Announcement
Surgical Innovations : 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:
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Surgical Innovations Group plc |
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David Marsh, CEO |
Tel: 0113 230 7597 |
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Charmaine Day, Co Sec & GFC |
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N+1 Singer (Nominated Adviser & Broker) |
Tel: 020 7496 3000 |
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Aubrey Powell (Corporate Finance) |
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Rachel Hayes (Corporate Broking) |
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Walbrook PR (Financial PR & Investor Relations) |
Tel: 020 7933 8780 or [email protected] |
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Paul McManus / Lianne Cawthorne |
Mob: 07980 541 893 / 07584 391 303 |
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