UK's Surgical Innovations H1 revenue flat, EBITDA drops on Europe and US headwinds

Surgical Innovations

30/09/2026 07:18

Overview
UK medical device maker's H1 revenue was flat yr/yr at £6.02 mln
Adjusted EBITDA fell sharply to £0.03 mln from £0.37 mln a year earlier
Company cites Europe distributor transition and US tariffs as headwinds

Outlook
Surgical Innovations expects US market conditions to remain challenging due to persistent tariff impacts
Company anticipates continued strong growth in Japan and further gains in APAC in H2 2026
New product launches and price increases in the UK expected to support growth in H2 2026

Result Drivers
EUROPE DISTRIBUTOR TRANSITION - Co said European sales declined due to transition between distribution partners, leading to constrained orders while inventory was absorbed
US TARIFFS AND DISTRIBUTOR DISRUPTION - Co said US sales fell modestly due to ongoing tariff impacts and temporary disruption from distributor warehouse relocation
APAC GROWTH - Co said APAC revenue rose 29%, driven by strong demand in Japan

Company press release: ID:nRSd8574Wa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
GBP 6.02 mln
 
H1 Adjusted EBITDA
 
GBP 33,000
 
H1 EBIT
 
-GBP 230,000
 
H1 Gross Profit
 
GBP 1.75 mln
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"
Wall Street's median 12-month price target for Surgical Innovations Group PLC is GBp1.40, about 250% above its September 29 closing price of GBp0.40

Reuters Recommended Reads
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Sept 29 - UK's Card Factory H1 revenue rises, helped by Funky Pigeon acquisition

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)