LID.L Regulatory News (LID)

30 Mar 2005 07:01

LiDCO Group Plc30 March 2005 FOR IMMEDIATE RELEASE 30 March 2005 LiDCO GROUP PLC PRELIMINARY RESULTS LiDCO, the UK-based, AIM-traded cardiovascular monitoring company, announces itsPreliminary Results for the 13 months ended 31 January 2005 Corporate Highlights • Sensor and fee for use unit sales increased by 91% to 19,623 over theprevious year (10,260) - fourth year in a row of disposable sales growth over90% • Planned transition from capital sales well advanced with disposablerevenue (recurring sales) now 66% of product sales - up from 20% in 2002 and 33%in 2003 • An independent clinical study shows £4,000 cost savings per patient,potentially worth £500m per annum to the UK's NHS • The installed base of PulseCO/LiDCOplus monitors increased by 30% to 770at the end of the period (2003:591) • Contract signed with Philips Medical Systems and launch of the LiDCOplusv3.0 software - creates a communications link between LiDCO's monitoring systemand Philips' patient monitors • A placing of £3.7m (net) of new shares was completed in June 2004,providing capital to support the new US, European distributor programmes andadditional R&D Sales Expansion • Distributors - five appointed in the US with appointments in Germany andAustria, further increasing global sales reach • Further product approvals - lithium chloride drug registration achievedin: Austria, Italy, Sweden, Norway, Ireland, Bulgaria and Denmark (see separatepress release issued today) • Sales growth of 35% in our priority markets (excluding the Far East)at £2.3m (2003: £1.7m): USA up 24%, UK up 32%, Europe up 55% • Worldwide uptake of LiDCO's technology with 46% of installed monitorsin the US, 35% in Europe and 19% in ROW • Continual growth of disposable sales expected in 2005 from additionalmonitor placements into the recently expanded distribution territories Financial Highlights • Total revenues of £2.5m /constant currency £2.6m (2003: £2.7m) • Pre-tax operating loss steady at £4.2m (2003: £4.1m) • Loss per share down at 4.34p from 5.34p • Administration expenses were held at £6.0m (2003: £6.1m) • Cash outflow before financing £3.8m (2003: £3.4m) Dr Terry O'Brien, Chief Executive of LiDCO, stated: "We have a compellingproduct coupled with clear outcome data that shows that use of the productproduces a significant reduction in post surgical complications and hospitalcosts. We are looking forward to an acceleration of sales during 2005 throughour considerably expanded global distributor network." Enquiries:LiDCO Group Plc 020 7749 1500Terry O'Brien (CEO) terry@lidco.comTheresa Wallis (Chairman) theresa.wallis@lidco.com Buchanan CommunicationsTim Anderson tima@buchanan.uk.com 020 7466 5000Mary-Jane Johnson mary-janej@buchanan.uk.comJames Strong jamess@buchanan.uk.co Durlacher LtdGrant Harrison (Head of Corporate Broking) 020 7459 3600 The investor presentation 'Preliminary Results - 13 months ended 31st January2005' will be available on the LiDCO website (www.lidco.com). CHIEF EXECUTIVE OFFICER'S STATEMENT INTRODUCTION The US spent $1.2bn in 2002 on patient monitoring products and, with an annualgrowth rate of 8.9%, hospitals will continue to allocate a significantpercentage (30 - 40%) of their resources to critical care patients. Thereremains a growing need for advances in cardiovascular monitoring and the care ofsuch hospital patients. The size of the available market therefore is not in doubt. The challenge forLiDCO in 2004 was to get into the position where the Company could fully exploitthe potential for its technology to meet this growing need. Therefore it was keyto complete residual registration activities in a number of new territories andappoint additional distributors in these territories. These activities have nowbeen concluded successfully. Following product approvals the publication of independent clinical studiesshowing both patient and economic benefits is crucial to the development of theminimally invasive monitoring market. With this in mind I am pleased to reportthat during the year, a number of trials using LiDCO's technology have concludedpositively. Of these trials the most powerful report was the one presented on22 March 2005 at the 25th International Symposium on Intensive Care andEmergency Medicine in Brussels - following the conclusion of a prospectivecontrolled trial conducted by St George's Hospital, London. This trial hasdemonstrated that better post operative intensive care can be achieved with theuse of LiDCO's minimally invasive technology and importantly that such caretranslates into benefits for both the patient and cost savings for thehealthcare provider. The savings achieved through adoption of this approach tothe hospital per year have been estimated at £2m. This represents a saving of£4,000 per patient through an average reduction in stay of more than ten beddays per patient treated. It has been estimated that if this form of advancedcardiovascular care was implemented throughout the UK, savings of