Surgical Innovations saw its revenues increase by 44 per cent to £9.13m for the year ended December 31, 2021. It amounted to 85 per cent of the comparable pre-pandemic period in 2019 when revenues were £10.73m.

It reported adjusted EBITDA profit of £500,000, compared to a loss of £660,000 the previous year. Adjusted operating loss before tax was £330,000, compared to a loss of £1.61m in 2020.

It has seen increasing levels of hospital evaluations and conversion to its Resposable products. Surgical Innovations says it has made an investment in sales and marketing teams to take advantage of pent-up demand.

Surgical Innovations saw its revenues increase by 44 per cent to £9.13m.

The impact of the Omicron variant was less severe than anticipated despite healthcare staff shortages in some markets.

Revenue for the first two months of the current year is approximately 40 per cent higher than the corresponding periods of 2021 and slightly ahead of pre-pandemic levels of 2019.

Nigel Rogers, chairman of Surgical Innovations, said: “Trading in the first two months of the current year is approximately 40 per cent higher than the corresponding periods of 2021 and slightly ahead of pre-pandemic levels of 2019. This would indicate a more normalised level of trading for the rest of the year with the return of elective surgery.

“Despite the Omicron Covid-19 variant causing healthcare staff shortages in some markets, the impact has been less severe than anticipated. The UK market continues to be strong and is trending ahead of pre-pandemic levels and, as patient waiting lists continue to rise, it is likely that this momentum will continue.

"Demand in the European and the Rest of the World markets is steadily increasing but remains more muted. However, both the US and APAC markets continue to grow significantly ahead of pre-pandemic levels.

“In addition, we are committed to enhancing and expanding our product portfolio through new product launches, investing in sales and marketing to drive our sustainability messaging, and developing key partnerships, all of which will further support the expansion of revenue in 2022 and beyond.”

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James Mitchinson

Markets rebound for keyhole surgery instruments maker with revenue increasing to £9.13m