RISING sales helped boost profits at keyhole surgery instruments specialist Surgical Innovations last year.
The company's Minimally Invasive Surgery division – the group also has blood products operations – yesterday reported a profit before
tax of £712,000 for 2007 on sales of £4.3 million. Total sales rose 7 per cent to almost £4.8m, lifting total profit to £731,000.
Surgical Innovations, which has a market value of about £9m, attributed the increase in MIS sales to the benefits of its distribution agreement with US medical wholesaler MGM Med, which has started to have an impact on the company.
Last July, Surgical said it expected sales revenue of at least $20m (£10.1m) over five years from the deal. MGM agreed to distribute Surgical's products in the US and target key suppliers to more than 6,000 hospitals in the US market. Surgical is also seeking to buy new product licences, develop applications for its technology and buy companies with complementary products.
The firm said: "We are confident that with expanding markets and our burgeoning portfolio of products, the group will return further sales growth during the current year."
The full article contains 199 words and appears in The Scotsman newspaper.
