Announcement • Jul 20
Advanced Medical Solutions Group plc Provides Earnings Guidance for the Half Year 2026 Advanced Medical Solutions Group plc provided earnings guidance for the half year 2026. For the period, company expected to report revenues of approximately £115.2 million (H1 2025: £110.8 million), despite some first half orders shipping later than planned in early July. In addition, good progress in the Group's strategic focus of expanding direct sales in Europe has led to some de-stocking, with a consequential impact on sales in the period. As reported in preliminary results on 18 March 2026, first half performance was against a high comparator caused by order phasing of one key strategic partner in the Advance Closure division in first half 2025. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to UK£2.79, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 11x in the Medical Equipment industry in the United Kingdom. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.60 per share. Announcement • May 22
H.B. Fuller Company (NYSE:FUL) proposed to acquire Advanced Medical Solutions Group plc (AIM:AMS). H.B. Fuller Company (NYSE:FUL) proposed to acquire Advanced Medical Solutions Group plc (AIM:AMS) on April 30, 2026. A cash consideration will be paid by H.B. Fuller Company. As part of consideration, an undisclosed value is paid towards common equity of Advanced Medical Solutions Group plc.
The transaction is subject to consummation of due diligence investigation.
Ken Grahame, Soren Moller-Rasmussen, Terres Maloney, Cara Pazdon of Goldman Sachs & Co. LLC acted as financial advisor for H.B. Fuller Company. David Wyles, Charles Spencer, Christian Bradeen and Serdj Balach of Perella Weinberg Partners UK LLP acted as financial advisor for H.B. Fuller Company. Simon Elliott, Julian Oakley, Israel Akinrinsola and Harrison George of Evercore Partners International LLP acted as financial advisor for Advanced Medical Solutions Group plc. Gary Clarence, Harry Hargreaves and Nick Prowting of Investec Bank plc acted as financial advisor for Advanced Medical Solutions Group plc. Upcoming Dividend • May 21
Upcoming dividend of UK£0.02 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.5%). New Risk • May 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Announcement • May 18
Advanced Medical Solutions Group plc, Annual General Meeting, Jun 17, 2026 Advanced Medical Solutions Group plc, Annual General Meeting, Jun 17, 2026. Location: the offices of investec bank plc, 30 gresham street, ec2v 7qn, london United Kingdom Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to UK£2.02, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 19x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 14% over the past three years. Announcement • Apr 22
Advanced Medical Solutions Group plc Confirms Discussions with TA Associates (UK), LLP Regarding Possible Offer The Board of Advanced Medical Solutions Group plc (AIM:AMS) noted the recent press speculation and confirmed it is in discussions with TA Associates (UK), LLP regarding a possible offer for the entire issued and to be issued share capital of Advanced Medical Solutions Group plc. There can be no certainty that a firm offer will be made for Advanced Medical Solutions Group plc, nor as to the terms on which a firm offer might be made. A further announcement will be made as and when appropriate. In accordance with Rule 2.6(a) of the Code, TA Associates (UK), LLP is required, by no later than May 16, 2026, being 28 days after April 18, 2026, to either announce a firm intention to make an offer for Advanced Medical Solutions Group plc in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. As a consequence of this announcement, Advanced Medical Solutions Group plc is now in an "offer period" as defined in the Code and the attention of Advanced Medical Solutions Group plc's shareholders is drawn to the dealing disclosure requirements of Rule 8 of the Code. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to UK£2.65, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 20x in the Medical Equipment industry in the United Kingdom. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.39 per share. Major Estimate Revision • Mar 22
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from UK£0.059 to UK£0.068. Revenue forecast steady at UK£246.0m. Net income forecast to grow 44% next year vs 44% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target of UK£2.76 unchanged from last update. Share price was steady at UK£1.94 over the past week. Major Estimate Revision • Sep 30
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£0.068 to UK£0.061 per share. Revenue forecast steady at UK£228.4m. Net income forecast to grow 41% next year vs 18% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target of UK£2.66 unchanged from last update. Share price rose 3.9% to UK£2.25 over the past week. Recent Insider Transactions • Sep 29
CEO & Executive Director recently sold UK£110k worth of stock On the 24th of September, Andrew Meredith sold around 51k shares on-market at roughly UK£2.19 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrew has been a net seller over the last 12 months, reducing personal holdings by UK£405k. Major Estimate Revision • Sep 24
