10 January 2024

Advanced Medical Solutions Group plc

("AMS" or the "Group")

Full Year 2023 Trading Update

In line with expectations for FY 2023 and poised for strong growth in 2024

Winsford, UK: Advanced Medical Solutions Group plc (AIM: AMS), the world-leading specialist in tissue-healing technologies, today announces its unaudited trading update for the year ended 31 December 2023 (the "Period"). The Group expects to announce its preliminary results on Wednesday 13 March 2024.

The Group is pleased to report Full Year 2023 results are expected to finish towards the middle of its published guidance ranges of £124-127 million for revenue and £25-27 million for adjusted profit before tax.

Furthermore, following the successful completion of a number of key strategic marketing initiatives and product launches during 2023 across the Group, AMS is primed to generate strong double-digit growth in 2024. Key progress includes:

·      Re-vitalised US LiquiBand^® distribution strategy - With all three US hospital distribution agreements in place since October 2023, the Group is pleased to report that the new strategy is having a positive impact on order intake. The new contracts are driving growth in both the $200 million small-wound market and the new, fast-growing $70 million long-wound market in which the pipeline of evaluations and conversions for LiquiBand^® XL continues to increase rapidly and therefore the Board is confident of achieving record US LiquiBand^® revenues in 2024.

·      US launch of LiquiBandFix8^®/LiquiFix^TM - The US roll-out of LiquiBandFix8^®/LiquiFix^TM is progressing well. AMS's new commercial partner TELA Bio has completed an extensive training programme among its specialist hernia sales force and we are excited by the progress being made across a number of significant GPO systems in the US. Full in-market launch is forecast for late Q1 2024.

Chris Meredith, Chief Executive Officer of AMS, commented: "I am delighted with the strategic progress we have made across the Group in 2023, creating significant new opportunities for AMS. The completion of the new US LiquiBand^® route to market strategy, the US Connexicon acquisition and the roll-out of LiquiBand^® XL will support the delivery of record US LiquiBand^® revenues in 2024 and sets us up strongly to deliver our target of doubling our market share over the next five years. With the US launch of LiquiFix^TM progressing well and continued growth being generated from more established brands such as RESORBA^® and ActivHeal^®, we are confident that the Group will generate strong and sustainable growth in 2024 and in the long term." 

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About Advanced Medical Solutions Group plc

AMS is a world-leading independent developer and manufacturer of innovative tissue-healing technology, focused on quality outcomes for patients and value for payers. AMS has a wide range of surgical products including tissue adhesives, sutures, haemostats, internal fixation devices and internal sealants, which it markets under its brands LiquiBand^®, RESORBA^®, LiquiBandFix8^®, LIQUIFIX? and Seal-G^®. AMS also supplies wound care dressings such as silver alginates, alginates and foams through its ActivHeal^® brand as well as under white label. Since 2019, the Group has made five acquisitions: Sealantis, an Israeli developer of innovative internal sealants; Biomatlante, a French developer and manufacturer of surgical biomaterials, Raleigh, a leading UK coater and converter of woundcare and bio-diagnostics materials, AFS Medical, an Austrian specialist surgical business and Connexicon, an Irish tissue adhesives specialist.

AMS's products, manufactured in the UK, Germany, France, the Netherlands, the Czech Republic and Israel, are sold globally via a network of multinational or regional partners and distributors, as well as via AMS's own direct sales forces in the UK, Germany, Austria, the Czech Republic and Russia. The Group has R&D innovation hubs in the UK, Ireland, Germany, France and Israel. Established in 1991, the Group has more than 800 employees. For more information, please see www.admedsol.com.