US distribution agreement signed with Adler

RNS Number : 9272I

Surgical Innovations Group PLC

17 December 2020

 

Surgical Innovations Group plc
("Surgical Innovations", "SI" or the "Company")

Nationwide US distribution agreement signed with Adler Instrument

$12m estimated value over five years

Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and distributor of innovative medical  technology for minimally invasive surgery, announces a new nationwide distribution agreement with existing US distributor, Adler Instrument Company Inc. ("Adler"), for the Company's full range of handheld surgical instruments, consolidating its product distribution in the United States. The agreement brings a significant increase in the number of surgical territory managers promoting SI-branded products across the US. This five-year exclusive contract worth approximately $12m over its duration is effective from February 1, 2021, and will ensure the future success of the LogiCut and EcoCut scissor brands as well as providing a route into the US for the anticipated growth of new Logi-branded products.

Florida-based Adler, is a highly experienced distribution Company with access to nationwide coverage and are already working on converting a number of significant accounts from competing products to using the SI range of instruments. 

Chris Carter, CEO of Adler, said: "Our longstanding and successful relationship with Surgical Innovations in the south eastern United States has demonstrated that with quality products, Adler can meet healthcare needs and grow quickly and profitably. We are very excited to utilize our nationwide partnership coverage to grow Surgical Innovation business across the United States."

Adam Power, Group Development Director at SI, said: "Adler is SI's largest independent distributor and has previously sold SI branded product in just a small part of the United States. We are tremendously excited to work alongside them to grow our handheld instrument business across the country in territories that are essentially new to SI. This new relationship will open up the opportunity to compete for large nationwide and regional contracts which we have previously been unable to access."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information please contact:  

Surgical Innovations Group plc	www sigroupplc com
David Marsh, CEO	Tel: [phone]
Charmaine Day, Co Sec & GFC
N+1 Singer (Nominated Adviser & Broker)	Tel: [phone]
Aubrey Powell (Corporate Finance)
Rachel Hayes (Corporate Broking)
Walbrook PR (Financial PR & Investor Relations)	Tel: [phone] or [e-mail]
Paul McManus / Lianne Cawthorne	Mob: [phone]

 

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