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.058 to UK£0.068. Revenue forecast steady at UK£228.4m. Net income forecast to grow 50% next year vs 18% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target broadly unchanged at UK£2.66. Share price rose 7.5% to UK£2.23 over the past week. Reported Earnings • Sep 19
First half 2025 earnings released: EPS: UK£0.029 (vs UK£0.019 in 1H 2024) First half 2025 results: EPS: UK£0.029 (up from UK£0.019 in 1H 2024). Revenue: UK£110.8m (up 63% from 1H 2024). Net income: UK£6.21m (up 49% from 1H 2024). Profit margin: 5.6% (down from 6.1% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jul 15
Advanced Medical Solutions Group plc to Report First Half, 2025 Results on Sep 17, 2025 Advanced Medical Solutions Group plc announced that they will report first half, 2025 results on Sep 17, 2025 Announcement • Jun 23
Advanced Medical Solutions Group plc Appoints Juliet Thompson as Non-Executive Director and Chair of the Audit Committee Advanced Medical Solutions Group plc announced that its search for an additional Independent Non-Executive Director has successfully concluded and that Juliet Thompson will be appointed as a Non-Executive Director and Chair of the Audit Committee following the conclusion of the AGM on 30 June. Juliet has over 30 years of finance, banking and board experience with significant focus in the healthcare sector. She is a proven FTSE 250 Audit Committee Chair and a former investment banker who has spent her career advising pharmaceutical and medtech companies. She played a leading role in setting up Code Securities, which was later acquired by Nomura (becoming Nomura Code) but remained independent. At Nomura Code, Juliet advised companies in the healthcare and clean tech sectors on their financing and strategic options. She worked on over 50 transactions including IPOs, secondary offerings, private placements and M&A. As Nomura Code was devolved, she joined Stifel with a team from Nomura Code to head up the life sciences team where she advised CEOs and CFOs in the healthcare sector. She was Audit Committee Chair at Vectura Group Limited. Juliet has built a diverse portfolio; she is currently a Non-Executive Director and Chair of the Audit Committees of: Indivior plc, a NASDAQ listed company working to develop medicines to treat addiction; Novacyt S.A., a Euronext and AIM listed diagnostic company; and Organox Limited, a private company spun out of Oxford University developing innovative solutions for organ preservation prior to transplantation. Juliet holds a BSc in Economics from the University of Bristol and qualified as a Chartered Accountant and holds an ACA from the Association of Chartered Certified Accountants. Upcoming Dividend • Jun 12
Upcoming dividend of UK£0.018 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 17 July 2025. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.1%). Reported Earnings • Jun 08
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: UK£0.033 (down from UK£0.074 in FY 2023). Revenue: UK£177.5m (up 41% from FY 2023). Net income: UK£7.09m (down 55% from FY 2023). Profit margin: 4.0% (down from 13% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • May 19
CEO & Executive Director exercised options and sold UK£125k worth of stock On the 12th of May, Andrew Meredith exercised options to acquire 64k shares at no cost and sold these for an average price of UK£1.95 per share. This trade did not impact their existing holding. For the year to December 2018, Andrew's total compensation was 47% salary and 53% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Andrew's direct individual holding has increased from 1.81m shares to 1.82m. Company insiders have collectively sold UK£814k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 19
CEO & Executive Director recently sold UK£410k worth of stock On the 12th of May, Andrew Meredith sold around 212k shares on-market at roughly UK£1.94 per share. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrew has been a net seller over the last 12 months, reducing personal holdings by UK£345k. Announcement • May 15
Advanced Medical Solutions Group plc, Annual General Meeting, Jun 30, 2025 Advanced Medical Solutions Group plc, Annual General Meeting, Jun 30, 2025. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£2.05, the stock trades at a forward P/E ratio of 33x. Average trailing P/E is 36x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 27% over the past three years. Announcement • Mar 31
