Edison Investment Research Limited
London, UK, 5 May 2021
Trackwise Designs (TWD): Agreement in medical devices market
Trackwise has announced a seven-year supply agreement with CathPrint, which has created a novel technique for manufacturing catheters. Assuming the ongoing development project supplying Trackwise's Improved Harness Technology (IHT) to CathPrint for advanced catheters is successful, this potentially represents sales of significant volumes of IHT for medical applications from FY23 onwards. This announcement coincides with the news that Trackwise has completed the acquisition of a new site in Gloucestershire, UK. The site will provide additional capacity to support potential volume programmes in the medical sector as well as the previously announced order worth up to £38m over three years from a UK electric vehicle (EV) OEM.
In line with its expansion strategy outlined in November 2020, Trackwise has completed the acquisition of a new 77,000 sq ft freehold property in Gloucestershire for £2.8m. Trackwise will install an automated roll-to-roll IHT production line at the site, which management expects will commence operation in Q421. Expansion into this site is critical to meet the production requirements for the EV OEM. The site will also be able to support volume production for the medical device market in future years.
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