(Sharecast News) - Hemodynamic monitoring provider Lidco reported product revenues, excluding third-party products, of £3.3m in its first half on Tuesday, which was an improvement of 10% year-on-year.
The AIM-traded firm said total revenues including third-party products was down 4% for the six months ended 31 July, to £3.5m, although US revenues were ahead 47% to £0.9m.
It said it narrowed its EBITDA loss by 70% to £0.3m, with its loss per share down to 0.34p from 0.52p year-on-year.
The company's net cash outflow was £0.5m, down from £1.2m at the same time a year earlier, with the board also reporting the late receipt of a £0.2m tax credit post-period end
It said it had a "strong" balance sheet to support its growth strategy, with cash balances as at 31 July of £1.2m, down from £1.7m at the start of the year, and no debt.
On the operational front, Lidco said it saw continued success with its 'High Usage Programme' (HUP), with revenues there up 115% to £0.8m year-on-year.
It said the global installed base of HUP monitors increased by 52 to 216 at 31 July, and added that regulatory approvals had been received for the commercial sale of its latest monitor in China and South Korea.
A total of 159 monitors were sold and placed in the period, compared to 132 monitors in the first half of 2018.
The company signed a Latin American master distribution agreement for Lidco products with Brazil-based company Elysian Fields Medical during the period, and noted the appointment of Tim Hall as chief financial officer in March.
Since the period ended, Lidco said it had seen a further increase in the global installed base of HUP monitors of 26, to 242 as at 11 October.
There was a total of 130 HUP monitors in the United States as at 11 October, generating annualised recurring revenues of $1.44m.
Lidco noted that it had signed a non-invasive technology agreement with CNSystems Medizintechnik since the end of the first half, to incorporate its latest technology improvements into CNS's continuous, non-invasive blood pressure monitoring product.
"We've had a good start to the year as we were able to transition more UK customers to HUP and it is pleasing to report that this continues into the second half," said chief executive officer Matt Sassone.
"In the US we are continuing to gain success from a comparatively small sales presence, which demonstrates the potential of the HUP business model.
"With HUP gathering more momentum, we are focussed on achieving a strong second half performance as the business moves progressively towards profitability, driven by a strong recurring revenue base."
21 Apr 2016 09:22