29 Aug 2007 07:00
FOR IMMEDIATE RELEASE 29 August 2007 LiDCO Group Plc ("LiDCO" or the "Company") Trading Update
LiDCO Group plc (AIM: LID), a leading minimally invasive hemodynamic monitoring company, today announces a trading update for the six months ended 31 July 2007, ahead of its Interim results which the Company will present on Tuesday 30 October 2007.
The Company has made significant progress in sales of its computer-based hemodynamic monitoring equipment and disposables for the management of critical care and cardiovascular risk patients in hospitals worldwide. Top line sales revenue is expected to be approximately ‚£1.97m up by 22% (July 2006:‚£1.62m). Underlying hospital and distributor revenues (sales excluding lease arrangements) have risen by a very encouraging 37% to ‚£1.85m (July 2006:‚£ 1.35m). This strong sales growth was achieved without increasing expenses - administration costs were down by 10% at approximately ‚£2.3m (July 2006:‚£2.6m).
The worldwide installed base of monitors now stands at 1128 (July 2006:962). Monitor sales and placements during the period were substantially up at 93 units (39 in the prior year period).
Dr Terry O'Brien, CEO LiDCO Group commented:
"As previously reported this year the Company continues to see the resumption of healthy increases in revenues. Increased sales are being achieved while maintaining margins and without increases in our administration expenses."
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For more information please contact:
LiDCO Group Plc Tel: +44 (0)20 7749 1500
Terry O'Brien - Chief Executive
Buchanan Communications Tel: +44 (0)20 7466 5000
Tim Anderson, James StrongNotes for EditorsAbout LiDCO Group Plc
LiDCO is a UK-based AIM-traded developer, manufacturer and leading supplier of minimally invasive, computer-based hemodynamic monitoring equipment and disposables used primarily for the management of critical care and cardiovascular risk hospital patients. Use of LiDCO's technology has been shown to significantly reduce the complications (particularly infections) and costs associated with major surgery. The technology was invented in the Department of Applied Physiology based at St Thomas' Hospital, London. For more information please see www.lidco.com.
Background to the recently published clinical trial: Early goal-directed therapy after major surgery reduces complications and duration of hospital stay. A randomised, controlled trial Critical Care 2005, 9:R687-R693
A major trial at St George's Hospital, London, using LiDCO's minimally invasive monitoring technology, revealed the following:
a) Savings in the cost of treating patients amounting to an average of 12 days less spent in the hospital saving approximately ‚£4,800 per patient. Extrapolated nationally, this would equate to a saving of ‚£500 million per annum for the NHS
b) The savings in cost and hospital days were associated with a significant reduction in medical complications (particularly infections - which were halved) through the use of LiDCO's minimally invasive technology to improve tissue oxygen levels following surgery.
The Company's manufacturing facility is in Hoxton, London and its current products are:
* LiDCOplus and PulseCO monitors: computer-based platforms for displaying a range of real-time, continuous hemodynamic parameters including cardiac output, oxygen delivery and fluid volume;
* LiDCO disposables: used in conjunction with the LiDCOplus Monitor to accurately determine cardiac output in a minimally-invasive manner.
* LiDCOview - software product for use on a PC: designed to aide clinical audit, teaching and research activities.
* LiDCOlive - software product in development for the remote display of hemodynamic monitoring parameters derived through use of the LiDCOplus monitor.
Distribution Network:
The Company has now achieved registration of its products in 14 markets in Europe, the USA, Brazil, South Korea and Japan. It sells direct in the UK and USA, and elsewhere through a worldwide network of specialty critical care distributors.
LIDCO GROUP PLC