TIDMLID
RNS Number : 7687W
LiDCO Group Plc
14 February 2017
LiDCO Group Plc
("LiDCO" or the "Company")
Trading update and notice of results
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring
company, provides the following trading update for the full year
ended 31 January 2017.
LiDCO product revenues in the period are expected to be up 14%
to GBP6.76m (2016: GBP5.96m) with total revenues (including third
party products) expected to be up by 8% to GBP8.21m (2016:
GBP7.59m).
Overall LiDCO saw strong demand for monitors with 186 units
being sold (2016: 103 units) and continued growth of smartcards up
17% to 46,580 units (2016: 39,975 units).
In the UK, LiDCO had a strong performance considering the
restricted spending climate, with LiDCO product revenues expected
to be up 6% to GBP3.79m (2016: GBP3.58m), consolidating its
position as market leader. The total number of monitors sold and
placed was similar to the previous year at 67 units with the launch
of the Company's new monitor LiDCOunity enabling it to achieve a
higher selling price with expected monitor revenues of GBP0.27m, up
13% compared to the prior year. Disposable units were up 5% to
34,450 (2016: 32,865). Sales of 3(rd) party products in the UK
declined 11% to GBP1.45m (2016: GBP1.63m) due to intense pricing
pressure.
The Company had a strong first half in the USA driven by capital
sales as LiDCO won new customer business with revenues for the year
expected to be up 8% to GBP1.15m. However, with an increasingly
competitive environment, overall disposables sales declined largely
due to a previously announced significant customer loss. The
Company is seeing high levels of hemodynamic monitoring technology
adoption in the US but the Company has recognised the challenge of
operating in a highly competitive environment with a small team.
The funding announced in December 2016 has enabled LiDCO to start
to resource the Company adequately to generate further new customer
sales and drive greater growth from this highly attractive market.
Investment in sales resource in this market has commenced with the
appointment of Shane Doorish as Head of North America, announced on
10 January 2017.
Overall revenues outside of the UK and US markets are expected
to have grown 38% to GBP1.79m (2016: GBP1.30m) as the Company looks
to continue its strategy of geographical expansion. Revenues in
regions outside of its two direct markets were helped by strong
sales in Japan, the Middle East and China with monitors up 82% to
120 units (2016: 66 units) and disposables up 31% to 20,645 units
(2016: 15,700 units). Additional sales and marketing resources will
also be made available in these distribution markets in the new
financial year.
The Company was cash generative and expects to make a small
profit for the year before tax and share based payments (2016: loss
of GBP343,000 before exceptional item). The Company raised GBP2.79m
(net of expenses) in December 2016 by way of a placing and
subscriptions to accelerate growth into the US market as well as
growing sales through additional resource in its other key markets.
Excluding the effect of the December fund raise, net cash inflow in
the year was GBP0.52m. The Company is debt free and year-end cash
balances were GBP4.90m (2016: GBP1.59m).
The Company intends to announce its final results to 31 January
2017 on 28 March 2017.
Commenting, Matt Sassone, Chief Executive Officer of LiDCO,
said: "LiDCO continues to take the right steps forward in
delivering the strategic plan I outlined when becoming CEO 18
months ago. Having raised funding in December and building on this
momentum, we are now entering a new phase of LiDCO's growth."
For further information, please contact:
LiDCO Group Plc www.lidco.com
Matt Sassone (CEO) Tel: +44 (0)20 7749 1500
Paul Clifford (Finance Director)
finnCap Tel: +44 (0)20 7600 1658
Geoff Nash / Emily Watts (Corporate Finance)
Stephen Norcross (Corporate Broking)
Walbrook PR Ltd Tel: 020 7933 8780 or lidco@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About LiDCO Group Plc (www.lidco.com)
LiDCO is a supplier of non-invasive and minimally invasive
hemodynamic equipment to hospitals used to monitor the amount of
blood flowing around the body and ensure that vital organs are
adequately oxygenated. LiDCO's products facilitate the application
of hemodynamic optimisation protocols for high risk patients in
both critical care units and in the operating theatre.
Increasingly clinical studies are showing that the optimisation
of patients' hemodynamic status in high risk patients produces
better outcomes and reduced hospital stay. LiDCO's computer-based
technology, developed at St Thomas' Hospital in London, has been
shown to significantly reduce morbidity and complications, length
of stay and overall costs associated with major surgery.
Key Products:
LiDCOunity: a hemodynamic monitor that combines the full suite
of LiDCO technology (non-invasive, minimally invasive and
calibrated technologies) into one platform. Designed to have the
flexibility to adapt to a patient's changing acuity, the product
enables clinicians to seamlessly transition between non-invasive,
minimally invasive and calibrated hemodynamic monitoring.
LiDCOplus: a computer-based platform monitor used in the
Intensive Care Unit for real-time continuous display of hemodynamic
parameters including cardiac output, oxygen delivery and
fluid-volume responsiveness (PPV% and SVV%).
LiDCOrapid: a cardiac output monitor designed specifically for
use in the operating theatre for fluid and drug management. The
monitor enables anaesthetists to receive accurate and immediate
feedback on the patient's fluid and hemodynamic status - a key
measure of overall well-being before, during and after surgery. The
LiDCOrapid provides:
-- early and rapid warning of hemodynamic change to aid choice
of therapeutic route: fluid or drug
-- quantification of hemodynamic response guidance on effective
delivery of fluids to ensure the right amount at the right time
The software incorporated into LiDCOrapid allows the LiDCOrapid
monitor to co-display Medtronic's level of consciousness parameter
('BIS(TM') )* and add the convenience of CNSystem's continuous
non-invasive blood pressure monitoring ('CNAP')**. This addresses a
growing requirement for non-invasive monitoring solutions that are
more comprehensive and can effectively replace multiple single
parameter monitors.
LiDCOview: an easy-to-use graphical display of historical
LiDCOplus and LiDCOrapid hemodynamic data.
*BIS(TM) and Bispectral Index are trademarks of Medtronic
registered in the US and foreign countries.
**CNAP(TM) is a trademark of CNSystems Medizintechnik AG.
LiDCO monitors use single-patient disposables (sensors or
smartcards) which provide an ongoing revenue stream.
LiDCO Distribution Network:
LiDCO sells directly to hospitals in the UK and USA and through
a network of specialty critical care and anaesthesia distributors
in the rest of the world.
LiDCO's headquarters are in London and its shares are traded on
AIM.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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