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Advanced Medical Solutions ends year in line with expectations
(Sharecast News) - Tissue healing technology developer Advanced Medical Solutions (AMS) said in a trading update on Wednesday that its full-year results for 2023 were expected to fall within its previously published guidance ranges. The AIM-traded firm said revenue was projected to be in the range of £124m to £127m, and adjusted profit before tax was anticipated to be between £25m and £27m.
Its positive outlook for 2024 was meanwhile underpinned by the successful execution of strategic marketing initiatives and product launches throughout 2023.
Key highlights included the revitalisation of its US LiquiBand distribution strategy, marked by the completion of all three US hospital distribution agreements since October.
The new approach contributed to increased order intake and growth in both the $200m small-wound market and the emerging $70m long-wound market.
AMS said the pipeline of evaluations and conversions for LiquiBand XL was also rapidly expanding, bolstering confidence in achieving record US LiquiBand revenues in 2024.
Additionally, AMS said it was making strides in the US launch of LiquiBandFix8 and LiquiFix.
The company said its new commercial partner TELA Bio had conducted extensive training among its specialist hernia salesforce.
Promising progress was being made across several significant group purchasing organisation (GPO) systems in the US, with a full in-market launch expected late in the first quarter.
"I am delighted with the strategic progress we have made across the group in 2023, creating significant new opportunities for AMS," said chief executive officer Chris Meredith.
"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 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."
At 1200 GMT, shares in Advanced Medical Solutions were up 5.63% at 214.43p.
Reporting by Josh White for Sharecast.com.
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