up to £500mper annum could be achieved for the NHS. BUSINESS REVIEW During the period we have made significant advances in the development of atruly worldwide sales and distribution network. In order to do so a number ofregulatory milestones were reached in 2004 and in early 2005. We have paidparticular attention to the European market - as this is the most developedterritory for the adoption of advanced minimally invasive cardiovascularmonitoring. We have received full approvals for marketing in eight additionalterritories: Italy, Germany, Austria, Norway, Sweden, Denmark, Ireland andBulgaria. These latest registrations now provide LiDCO with full marketingapproval in thirteen European countries. Following these additionalregistrations we are now selling product in a greatly expanded group ofterritories: Germany, Austria, Italy, Sweden, Holland, Belgium, Denmark, CzechRepublic, Croatia, Spain, Sweden, Norway and the UK. We expect continued andsignificant sales growth in Europe during 2005. We also extended our sales reach in the USA, signing agreements with fiveregional distributors. We are supporting these distributors with our directsales staff and will continue to appoint additional organisations throughout2005. Our ambition is to achieve full coverage of the USA market through a mixeddirect and distributor sales force. In May 2004 the company announced it had contracted with Philips Medical Systems("Philips") to create a communications link between LiDCO's proprietary,stand-alone monitoring system (LiDCOplus Monitor) and Philips' patient monitors,via the Philips Open VueLink Interface protocol. The communications link allowsPhilips customers access to LiDCO's proprietary, minimally-invasive hemodynamicmonitoring data on the IntelliVue Patient Monitor. The integration of criticalcare parameters and hemodynamic data derived from the LiDCOplus monitor willallow a fuller picture of the patient's condition and history to be displayedand accessed throughout the hospital. I am pleased to say that thiscommunication link software has now been completed and launched. In addition,for those hospitals without Phillips monitors we have provided a real timeethernet based communication feature. This means that LiDCO monitors can now beinterfaced through both proprietary and inexpensive non proprietary protocols.This is a major step forward as hospital information systems can now be updatedwith LiDCO's oxygen delivery data, shown by the St George's trial to befundamental to improving outcomes for surgical patients. We believe that thereis a growing requirement from intensive care staff and the hospitaladministration for the provision and clinical audit of such crucial information.Our experience is that interconnectivity of hemodynamic monitors to hospitalinformation systems is becoming a key part of the hemodynamic monitor purchasespecification. Our PC based monitor approach is highly flexible and able toaccommodate this developing requirement. TRADING REVIEW Sales, Margins and Placing In the period turnover was modestly down in comparison to 2003. This was aconsequence of our continuing strategy to promote monitor rental and disposablesales at the expense of one-off revenues from capital sales to distributors andhospitals. Revenues in 2003 were also boosted by the receipt of an initial£0.7m stocking order from Japan. Thus the overall revenue figure disguises theunderlying strong growth of revenue in Europe and the USA - which was increasedby 32% over the previous year. This reflects continued encouraging levels ofdisposable usage and the expansion in the installed monitor base - up 30% (from591 to 770 systems). Overall disposable sales increased strongly in the period -up by 87%. Thus 2004 was the fourth year in succession where we have seen suchgrowth in recurring revenue. These more predictable revenues from sales ofdisposables, fee for use and rentals now account for the majority (64%) of totalrevenue - see Table 1. Table 1 Revenue Summary - Showing Transition to Annuity Stream Sales Detail January 2005 December 2003 £'000 £'000Capital Sale 803 1,669Sensor Revenue 1,456 844Monitor Fee per Use 120 0Licence Fees 77 204Total 2,456 2,717 Total @ constant currency 2,586Installed Base at Period End (number of 770 591monitors) As disposable sales increase in existing markets and territories that were addedin the second half of the year the Company expects continued strong recurringrevenue growth in 2005. We continue to make progress in the USA which represents46% of our installed base of monitors. We expect that, in addition to the salesachieved by our own sales team, there will be a growing contribution from thefive US regional agents who, following training, are starting to make an impacton income. The global interest in minimally invasive technology is supported bythe widespread distribution of our installed base of monitors US (46%), Europe(35%), ROW (17%). Cost controls have been maintained and the underlying monthly cash usage issteady despite