Advanced Medical Solutions flags 'strong' year

10th Jan 2023 15:09

(Sharecast News) - Tissue-healing technology specialist Advanced Medical Solutions said in an update on Tuesday that trading in 2022 was "strong".

The AIM-traded firm said both of its business units continued to perform "well", adding that group revenues and profits for the 12 months ended 31 December were set to be in line with market expectations.

It said it also made good progress during 2022 in its regulatory and clinical programmes, including the United States approval of 'LiquiBand XL' in May, and the submission of a premarket authorisation for 'LiquiBandFix8' in October.

The initial European 'SEAL-G' clinical trial, meanwhile, was also continuing to progress "well", with more than two-thirds of patients now recruited as it remained on track for completion in the first half of the year.

"I am very pleased to report that AMS continued to perform strongly in 2022 despite the macroeconomic challenges," said chief executive officer Chris Meredith.

"This is a testament to the resilience of our business model and the strength of our staff who have worked so hard to achieve this result."

Meredith said the progress made with the regulatory programmes was "particularly significant", representing a "major step forward" in the plan to gain further traction in the US market.

"The underlying momentum throughout the group, which has been further strengthened with promising new products, gives us confidence of meeting market expectations for 2023 and sustaining our growth profile in the long term."

Advanced Medical Solutions said it would announce its preliminary results for the year ended 31 December on 15 March.

At 1446 GMT, shares in Advanced Medical Solutions Group were down 0.28% at 264.25p.

Reporting by Josh White for Sharecast.com.