Advanced Medical Solutions Group plc Appoints Susan Searle as Non-Executive Director Advanced Medical Solutions Group plc announced that search for an additional Independent Non-Executive Director has successfully concluded and that Susan Searle has been appointed as a Non-Executive Director with immediate effect. Susan has extensive experience on public and private company boards in a number of sectors, including healthcare. She is currently a Non-Executive Director of Gooch & Housego plc, where she is Chair of the Remuneration and Sustainability Committees, as well as being a Non-Executive of Bibby Line Group Limited and Chair of Greenback Recycling Technologies Limited. She has recently stepped down from QinetiQ plc where she was a Non-Executive Director and Remuneration Committee Chair, having served three full terms. Susan was formerly Non-Executive Senior Independent Director and Remuneration Chair of Horizon Discovery plc and Benchmark Holdings Plc, both technology businesses. She also chaired two listed investment businesses - Mercia Asset Management plc and Schroders UK Public Private Trust plc, and was a founder of Touchstone Innovations plc, where she served as its CEO. She holds an MA in Chemistry from Oxford University. Susan will immediately join the Audit, Nomination and Remuneration Committees and be appointed as the Senior Independent Non-Executive Director. The composition of each of the Board Committees from 31 March 2025 is therefore confirmed as follows: Board Committee; Membership: Audit Committee: Grahame Cook (Chair), Douglas Le FortSusan Searle. Nomination Committee: Grahame Cook (Chair), Douglas Le Fort, Susan Searle. Remuneration Committee: Douglas Le Fort (Chair), Grahame Cook, and Susan Searle. Susan Searle (aged 61 years) holds or has held Directorships and partnerships in the five years preceding her appointment at AMS as follows: Current Directorships: Bibby Line Group Limited, Gooch & Housego plc, and Greenback Recycling Technologies Limited. Previous Directorships: QinetiQ Group plc, Benchmark Holdings plc, Horizon Discovery plc, and Schroders UK Public Private Trust plc. The Board further announced that the search for an additional Non-Executive Director, who will be appointed as Audit Committee Chair, is also underway and a further announcement will be made in the due course. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to UK£2.37, the stock trades at a forward P/E ratio of 41x. Average trailing P/E is 33x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 18% over the past three years. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Announcement • Mar 27
Montagu Private Equity Responses to Press Speculation In response to the recent press speculation regarding Advanced Medical Solutions Group plc (AIM:AMS) (the "Company" or "AMS"), Montagu Private Equity LLP, in its capacity as adviser to funds managed and/or advised by it or its affiliates ("Montagu"), confirmed that it is considering a possible offer for the Company. There can be no certainty that any firm offer will be made and a further announcement will be made as and when appropriate. Any offer, if made, is likely to be solely in cash, although Montagu reserves the right to vary the form of consideration and/or introduce other forms of consideration. In accordance with Rule 2.6(a) of the Code, Montagu must, by not later than 5.00 pm (London time) on 24 April 2025, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. Major Estimate Revision • Mar 26
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£0.073 to UK£0.057 per share. Revenue forecast steady at UK£228.9m. Net income forecast to grow 82% next year vs 21% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target up from UK£2.63 to UK£2.69. Share price fell 2.4% to UK£1.99 over the past week. Declared Dividend • Mar 21
Final dividend increased to UK£0.018 Dividend of UK£0.018 is 10% higher than last year. Ex-date: 29th May 2025 Payment date: 20th June 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 134% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Announcement • Mar 19
Advanced Medical Solutions Group plc Proposes Final Dividend for the Year Ended 31 December 2024, Payable on 20 June 2025 Advanced Medical Solutions Group plc proposed an increased final dividend of 1.83p per share (2023 final dividend: 1.66p), to be paid on 20 June 2025 to shareholders on the register at the close of business on 30 May 2025. This follows the interim dividend of 0.77p per share (2023 interim dividend: 0.70p) paid on 25 October 2024 and would, if approved, make a total dividend for the year of 2.60p per share (2023: 2.36p) an increase of 10%. Announcement • Mar 18
Advanced Medical Solutions Group plc Announces Board Changes Advanced Medical Solutions Group plc announced that Liz Shanahan has decided to step down as Chair and a Director of AMS for personal reasons. The company announced that Grahame Cook, Senior Independent Non-Executive Director, has been appointed as non-executive chair with effect from 31 March 2025, retaining his positions on the Audit, Nominations and Remuneration Committee. Grahame was appointed to the Board in February 2021 has substantial global equity markets experience, having formerly worked as a managing director at UBS and joint Chief Executive of Panmure Gordon. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£2.25, the stock trades at a forward P/E ratio of 38x. Average trailing P/E is 35x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.42 per share. Announcement • Jan 14
Advanced Medical Solutions Group plc to Report Fiscal Year 2024 Results on Mar 19, 2025 Advanced Medical Solutions Group plc announced that they will report fiscal year 2024 results on Mar 19, 2025 Recent Insider Transactions Derivative • Nov 18
