Circassia 2021 Revenue Rose; Swung to Positive Adjusted Earnings

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by Joe Hope

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Circassia Group Plc said Thursday that its 2021 revenue rose 17%, and it came in positive adjusted earnings before interest, taxes, depreciation and amortization for the first time.

The medical-device provider said revenue was £27.9 million ($38.2 million), compared to GBP23.9 million in 2020. Of that number, 84% was recurring revenue.

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Adjusted Ebitda was positive for the first time around GBP600,000,000, a swing from an adjusted loss of GBP9.1 million.

The company said its very low cost base, high level of recurring revenue and high gross margin provide a great deal of flexibility in the new year despite the persistence of the coronavirus pandemic.

“The Board believes that these features, along with measures taken to drive top-line growth, will provide greater shareholder value over the medium term,” said Executive Chairman Ian Johnson.

Shares were up 1.9 pence, or 4.1%, at 47.95 pence at 0851 GMT.

Write to Joe Hope at [email protected]

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