servicing a larger distributor sales organisation in aconsiderably expanded number of territories. Our expectation is that theinstalled base of monitors (770 as at January 31 2005) will continue to increaseand our first commercial milestone of an installed base of 1,000 monitors lookswithin reach during 2005. In order to support the sales expansion in the US and Continental Europe, and tofinance product development, the Company concluded a placing of shares in Juneraising approximately £3.7 million (net). It was gratifying to see a number ofour existing investors supporting this financing round, and at the same time wewere able to welcome a number of new institutional investors. Hospitals will always need to maintain a high standard of patient care - whichmeans a constant need for the latest technology, despite budget restraints. InJanuary 2005 LiDCO signed an agreement with a major US finance house - a leadingprovider of equipment acquisition solutions for acute-care hospitals throughoutthe United States and Canada. We will use the flexible leasing programs onoffer to help sell equipment to US hospital customers via leasing programs thatgive hospitals the ability to obtain equipment immediately and pay for it inmonthly installments. The provision of this facility greatly enhances theability of our sales team and agents to provide appropriate financing solutionsfor our customers. US Turnover in 2004 was £935,000 (2003: £754,000) an increase of 24% despite anadverse currency impact from the weakening dollar of £131,000. Currency adjustedturnover (£1.1m) shows an increase of 41%. Capital sales of monitors represented27% of systems placed in the period (2003: 58%). The number of monitors placedand sales of sensors/fees for use increased by 36% and 111% respectivelycompared to 2003. A number of distributors were appointed during the second halfof 2004 to supplement our existing direct sales force, and increase the salescoverage within the USA. The training of their staff took place during thesecond half of 2004 and sales have commenced. Further appointments of US agentsare expected in 2005. Given the lengthy US capital sales cycle, the rental/consignment model wasintroduced during the last quarter of 2003 to accelerate market penetration ofour monitoring systems alongside the existing capital sales option, and salesthrough higher charges on disposables ("Upcharge"). Under this new model,customers are charged a fee each time they use the LiDCOplus software, but payno up-front fee for the monitor. Furthermore, they can cost-effectivelycalibrate their installed LiDCOplus system using third party products, as wellas LiDCO sensors, thereby further increasing the range of clinical situations inwhich our monitors can be used. With this sales model we have had successes at anumber of US hospitals where we have been able to provide advanced, real-timecardiovascular monitoring, while still saving the hospital money against theirexisting revenue budget for invasive monitoring. UK Turnover in the UK increased by 32% to £930,000 (2003: £706,000) with bothmonitor placements and sensor numbers increasing by 64%. Sales in the UK aremade via a direct sales force of 7 people, ensuring that LiDCO is kept in directcontact with clinical developments in the critical care community and canrapidly adapt its products to meet changing demands. As in the US, a variety ofsales models are also used in the UK, with hospitals able to select from simplecapital purchase, up charged sensor prices (but no capital purchase) or, morerecently, a fee for use programme. The flexibility offered to NHS hospitalsassists them in the acquisition of the LiDCO technology according to localbudgetary and planning circumstances. We expect sales growth in the UK to beaccelerated through adoption of the protocol for improving outcome in high risksurgery patients pioneered at St George's hospital. Continental Europe Turnover for the period was £386,000 - an increase of 55% (2003: £249,000). Withthe first wave of mutual recognition approvals only achieved in late 2003, firstsales into continental Europe started in earnest in mid 2004. The registrationprocess has continued, with second wave approvals received in the first quarterof 2005. There are now 13 European territories open to LiDCO and its products,with further European approvals scheduled for 2006. Sales in Europe are made via a network of distributors supported by LiDCO staffbased in the UK and Northern Europe. The market for less invasive cardiovascularmonitoring is most advanced in Europe, compared to the rest of the world andinterest in adopting minimally invasive monitoring is strong. We expectsignificant sales growth in 2005. Far East, Japan and the Rest of the World Sales in the Far East, Japan and the Rest of the World totalled £204,000 (2003:£822,000). Adjusting for the one-off stocking order received from our Japanesedistributor in 2003 (£700,000), reveals a sales increase in territories outsideof Japan. In Japan, following