" in spite of the disruption caused by the pandemic.
AMS said it would have generated "strong" cash flows during the year, supporting the increased final 2020 and interim 2021 dividend payments, and continued investment in new products.
Looking at its clinical progress, AMS said patient enrolment for the 'Seal-G' and 'Seal-G MIST' clinical study was progressing well, with around 20% of patients now recruited.
In addition to three clinical sites operating in Israel, patient recruitment would also begin at five sites across the UK and Italy in the first half of next year.
The final results from the initial study were on track to be released mid-2022, which would be used to market the technology during the full commercial launch.
As part of the soft launch to key opinion leaders, initial sales of the product were made in December.
As it had previously reported, recruitment for the United States clinical trial of 'LiquiBandFix8' was complete, and the premarket approval filing remained on track for 2022, once all patients had completed their 12-month follow-up.
Having submitted the 510(k) filing for 'LiquiBand XL' in the first half of 2021, final questions from the US Food and Drug Administration (FDA) were received later than expected, and the company said its research and development team was currently working on its responses.
AMS said it remained confident in the outcome, although it now expected final approval to be granted in the first half of 2022.
Finally, the firm reported that the filing for its "innovative" high-gelling product with anti-biofilm activity had been submitted for 510(k) approval, with the product on track for a US launch next year.
"I am extremely proud of AMS' financial performance this year and of the significant progress we have made in building our portfolio of new, innovative products," said chief executive officer Chris Meredith.
"AMS remains committed to developing and marketing new tissue-healing technologies that address unmet clinical needs and ensuring that the group continues to deliver significant and robust long-term growth."
Advanced Medical Solutions said it would announce its preliminary results for the year ending 31 December on 16 March.
At 1226 GMT, shares in Advanced Medical Solutions Group were down 0.63% at 318p.
16 Sep 2021 16:04