23 Feb 2012 07:00
Press Release | 23 February 2012 |
LIDCO GROUP PLC
("LiDCO" or the "Company")
Trading update and notice of Preliminary Results & AGM
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring company, is pleased to provide an update on trading for the year ended 31 January 2012 ahead of its Preliminary Results, which will be announced on 24 April 2012.
The Board expects revenues for the full year to have increased by approximately 14% to £7.1 million including third party product sales, with 360 monitors sold / placed in the year. With these increased sales and tightly controlled costs, the Board expects the Company to have been broadly break-even in the year.
Cash at the year end was £1.55 million (2010/11: £1.4 million), which includes a facility providing financing for the increase in inventory and costs for licensing and development of the continuous non-invasive blood pressure technology project with CNSystems Medizintechnik AG which was announced on 9 January 2012.
Dr Terry O'Brien, CEO of LiDCO, commented: "The Board is pleased to have finished the year having achieved further revenue growth and a profitable second half. In our domestic UK market disposable unit sales were up by 20% in total, with 47% growth of surgical disposables (LiDCOrapid). LiDCO surgery and ICU disposable sales exceeded 50,000 units. Disposable income has grown to represent 70% of the Company's total sales revenue for the year, against 59% in the prior period.
"Internationally, corporate distribution deals were signed with Argon for the UK and Japan, a worldwide licensing arrangement was agreed with ICU Medical and we have licensed CNSystems' continuous non invasive blood pressure technology. We expect Japanese LIDCOrapid registration in the near future. We enter 2012 confident of further profitable sales growth in both the domestic and international markets."
An analyst presentation, given by Terry O'Brien, CEO, and Paul Clifford, FD, will be held at 9.30am on 24 April 2012 at the offices of Abchurch Communications, 16th Floor, 125 Old Broad Street, London, EC2N 1AR.
The Company's Annual General Meeting will be held at 11.00am on 13 June 2012 at the offices of Abchurch Communications, 16th Floor, 125 Old Broad Street, London, EC2N 1AR.
- Ends -
For further information, please contact:
LiDCO Group Plc | |
Terry O'Brien (CEO) | Tel: +44 (0)20 7749 1500 |
Paul Clifford (Finance Director) | |
Theresa Wallis (Chairman) | www.lidco.com |
FinnCap | |
Geoff Nash / Henrik Persson Stephen Norcross (broking) | Tel: +44 (0)20 7600 1658 www.finncap.com |
Media enquiries:
Abchurch | |
Sarah Hollins / Adam Michael / Joanne Shears / Jamie Hooper | Tel: +44 (0) 20 7398 7719 |
simone.elviss@abchurch-group.com | www.abchurch-group.com |
About LiDCO Group Plc
LiDCO is a supplier of minimally invasive hemodynamic monitoring equipment and disposables to hospitals. These products are used primarily for the management of adult hospital patients requiring critical care or at major cardiovascular risk. LiDCO's computer-based technology can 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. LiDCO is based in the UK and its shares are traded on AIM. For more information please see www.lidco.com.
The Company's sales office is in Cambridge, its manufacturing facility / general administration base is in Hoxton, London, and its current products are:
* LiDCOplus is a computer-based platform monitor used in the Intensive Care Unit for real-time continuous display of hemodynamic parameters including cardiac output, oxygen delivery and fluid-volume responsiveness (PPV% and SVV%)
* LiDCOrapid: our new cardiac output monitor designed specifically for use in the Operating Theatre for fluid and drug management. The monitor enables acute-care physicians to get accurate and immediate feedback on the patient's fluid and hemodynamic status - a key measure of overall well-being both during and after surgery. These benefits are:
·; | Early and rapid warning of change |
·; | Clear indication of therapeutic route: fluid or drug |
·; | Quantification of hemodynamic response, particularly stroke volume |
·; | Permits more effective delivery of fluids - the right amount at the right time |
·; | Advanced hemodynamic care has been shown to contribute to: - Reduced morbidity and complications, length of stay & overall cost of care |
* LiDCO single-patient-use disposables used in conjunction with the LiDCOplus and LiDCOrapid.
* LiDCOview:an easy-to-use graphical display of historical LiDCOplus and LiDCOrapid hemodynamic data.
* LiDCO's Distribution Network:
The Company sells via its own direct sales force to hospitals in the UK, and in export markets predominantly through a worldwide network of speciality critical care and anesthesia distributors.