Woundcare specialist Advanced Medical Solutions Group PLC (LON:AMS) has reassured investors that it has performed “well” in the first half of the year, despite taking a Brexit-related sales hit in the US.
In the run-up to 29 March, the date the UK was due to leave the European Union, many of AMS’s US customers stockpiled the company’s products in case of any initial post-Brexit disruption.
READ: AMS receives US regulatory approvals for two woundcare products
With the UK now not leaving until October at the earliest, some of those customers have chosen to run down their inventories, which has held back sales of AMS’s LiquiBand wound closure glue across the pond.
The temporary slowdown, which hasn’t been helped by tough comparatives last year when one of the company’s competitors experienced some supply issues, has been offset by other parts of the group showing “strong growth”, AMS said.
Bosses remain confident that US LiquiBand sales will return to growth in 2020, especially given the expected launch of the new LiquiBand XL device.
Trading 'in line'
“I am pleased to report that overall the group continues to perform well and we are trading in line with the Board's expectations for the full year,” said chief executive Chris Meredith.
“Looking ahead, we are excited about the growth prospects for the business, the integration of Sealantis and the expected impact from new product launches.”
Shares were down 44% to 306p in early deals on Friday.