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Press Release |
25 February 2010 |
LiDCO Group Plc
("LiDCO" or the "Company")
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring company, is pleased to provide an update on trading for the year ended 31 January 2010, ahead of its Preliminary Results which will be announced on 26 April 2010.
The Company achieved significant sales growth during the year and the Board expects revenues for the full year to have increased by approximately 18% over the previous year, with the installed base of monitors rising in the period by 565 to 2,075 monitors.
Cash at the year end was £1.8 million. The Company had no bank borrowings having repaid the residual overdraft and invoicing finance facility in the second half of the year. Net cash outflow before financing in the second half of the year was approximately £300,000 compared with £740,000 in the first half. As highlighted in the Interim Results, the Company remains on track to deliver its maiden profit in the current financial year.
This has been a strategically important year for LiDCO. Following the Company's distribution agreements with Becton, Dickinson and Company ("Becton, Dickinson") for Japan, and in the USA with Aspect Medical Systems ("Aspect"), Aspect was acquired in October by Covidien (COV.NYSE), a leading global healthcare products company. LiDCO is pleased to announce that following integration of Covidien's Nellcor and Aspect sales teams, its products are now being sold through a significantly enlarged combined sales force with much greater sales reach into the USA intensive care and surgery monitoring markets.
Dr Terry O'Brien, CEO of LiDCO, commented: "Hospital finances are under increasing stress, reducing complications in high risk surgery patients is becoming an important driver for the adoption of new technology. I am pleased that the revenue potential and the market opportunity for our technology are being recognised by such respected healthcare corporate entities such as Covidien and Becton, Dickinson.
"Looking forwards, the marketing and technical synergies that exist between Covidien's depth of anaesthesia monitoring and LiDCO's technology have great potential to provide the surgical hemodynamic monitoring market's most evolved fluid and hemodynamic monitoring product. The Board is confident that LiDCO with its strong balance sheet and its commercial partners have the finances, products and increasingly the sales reach to compete effectively in this growing market opportunity."
An analyst presentation, given by Terry O'Brien, CEO, and Paul Clifford, FD, will be held at 9.30am on 26 April 2010 at Abchurch's office, 16th Floor, 125 Old Broad Street, London, EC2N 1AR.
The Company's Annual General Meeting will be held at 11.00am on Tuesday 29 June 2010 at Abchurch's office, 16th Floor, 125 Old Broad Street, London, EC2N 1AR.
- ENDS -
For more information please contact:
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LiDCO Group Plc |
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Terry O'Brien - Chief Executive Paul Clifford - Finance Director John Rowland - Company Secretary |
Tel: +44 (0)20 7749 1500 |
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FinnCap |
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Geoff Nash / Henrik Persson Stephen Norcross (broking) |
+44 (0)20 7600 1658 |
Media enquiries
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Abchurch Communications |
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Heather Salmond / Joanne Shears / Simone Elviss |
+44 (0)20 7398 7728 |
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About LiDCO Group Plc
LiDCO is a leading supplier of minimally invasive hemodynamic monitoring equipment and disposables. These are used primarily for the management of hospital patients requiring critical care or at major cardiovascular risk. LiDCO's computer-based technology significantly reduces 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.
The Company's manufacturing facility is in Hoxton, London and its current products are:
* LiDCOplus: 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: LiDCO's new cardiac output monitor designed specifically for use in the Operating Theatre for monitoring the hemodynamic effects of surgery, fluid administration and therapeutic drugs . The monitor enables acute-care physicians to obtain accurate and immediate feedback on the patient's fluid balance and associated hemodynamic status - key measures of overall well-being during and after surgery.
Product benefits include:
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Early and rapid warning of hemodynamic change |
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Clear indication of fluid status in ventilated patients |
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Quantification of hemodynamic response, particularly stroke volume |
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The displayed parameters helps the clinician to more effectively administer fluids - the right amount at the right time |
Advanced hemodynamic care has been shown to contribute to:
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Reduced morbidity and complications |
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Reduced length of stay |
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Reduced overall cost of care |
* LiDCO single-patient-use disposables: used in conjunction with the LiDCOplus and LiDCOrapid Monitors.
* LiDCOview: an easy-to-use graphical display of historical LiDCOplus hemodynamic data. Both clinical researchers and routine users can view beat-to-beat hemodynamic data collected with the LiDCOplus.
For more information please see www.lidco.com.