Medical instrument maker Surgical Innovations continues to realise the potential of its range of partly re-usable medical devices for keyhole surgery, posting a 55 per cent increase in sales to £7m, as new long-term contracts in the US helped to raise the firm's profile. That also boosted pre-tax profits, which rose almost three-fold to £1.55m (£464,000 in 2009), almost all from organic growth.
Surgical Innovations' original equipment segment increased sales by 71 per cent to £2.5m. This part of the business sold most of its devices to large companies such as Gyrus, Teleflex Medical and CareFusion. Surgical also signed a four-year contract worth $2.2m with Mediflex Surgical to include the company's YelloPort device in surgical trays in the US. Research & development spend increased by 55 per cent to £1.8m.
What we said: Buy
When: 30 Sep 2011
Price:v 4.25p
Performance to date: +90 per cent