CFO & Executive Director exercised options and sold UK£74k worth of stock On the 11th of November, Edward Johnson exercised options to acquire 34k shares at no cost and sold these for an average price of UK£2.18 per share. This trade did not impact their existing holding. Since March 2024, Edward's direct individual holding has increased from 152.50k shares to 152.77k. Company insiders have collectively bought UK£22k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£2.39, the stock trades at a forward P/E ratio of 41x. Average trailing P/E is 33x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.38 per share. Reported Earnings • Sep 22
First half 2024 earnings released: EPS: UK£0.019 (vs UK£0.041 in 1H 2023) First half 2024 results: EPS: UK£0.019 (down from UK£0.041 in 1H 2023). Revenue: UK£68.0m (up 7.8% from 1H 2023). Net income: UK£4.18m (down 53% from 1H 2023). Profit margin: 6.1% (down from 14% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Declared Dividend • Sep 20
First half dividend increased to UK£0.0077 Dividend of UK£0.0077 is 10% higher than last year. Ex-date: 26th September 2024 Payment date: 25th October 2024 Dividend yield will be 1.0%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 45%. Cash payout ratio: 82%. New Risk • Sep 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.5% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Sep 18
Advanced Medical Solutions Group plc Announces Interim Dividend, Payable on 25 October 2024 The Board of Advanced Medical Solutions Group plc announced intention to pay an interim dividend of 0.77 pence per share on 25 October 2024 to shareholders on the register at the close of business on 27 September 2024. This is a 10% increase on the interim dividend paid in respect of the first half of 2023 reflecting the Board's ongoing confidence in the future growth in the Group. Announcement • Aug 29
Advanced Medical Solutions Group plc to Report First Half, 2024 Results on Sep 18, 2024 Advanced Medical Solutions Group plc announced that they will report first half, 2024 results on Sep 18, 2024 Buy Or Sell Opportunity • Aug 05
Now 21% undervalued Over the last 90 days, the stock has risen 18% to UK£2.29. The fair value is estimated to be UK£2.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Jul 15
Advanced Medical Solutions Group plc Provides Earnings Guidance for the First Half and Full Year 2024 Advanced Medical Solutions Group plc provided earnings guidance for the first half and full year 2024. For the first half, Group revenue is expected to be about 10% higher than last year on a constant currency basis (+8% at reported exchange rates) at approximately £68 million.For the year, the Board remains confident that the Group (excluding Peters Surgical) will generate underlying double-digit top line growth, with consolidated revenues expected to be in line with management forecasts. New Risk • Jun 16
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£79k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 23
Upcoming dividend of UK£0.017 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.5%). Announcement • May 16
Advanced Medical Solutions Group plc, Annual General Meeting, Jun 12, 2024 Advanced Medical Solutions Group plc, Annual General Meeting, Jun 12, 2024. Location: the offices of investec bank plc, 30 gresham street, ec2v 7qn, london United Kingdom Major Estimate Revision • Apr 16
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from UK£138.6m to UK£147.1m. EPS estimate fell from UK£0.099 to UK£0.083 per share. Net income forecast to shrink 10% next year vs 23% growth forecast for Medical Equipment industry in the United Kingdom . Consensus price target of UK£2.55 unchanged from last update. Share price was steady at UK£1.83 over the past week. Recent Insider Transactions • Apr 04
CEO & Executive Director recently bought UK£79k worth of stock On the 28th of March, Andrew Meredith bought around 41k shares on-market at roughly UK£1.96 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of UK£89k worth in shares. Announcement • Mar 15
Advanced Medical Solutions Group plc (AIM:AMS) entered into an agreement to acquire Péters Surgical SASU from Eurazeo SE (ENXTPA:RF) and others for €140 million. Advanced Medical Solutions Group plc (AIM:AMS) entered into an agreement to acquire Péters Surgical SASU from Eurazeo SE (ENXTPA:RF) and others for €140 million on March 13, 2024. The total maximum cash consideration payable is €141.4 million (approximately £120.8 million) structured as follows Initial cash payment of €132.5 million (approximately £113.2 million) payable on completion on a debt-free, cash-free basis and Earnout of up to €8.9 million (approximately £7.6 million) payable on delivery of US regulatory approvals, achievement of FY24 revenue and gross margin targets, and satisfying certain inventory and tax conditions. AMS has arranged new debt facilities to fund part of the cash consideration of the Acquisition which comprise: a €70.1346 million (£60 million) by amortising term loan facility; and a €35.0673 million (£30 million) by revolving credit facility. Peters Surgical has revenues of €84 million in 2023. The sale of Peters Surgical would allow funds managed by Eurazeo, to receive estimated proceeds of €66 million upon closing. These proceeds are subject to adjustments based on completion accounts and earn-outs which could be triggered and paid in 2024 and 2025 Gary Clarence and David Anderson of Investec Bank PLC and Simon Elliott and Torera Oyewo of Evercore acted as Financial advisor to Advanced Medical Solutions. The Acquisition is expected to complete at the end of June 2024 following the completion of the anticipated requirement for French Foreign Direct Investment screening, which the Directors are confident will be approved without condition. Declared Dividend • Mar 15
