LONDON (Alliance News) - Lidco Group PLC shares rose 19% Thursday after the company said it made a good start to the year with revenue in the first quarter "well ahead" of the same period last year and above the board's expectations.
Lidco, a supplier of hemodynamic equipment to hospitals, also believes that the group remains "firmly on track to deliver full year results in line with market expectations".
Lidco shares were up 19% at 4.78 pence Thursday morning.
The medical technology company said that revenue in the three months to the end of April were up 38% versus the same period a year prior, with like-for-like recurring revenue up 42%.
Lidco said that recurring revenue continue to benefit from the group's High Usage Programme offering, which requires customers to pay in advance and covers a longer period of time.
Lidco's US revenue was up 69% in the quarter, while UK revenue rose 12%. Outside of the two direct markets, distributor sales were up 84% for the quarter.
"The group has continued to make positive progress with the HUP offering, successfully implementing the three new accounts announced in March and closing an additional account in the US. Whilst the new account in the US has taken two monitors initially, the board believes that this large institution has the potential to take many more monitors in the future", the company said.
In the first quarter 19% of Lidco's recurring revenue in the UK came from HUP license income, up from 14% in the last financial year.