RNS27 Apr 2017 10:28
· US probe revenues up 40% to £1.9m (25% growth in local currency)
o Weaker sterling held back US profitability by £0.1m with reported costs and revenues up £0.3m and £0.2m respectively
o 28 of 30 target platform accounts at the year-end, target of 30 met in January 2017
o Primary focus now shifted to probe growth in US platform accounts; redeploying resources to support best growth opportunities
o Continued strong growth in Q1 2017 together with reduced costs meant that March 2017 was the first month where the contribution from US probe sales covered fixed US sales staff costs
· International probe revenues up 25% at £1.7m
o 15% increase in volume with an additional net £0.1m revenue growth from currency movements and sales mix
· UK probe revenues down 26% at £1.9m. Trend improving: H1 down 36%, H2 down 17%
o Down 10% in Q1 2017 with monitor and third party sales meaning that total UK revenues in Q1 2017 are slightly ahead of Q1 2016
· Monitor income down to £0.4m from £0.6m
· Second half operating loss, before non-cash costs, of £0.2m (2015: £1.0m).
Operating Highlights
· New, easier to use, TruVue probes introduced globally
· Excellent results presented from largest ever randomised controlled trial of ODM
· EU R&D grant awarded for pilot project with new Velocity Pressure Loop displays
· Successful field trials completed of additional non-invasive haemodynamic monitoring modality; launch pending