Final dividend increased to UK£0.017 Dividend of UK£0.017 is 9.9% higher than last year. Ex-date: 30th May 2024 Payment date: 21st June 2024 Dividend yield will be 1.2%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 32%. Cash payout ratio: 205%. Announcement • Mar 14
Advanced Medical Solutions Group plc Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 21 June 2024 Advanced Medical Solutions Group plc announced that the Board is proposing an increased final dividend of 1.66 pence per share (2022 final dividend: 1.51 pence), to be paid on 21 June 2024 to shareholders on the register at the close of business on 31 May 2024. This follows the interim dividend of 0.70 pence per share (2022 interim dividend: 0.64 pence) paid on 24 October 2023 and would, if approved, make a total dividend for the year of 2.36 pence per share (2022: 2.15 pence), an increase of 10%. Reported Earnings • Mar 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: UK£0.074 (down from UK£0.094 in FY 2022). Revenue: UK£126.2m (up 1.5% from FY 2022). Net income: UK£15.9m (down 22% from FY 2022). Profit margin: 13% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.2%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.5% to UK£2.04. The fair value is estimated to be UK£2.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 6.8% per annum over the same time period. Announcement • Jan 11
Advanced Medical Solutions Group plc to Report Fiscal Year 2023 Results on Mar 13, 2024 Advanced Medical Solutions Group plc announced that they will report fiscal year 2023 results on Mar 13, 2024 Recent Insider Transactions • Oct 05
Independent Non-Executive Director recently bought UK£100k worth of stock On the 28th of September, Elizabeth Shanahan bought around 50k shares on-market at roughly UK£1.99 per share. This transaction increased Elizabeth's direct individual holding by 11x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought UK£185k more in shares than they have sold in the last 12 months. Reported Earnings • Sep 21
First half 2023 earnings released: EPS: UK£0.041 (vs UK£0.045 in 1H 2022) First half 2023 results: EPS: UK£0.041 (down from UK£0.045 in 1H 2022). Revenue: UK£63.1m (up 8.2% from 1H 2022). Net income: UK£8.93m (down 7.6% from 1H 2022). Profit margin: 14% (down from 17% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 20
Advanced Medical Solutions Group plc Announces Interim Dividend, Payable on 27 October 2023 The Board of Advanced Medical Solutions Group plc intends to pay an interim dividend of 0.70 pence per share on 27 October 2023 to shareholders on the register at the close of business on 29 September 2023. This is a 10% increase on the interim dividend paid in respect of the first half of 2022 reflecting the Board's ongoing confidence in the future growth in the Group. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to UK£1.85, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 24x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.01 per share. Announcement • Sep 05
Advanced Medical Solutions Group plc Provides Earnings Guidance for the Fiscal Year 2023 Advanced Medical Solutions Group plc provided earnings guidance for the fiscal year 2023. For the year, the company expects revenues to be approximately £124 million to £127 million. Price Target Changed • Sep 04
Price target decreased by 11% to UK£2.73 Down from UK£3.08, the current price target is an average from 10 analysts. New target price is 48% above last closing price of UK£1.85. Stock is down 29% over the past year. The company is forecast to post earnings per share of UK£0.084 for next year compared to UK£0.094 last year. Buying Opportunity • Aug 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be UK£3.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings is also forecast to grow by 7.8% per annum over the same time period. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 6.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jun 06
