Surgical Innovations Group (AIM:SUN) swung to an adjusted EBITDA loss of £0.4m in FY25 (2024: £0.05m profit) while revenue was broadly flat at £11.6m (2024: £11.9m). Adjusted loss per share was 0.08p and the year closed with net cash of (£0.3m).
SI Branded sales fell 8% to £5.9m, hit by US tariff headwinds and a temporary slowdown with an Indian partner, while Europe grew 23% to £2.08m. UK distribution revenues rose 14% to £4.1m and OEM sales declined 12% to £1.7m. Underlying gross margin widened 262bps to 33.73% driven by a shift towards Elemental products.
Operational cash conversion improved, with a £0.6m net cash inflow from operations (2024: £0.1m outflow). The group achieved MDR, MDSAP and UKCA certifications and plans H1 additions including LogiTube Lux, Logi Grasp and Logi Dissect.
Board changes included Roy Davis as Chair, Andrew Boteler and Duncan Soukup joining, and CFO Brent Greetham announcing his intention to step down; a replacement is in advanced recruitment.
"With a positive start to 2026, a focus on the basics and several strategic initiatives underway, the Company is better positioned for future growth and long-term success," said Roy Davis, Chairman.