their purchase of an initial stocking order of 100monitors in 2003 our distributor Nipro have established a number of key clinicalreference sites for our technology. The strategy is to concentrate on thesecenters initially and then expand sales through local referrals. The market forreal time hemodynamic monitoring is less well developed in Japan when comparedto Europe - 2005 will therefore represent a year where the product advantagesare still being established by our distributor partner. We therefore expectmodest sales during this market development period. RESEARCH AND DEVELOPMENT AND PRODUCT APPLICATIONS Focus on improving hospital patient outcomes and reducing costs Our core development activities centre on the acquisition and intelligentdisplay, through a platform PC based monitor, of combinations of measurements,that have been proven to influence hospital patient outcomes positively, andthereby reduce costs. The advantages to be obtained through targeting one suchparameter (oxygen delivery) have already been demonstrated. LiDCO believe thatthere will be an increasing recognition of the advantages of this form ofhemodynamic driven care. Hemodynamic Driven Care & Intravenous fluid management: The Company expects toadd a further software product to simplify and make safer the administration offluids for re-hydration purposes. Knowing the precise amount of fluids toadminister is surprisingly difficult. Too little fluid and the oxygen deliveryand blood pressure can fall to dangerous levels. Too much can result inoverloading the circulation and heart resulting in a greatly extended hospitalstay. LiDCO is developing a unique interface allowing the nurse/physician-ledoptimisation of fluid administration to such patients. This development activitywill result in an intelligent fluid administration screen and new softwareproduct. This will not only improve safety but also help in the implementationof early goal directed therapy (EGDT) in surgery patients. Oxygen Delivery & Consumption Ratio Patent Application: Improved outcomes areachieved when the consumption and delivery of oxygen are well matched - the EGDT/ St George's study is an example of where increasing oxygen delivery to payback an oxygen debt has markedly improved outcome. To further simplify themonitoring of the relationship of these two parameters LiDCO have filed a patenton a unique way of calculating and displaying their relationship in a simplifiedform. Through such a display, the user can be alerted to any deterioration inthis key ratio and a menu of appropriate responses is presented e.g. givingadditional blood, more fluids or the administration of a drug. It is ourintention to add this functionality to our software. Potential Neonatal Application for the LiDCOplus Monitor Monitoring of cardiovascular status in the unwell pre-term baby (neonate) ismostly limited to the continuous measurement of blood pressure through anumbilical artery catheter. However, these blood pressure values, althoughuseful, may not accurately reflect actual tissue perfusion with oxygen. Thecontinuous measurement of cardiac output and estimation of oxygen delivery inthese very small babies has not been possible, except intermittently byechocardiography. Researchers from the Clinical Science Department (ChildHealth), University of Bristol, UK have shown that continuous analysis ofcardiac output is possible with the LiDCOplus Monitor. The cardiac output trendderived from our monitor shows a closer correlation to changing tissue oxygenperfusion than standard arterial blood pressure monitoring. They conclude that"This methodology is applicable to the term and preterm infant in assessingcardiovascular function, using either a standard umbilical catheter, or aperipheral arterial line." The LiDCOplus Monitor is not registered for use insubjects less than 40 kgs in weight; however, this work has encouraged us tofurther investigate the potential for sales of the LiDCOplus Monitor in neonatalintensive care units. If an attractive business case can be made then theappropriate steps will be taken for registration of this new clinicalindication. Terry O'BrienChief Executive Officer LiDCO Group Plc Consolidated Profit and Loss Account for the 13 months ended 31 January 2005 -Unaudited Thirteen months ended Year ended 31 January 31 December 2005 2003 £'000 £'000 (restated) TURNOVER 2,456 2,717Cost of sales (808) (808) Gross profit 1,648 1,909 Administration expenses (5,965) (6,090) OPERATING LOSS (4,317) (4,181) Interest receivable and similar income 77 68 LOSS ON ORDINARY ACTIVITIES BEFORE TAX (4,240) (4,113) Tax on loss on ordinary activities 41 238 LOSS ON ORDINARY ACTIVITIES AFTER TAX (4,199) (3,875)AND RETAINED FOR THE PERIOD/YEAR Loss per share (basic and diluted) (p) 4.34 5.34 The prior period restatement is due to a change in accounting policy, as set outin note 2. All amounts derive from continuing operations. There are no recognised gains or losses for the current or preceding years otherthan as