Surgical Innovations shares drop as headwinds hurt revenue, profit
Surgical Innovations Group PLC on Thursday guided lower full-year revenue, with the top line hurt by the flu epidemic, industrial action and a quality issue.
Shares in Surgical Innovations fell 36% on Thursday in London, closing at 0.35 pence.
The surgical and medical instrument manufacturer said full-year revenue is expected to be approximately £11.5 million, down 3.4% from £11.9 million in 2024, with it also noting a ‘commensurate impact on profits’.
The company said the global flu epidemic has led to a reduction in elective surgical procedures.
Surgical Innovation said this has been worsened by industrial action in the UK’s National Health Service in September.
It added that current strikes, which began on Wednesday this week, will also contribute to delays in elective procedures and increased seasonal pressure on capacity.
The company said that a ‘one-off quality issue’ regarding an original equipment manufacturer also hurt supply.
‘Whilst we are naturally disappointed with the external market forces having a direct impact on the group’s performance, we remain confident in our reposable technology and the overall prospects of the group going forward. We look forward to updating shareholders at our full year results,’ said Chief Executive David Marsh.
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