TIDMLID
RNS Number : 5910N
LiDCO Group Plc
10 August 2017
LiDCO Group Plc
("LiDCO" or the "Company")
Trading update & Notice of results
LiDCO (AIM: LID), the hemodynamic monitoring company, provides
the following trading update for the six months ended 31 July
2017.
LiDCO product revenues in the half year were up 8% to GBP3.27m
(2016: GBP3.03m) with total revenues (including third party
products) up 4% to GBP3.94m (2016: GBP3.77m), in line with the
Board's expectations. Net cash outflow during the period was
GBP0.92m with cash at the period end of GBP3.98m (31 January 2017:
GBP4.90m), the outflow reflecting the planned investment in sales
and marketing resources.
In the USA, revenues were up 22% to GBP0.81m, with the growth
being driven by a significant customer win involving the purchase
of a number of monitors. The Company is looking to take share in
this large and growing market by targeting the highest users of
advanced hemodynamic monitoring. As announced separately today,
LiDCO has signed its first customer for its recently launched High
Use Programme (HUP) business model. This multi-year contract
commences in September and will start to contribute in the second
half of the year with revenue being spread over the anticipated
life of the agreement. When annualised, this agreement represents a
35% uplift in LiDCO's annual recurring revenues in the United
States. These sales represent the first two significant customer
conversions since LiDCO commenced its US expansion plans earlier
this year.
In the UK, where the Company is the market leader and enjoys
over 50% market share, LiDCO product revenues were up 14% to
GBP1.96m. In this market, customer feedback for the recently
launched LiDCOUnity v2 monitor has been very positive, with sales
of GBP0.34m in July 2017, the month of its commercial release.
In Continental Europe, sales were down 44% to GBP0.20m, as the
Company pro-actively sought to gain greater control of its
distribution channels and has taken on a dedicated distributor
manager towards the end of the period. The Company expects improved
performance in the second half as its distributors move to more
regular ordering patterns.
In the Rest of World, sales grew by 9% to GBP0.31m driven
primarily by Japan, where the Company sees continued strengthening
of its in-market sales as it migrates away from its exclusive
distributor whose contract ended recently. Separately the Company
has become aware that in-market sales by its Chinese distributor
are being delayed due to the requirement to gain further regulatory
approval in China of one of the accessories. The Company no longer
anticipates a GBP0.5m order from its Chinese distributor in
FY2017-18. LiDCO remains committed to the Chinese market and
positive about future prospects in the country.
The Company intends to announce its interim results for the half
year to 31 July 2017 on 10 October 2017.
Commenting, Matt Sassone, Chief Executive Officer of LiDCO,
said: "LiDCO has achieved a number of strategic objectives in the
first six months of this year. We have a new board, more than
doubled our commercial presence in North America, signed our first
High Usage Programme customer and gained approval for and launched
a completely new monitor platform in multiple key markets. On top
of this, we have completed the re-branding of the Company with new
websites in the USA and globally. We have clearly seen the impact
of our actions in our two direct markets and, as we seek further
geographical expansion, we will continue to work with the right
partners in the right markets to build our business in the rest of
the world."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
LiDCO Group Plc www.lidco.com
Matt Sassone (CEO) Tel: +44 (0)20 7749 1500
Jill McGregor (CFO)
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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