stated above. LiDCO Group Plc Balance Sheet as at 31 January 2005 - Unaudited The Group 31 January 31 December 2005 2003 £'000 £'000 (restated)FIXED ASSETSIntangible fixed assets 313 421Tangible fixed assets 1,221 1,305Investments - - 1,534 1,726 CURRENT ASSETSStocks 1,165 1,665Debtors 1,510 1,201Cash at bank and in hand 1,607 1,600 4,282 4,466 CREDITORS: amounts falling due within oneyear (558) (515) NET CURRENT ASSETS 3,724 3,951 TOTAL ASSETS LESS CURRENT LIABILITIES 5,258 5,677 CREDITORS: amounts falling due after morethan one year (123) (198) NET ASSETS 5,135 5,479 CAPITAL AND RESERVESCalled up share capital 495 386Share premium 17,142 13,396Merger reserve 8,513 8,513Other reserve (88) (88)Profit and loss account (20,927) (16,728) EQUITY SHAREHOLDERS' FUNDS 5,135 5,479 The prior period restatement is due to a change in accounting policy, as set outin note 2. These financial statements were approved by the Board of Directors on 30 March2005. LiDCO Group Plc Consolidated Cash Flow Statement for the 13 months ended 31 January 2005 -Unaudited Thirteen months ended 31 January Year ended 31 2005 December 2003 £'000 £'000 Net cash outflow from operating activities (3,544) (3,094) Returns on investment and servicing of finance 77 68 Capital expenditure and financial investment (381) (344) Cash outflow before financing (3,848) (3,370) Financing 3,855 996 Increase/(Decrease) in cash in the year 7 (2,374) Reconciliation of net cash flow to movement in net funds - Unaudited Thirteen months ended 31 January Year ended 31 2005 December 2003 £'000 £'000 Movement in cash in the period 7 (2,374) Net funds at 1 January 1,600 3,974 Net funds at 31 January/31 December 1,607 1,600 Reconciliation Of Movement In Consolidated Shareholders' Funds - UnauditedFor the Thirteen Months ended 31 January 2004 Thirteen months ended 31 January Year ended 31 2005 December 2003 £'000 £'000 (restated) Loss for the financial period/year (4,199) (3,875) Issue of shares 3,855 996 Net reduction in equity shareholders' funds (344) (2,879) Opening equity shareholders' funds 5,479 8,358 Closing equity shareholders' funds 5,135 5,479 NOTES TO THE PRELIMINARY RESUTS For the 13 months ended January 2004 1. NATURE OF THE FINANCIAL INFORMATION The financial information set out in this preliminary announcement which wasapproved by the board on the 30 March 2005 does not constitute the Group'sstatutory accounts for the 13 months ended 31 January 2005 and the year ended 31December 2003. The financial information for the year ended 31 December 2003 isderived from the statutory accounts for that year which have been delivered tothe Registrar of Companies. The auditors reported on those accounts; theirreport was unqualified and did not contain a statement under s237(2) or (3)Companies Act 1985. However, the auditors drew attention in their report to thecompany's disclosures regarding its requirement for further funding which wassubject to shareholder approval. The statutory accounts for the 13 months ended 31 January 2005 will be finalisedon the basis of the financial information presented by the directors in thispreliminary announcement and will be delivered to the Registrar of Companiesfollowing the company's annual general meeting. The preliminary results have been prepared in accordance with applicableaccounting standards. The particular accounting policies adopted are the sameas those adopted in the financial statements for the year ended 31 December2003, excepted as discussed below in note 2. The financial information isprepared on a going concern basis which assumes that the company will havesufficient funds to continue in operational existence for the foreseeablefuture. This assumption is based on a forecast level of new sales about whichthere is uncertainty. The directors believe sufficient further financing will beavailable should these sales not occur. 2. RESTATEMENT OF COMPARATIVE FIGURES Following the introduction of UITF 38 ("Accounting for Employee Share OwnershipTrusts") the company restated its figures to exclude the LiDCO Group PlcEmployee Benefit Trust. This change had the effect of transferring theInvestments balance of £60,000 (2003: £38,000) directly to reserves. Changes inthe value of shares held in the Trust are no longer shown in the Company'sresults. 3. DIVIDENDS It remains the Group's policy that no dividends will be paid until futureoperations have provided appropriate levels of distributable profits. 