LID.L Regulatory News (LID)

14 Feb 2006 07:00

LiDCO Group Plc14 February 2006 For Immediate Release 14 February 2006 LIDCO GROUP PLC ("LiDCO" or the "Company") Trading Update LiDCO Group plc (AIM: LID), the cardiovascular monitoring company, is pleased toannounce that the expected net trading loss for the year to 31 January 2006 hascontinued to reduce and is in line with market expectations. The Company'smanagement remains committed to achieving profitability in the second half ofthe current financial year. Certain key capital sales orders have taken longer to achieve than previouslypredicted and are now expected to occur in the current financial year. As aconsequence, total revenue for the year to 31 January 2006 is expected to be upto 15% below market expectations of £4 million. However, the Company hasachieved significant margin improvements, with the result that the delayed saleshave not materially affected the Company's trading losses which continue to bereduced as planned. Following the recently announced further drawdown on theLaurus convertible loan facility, the closing cash position at 31 January 2006was approximately £1 million. The installed base of monitors has grown during the year from 770 to over 920and total sales in the year just ended are expected to be approximately 50%higher than the equivalent previous 12 months (noting that the previous reportedperiod was 13 months). The demand for cardiovascular monitoring equipment is growing steadily on aworld-wide basis and, within this overall growth in demand, theminimally-invasive market, in which LiDCO is a leading player, is expandingrapidly. Encouragingly, the Company maintains a faster percentage growth ratethan its competitors and has made particularly good progress in its majormarkets of the UK, Europe and USA, where there is the strongest competition. Looking ahead, LiDCO has a strong sales pipeline and is pleased to note a trendin prospective orders towards contracts of a relatively larger magnitude, suchas the US$456,000 order announced from the United States Army in November 2005. Commenting on this announcement, Terry O'Brien, Chief Executive of LiDCO, said: "I am pleased to report that LiDCO has made considerable progress in 2005. Withhigh quality technology and an expanding customer base, we remain confident thatwe shall continue to grow at a similar rate. Management remains highly focusedon becoming profitable in the second half of this financial year and looksforward to providing our investors with further information in due course." LiDCO will announce its preliminary full year results on 26 April 2006. ---Ends--- For further information please contact: LiDCO Group Plc Tel: +44 (0)20 7749 1500Terry O'Brien (CEO)Hugh McGarel-Groves (FD) Financial PR: Buchanan Communications Tel: +44 (0)20 7466 5000 Tim Anderson, Mary-Jane Johnson, James Strong Broker: Panmure Gordon Tel: +44 (0)20 7459 3600Grant Harrison, Aubrey Powell, Katherine Roe Notes for editors About LiDCO Group 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 London, UK and its current productsare: 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: used in conjunction with the LiDCOplus Monitor to accuratelydetermine cardiac output in a minimally-invasive manner. Distribution Network: The Company has now achieved registration of its products in 13 markets inEurope, the USA, Brazil and Japan. It sells direct to the NHS in the UK, andthrough a worldwide network of specialty critical care distributors. This information is provided by RNS The company news service from the London Stock Exchange