Advanced Medical Solutions Group plc Receives Approval from the US Food and Drug Administration for the Pre-Market Approval of LiquiBandFix8 for Use in Hernia Surgery Advanced Medical Solutions Group plc announced it has received approval from the US Food and Drug Administration (FDA) for the Pre-Market Approval (PMA) of LiquiBandFix8 for use in hernia surgery. The authorisation was granted ahead of schedule and seven months after submission, a significant achievement for the company's first PMA application, reflecting the quality of the submission and emphasising the benefits that the product provides to patients. LiquiBandFix8 uses drops of cyanoacrylate adhesive instead of sharp tacks to fix mesh to tissue inside the body during hernia surgery. The approval covers two devices, one for use in open surgery and one for laparoscopic use, the first products of their kind in the US which will benefit patients as the less invasive application is expected to reduce pain and other post-operative complications. In addition to its use in securing mesh during hernia repair, LiquiBandFix8 has also been approved for use in closing the peritoneum, the membrane surrounding the abdominal cavity, further extending its application and the clinical benefits it can provide. Overall, this represents a significant commercial opportunity for AMS to enter a new addressable market estimated at $200 million. A 284-patient Randomised Control Trial (RCT) has been conducted with top hernia surgeons in five clinical sites across the US, comparing the direct performance of LiquiBandFix8®? with a market leading tacker device. The company is currently in late stage negotiations with a number of potential commercial partners in the US and expects to be able to announce its final decision on partner and marketing strategy shortly. Following this significant approval for AMS, the company will now focus on rolling out the launch of this exciting new product range across the US during second half 2023. Upcoming Dividend • May 11
Upcoming dividend of UK£0.015 per share at 0.9% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to UK£2.23, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 30x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 7.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.33 per share. Reported Earnings • Mar 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: UK£0.094 (up from UK£0.081 in FY 2021). Revenue: UK£124.3m (up 14% from FY 2021). Net income: UK£20.4m (up 17% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 15
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be UK£3.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 4.8%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 8.7% per annum over the same time period. Announcement • Feb 02
Advanced Medical Solutions Group plc (AIM:AMS) acquired Connexicon Medical Ltd. Advanced Medical Solutions Group plc (AIM:AMS) acquired Connexicon Medical Ltd. on February 1, 2023. Under the terms of the transaction, consideration of €7 million is to be funded from existing cash resources. Deferred consideration payments in cash of up to €18 million. The acquisition is expected to be earnings neutral in 2023. Gary Clarence and David Anderson of Investec Bank plc acted as financial advisor to Advanced Medical Solutions Group plc (AIM:AMS). Sam McLennan and Joe Weaving of HSBC Bank plc acted as financial advisor to Advanced Medical Solutions Group plc (AIM:AMS). Advanced Medical Solutions Group plc (AIM:AMS) completed the acquisition of Connexicon Medical Ltd. on February 1, 2023. Reported Earnings • Sep 15
First half 2022 earnings released: EPS: UK£0.045 (vs UK£0.041 in 1H 2021) First half 2022 results: EPS: UK£0.045 (up from UK£0.041 in 1H 2021). Revenue: UK£58.3m (up 16% from 1H 2021). Net income: UK£9.67m (up 8.2% from 1H 2021). Profit margin: 17% (down from 18% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Buying Opportunity • Sep 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be UK£3.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings is also forecast to grow by 9.7% per annum over the same time period. Buying Opportunity • Jul 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be UK£3.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings is also forecast to grow by 9.7% per annum over the same time period. Upcoming Dividend • May 19
Upcoming dividend of UK£0.014 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 17 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.2%). Reported Earnings • May 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: UK£0.081 (up from UK£0.04 in FY 2020). Revenue: UK£108.6m (up 25% from FY 2020). Net income: UK£17.5m (up 104% from FY 2020). Profit margin: 16% (up from 9.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 7.4%, compared to a 17% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: UK£0.081 (up from UK£0.04 in FY 2020). Revenue: UK£108.6m (up 25% from FY 2020). Net income: UK£17.5m (up 104% from FY 2020). Profit margin: 16% (up from 9.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 11%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be UK£3.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% per annum over the last 3 years. Earnings per share has declined by 27% per annum over the last 3 years. Buying Opportunity • Feb 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be UK£3.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% per annum over the last 3 years. Earnings per share has declined by 27% per annum over the last 3 years. Buying Opportunity • Jan 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be UK£3.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% per annum over the last 3 years. Earnings per share has declined by 27% per annum over the last 3 years.