4. DISTRIBUTION Copies of this statement will be available for collection free of charge fromthe Company's registered office at 16 Orsman Road, London N1 5QJ. Notes for Editors: General Notes about LiDCO Plc LiDCO is a UK-based AIM-traded developer, manufacturer and leading supplier ofminimally invasive, computer-based hemodynamic monitoring equipment anddisposables used primarily for the management of critical care andcardiovascular risk hospital patients. Use of LiDCO's technology has been shownto significantly reduce the complications (particularly infections) and costsassociated with major surgery The technology was invented in the Department ofApplied Physiology based at St Thomas' Hospital, London where the Companymaintains a research base. The Company's manufacturing facility is in Hoxton, London and its currentproducts are: LiDCOplus and PulseCO monitors: computer-based platforms for displaying a rangeof real-time, continuous hemodynamic parameters including cardiac output, oxygendelivery and fluid volume; LiDCO disposables: accurately determine cardiac output in a minimally-invasivemanner. Distribution Network: The Company has achieved registration of its products in13 markets in Europe, the USA and Japan. It sells direct to the NHS in the UK,and through a worldwide network of specialty critical care distributors. Background to the recently published clinical trial: Better than standard care -(EGDT) improves outcome in high risk surgery patients: The results of a major trial at St George's Hospital, London using LiDCO'sminimally invasive monitoring technology were presented during the 25thInternational Symposium on Intensive Care and Emergency Medicine in Brussels(21st to 25th March). The results have revealed the following: Savings in the cost of treating patients amounting to an average of £4,000 perpatient. Extrapolated nationally, this would equate to a saving of £500 millionper annum for the NHS The monetary saving (£248,000) - resulted from 640 hospital days saved for 62patients, an average of more than 10 bed days per patient The savings in cost and time were associated with a significant reduction inmedical complications (particularly infections - which were halved) through theuse of LiDCO's minimally invasive technology to improve tissue oxygen levelsfollowing surgery. For many patients standard surgical and post operative care is adequate.However, there is a group of patients at higher risk of surgical morbidity(tissue damage) and mortality (death). The risk is related to the patient'spreoperative fitness level and, in particular, how their cardiovascular (heartand circulation) and respiratory (oxygenation) reserves respond to the stress ofsurgery. Low reserves/levels of fitness translate into a higher risk ofcomplications. A number of studies have shown that the use of earlygoal-directed therapy (EGDT) to achieve and maintain adequate tissue oxygenationin such patients can result in a reduction in complications, a better clinicaloutcome and commensurately lower hospital costs. Why is EGDT not available to all high risk surgery patients? Adoption of EGDT in general surgery patients has been inhibited by the invasiveand complex nature of more traditional monitoring equipment which is catheterbased (the catheter has to be inserted into the heart). The risk of infectionand tissue damage coupled to the resource/cost implications of using suchcomplex catheter based technologies has slowed the application of such advancedcardiovascular care to a wide patient population. Post surgical EGDT is an ideal application for the minimally invasive LiDCOplusmonitor: LiDCO's technology is less invasive as it does not require the insertion ofadditional catheters into the heart. It can be used in conscious orunconscious patients, and is designed to be quick and easy to set up. Themonitor can be used by both doctors and nurses to measure and display beat tobeat trends in blood flow and oxygen delivery to the body. Using this technologythe maintenance of a target oxygenation level and/or the 'early' and rapid payback of any oxygen debt incurred during surgery can be both achieved and,importantly, documented. The LiDCOplus monitor screen software has beenspecifically designed to be highly visible at a distance for routine monitoringonce the patient is stabilized, whilst also providing more detailed feedbackwhen the clinician or nurse is administering the intravenous fluids andpowerful drugs that are used to increase blood flow and oxygen delivery. Summary of the advantages of the LiDCOplus technology in the treatment of highrisk surgery patients: No additional staff are needed to set and achieve oxygen delivery targets The technology can be used by a nurse and does not require a specialistclinician It can be set up quickly and easily The monitor is specially designed to be make precise critical measurements easyto read and interpret, enabling swift corrective action to be taken when needed The technology enables an audit trail of medical data to be recorded and passedto the hospital's patient information system via the Philips Open VueLinkInterface protocol or LiDCO's non proprietary ether net connection Significantly less invasive with commensurately lower infection rate reducedrisk of tissue damage and less trauma for the patient than with older catheterbased technologies Collectively, these factors mean better clinical outcomes for patients, lowerdemands on critical care units staff, and lower costs overall for the healthcareprovider. 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