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Advanced Medical Solutions Group PLC AMS

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Advanced Medical Solutions Continues to Invest in Moaty Products; No Change to Our FVE

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

While Advanced Medical Solutions has yet to release detailed half-year results, the preliminary data on favorable volume and operating leverage trends in the first half of 2021 is consistent with our assumptions for moderate resumption of surgical procedures, and we’re leaving our fair value estimate unchanged. We recognize the rise of the delta variant injects a new level of uncertainty that could depress surgical volume in the remainder of this year. However, we expect the impact of this latest wave will likely be highly localized. Either way, we do not think these near-term pandemic-driven fluctuations hold implications for underlying demand for the types of surgical procedures that utilize AMS’ products. Further, we’re pleased to see the firm continue to work on navigating the clinical trials and regulatory pathway for its more novel branded products. We view these differentiated products in AMS’ portfolio as key contributors to the firm’s narrow economic moat.

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Company Profile

Business Description

U.K.-based Advanced Medical Solutions was founded in 1991 to design, develop, and manufacture advanced wound care products for other healthcare manufacturers. AMS' key branded products include the ActivHeal franchise of hydrogel, hydrocolloid, foam, and alginate wound dressings. The firm also manufactures and markets the LiquiBand product line for tissue adhesion in acute settings, and the Resorba line of sutures and collagen-based products for tissue repair. The firm derives approximately 57% of total revenue from branded products, with nonbranded contributing 43%.

Premier Park, 33 Road One, Winsford Industrial Estate
Winsford, Cheshire, CW7 3RT, United Kingdom
T +44 1606863500
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 752