(Sharecast News) - Hemodynamic monitoring company Lidco saw product revenues grow in the first half of its trading year despite many of its biggest UK customers transitioning to the group's Software-as-a-Service High Usage Programme business model.
While the moving of several key clients to its SaaS model was expected to defer revenues, Lidco witnessed a 10.0% increase in product revenues to £3.33m, which was slightly above even its own expectations.
HUP revenues increased 119.0% to £800,000, while US revenues were up 47.0% to £900,000. UK revenues declined 8.0% to £1.61m due to the timing of certain large orders and the company's decision to transition another four of its largest customers to the HUP business model.
Although the AIM-listed company turned in a 4.0% drop in total revenues to £3.51m, Lidco believed that it was maintaining its leading share of the UK hemodynamic monitoring market.
Net cash outflow was down 57% to £530,000.
Chief executive Matt Sassone said: "It's been a good start to the year that has enabled us to transition more UK customers to HUP.
"With HUP gathering more momentum, we are focussed on achieving a strong second-half performance as the business moves progressively towards breakeven."
As of 1035 BST, Lidco shares had picked up 2.53% to 4.05p.
17 Feb 2015 09:03