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Press Release |
24 February 2011 |
("LiDCO" or the "Company")
Trading update and
Notice of Preliminary Results and AGM
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring company, is pleased to provide an update on trading for the year ended 31 January 2011 ahead of its Preliminary Results, which will be announced on 18 April 2011.
The Company achieved further significant sales growth during the year. The Board expects revenues for the full year to have increased by approximately 16% to £6.2 million, with in excess of 500 monitors sold / placed in the year. The growth in revenue reflects LiDCO's continued progress towards profitability as outlined at the time of the interim results.
Cash at the year end was £1.4 million (2009/10: £1.85 million), and the Company continues to have no bank borrowings. Net cash outflow before financing in the year was approximately £440,000, compared with £1,044,000 in the previous year.
Dr Terry O'Brien, CEO of LiDCO, commented: "We are pleased to be reporting another year of considerable progress. Looking ahead, independent research shows that cardiac output monitoring is now the fastest growing sector within the European monitoring market with the minimally invasive products now representing more than 50% of sales (source: iData Research). With our pressure waveform based technology, international distribution partners and increasing evidence and awareness, we are confident of continuing commercial progress."
An analyst presentation, given by Terry O'Brien, CEO, and Paul Clifford, Finance Director, will be held at 9.30am on 18 April 2011 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 29 June 2011 at the offices of Abchurch Communications, 16th Floor, 125 Old Broad Street, London, EC2N 1AR.
- Ends -
For further information, please contact:
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LiDCO Group Plc |
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Terry O'Brien (CEO) |
Tel: +44 (0)20 7749 1500 |
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Paul Clifford (Finance Director) |
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Theresa Wallis (Chairman) |
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FinnCap |
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Geoff Nash / Henrick Persson Stephen Norcross (broking) |
Tel: +44 (0)20 7600 1658 |
Media enquiries:
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Abchurch |
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Sarah Hollins / Joanne Shears / Simone Elviss / Claire Dickinson |
Tel: +44 (0) 20 7398 7728 |
About LiDCO Group Plc
LiDCO is a supplier of minimally invasive hemodynamic equipment to hospitals, to monitor the amount of blood flowing around the body and ensure that vital organs are adequately oxygenated. LiDCO's products facilitate the measurement, analysis, audit, training and sharing of real-time and historic hemodynamic data, in both critical care units and the operating theatre.
Scientific evidence is increasingly linking the optimisation of patients' hemodynamic status with better outcomes and reduced hospital stays and LiDCO's computer-based technology, developed at St Thomas' Hospital in London, has been shown to significantly reduce morbidity and complications, length of stay and overall costs associated with major surgery.
Key Products:
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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%) |
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LiDCOrapid: a cardiac output monitor designed specifically for use in the operating theatre for fluid and drug management. The monitor enables anesthetists to get accurate and immediate feedback on the patient's fluid and hemodynamic status - a key measure of overall well-being before, during and after surgery. The LiDCOrapid provides: |
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early and rapid warning of hemodynamic change to aid choice of therapeutic route: fluid or drug |
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quantification of hemodynamic response, |
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guidance on effective delivery of fluids to ensure the right amount at the right time |
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LiDCOview: an easy-to-use graphical display of historical LiDCOplus and LiDCOrapid hemodynamic data. |
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All LiDCO monitors use single-patient disposables (sensors or smartcards) which provide an ongoing revenue stream. LiDCO, in collaboration with Covidien (Nasdaq: IDYN), is currently developing a simultaneous brain and hemodynamic monitoring platform to provide clinicians with the market's most evolved fluid and hemodynamic monitoring product for high-risk surgery patients.
Clinical Validation & Education
LiDCO has been selected as the sole technology for two ongoing multi-centre government-funded studies in the UK and US. OPTIMISE is sponsored by the UK Government for optimising cardiovascular management in high-risk abdominal surgery patients and in the US, MOnIToR is a US Government sponsored transplantation donor organ optimisation study. The Company has also developed a hemodynamic workshop at St George's Hospital, London.
LiDCO Distribution Network:
LiDCO products are sold through Covidien's sales force in the US. LiDCO's strategy is to sell directly to hospitals in the UK, and through a network of specialty critical care and anesthesia distributors in the rest of the world.
LiDCO's sales office is in Cambridge, its manufacturing facility and headquarters are in London and its shares are traded on AIM. For more information please see www.lidco.com.