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Press Release |
17 December 2012 |
("LiDCO" or the "Company")
Trading update
LiDCO Group Plc (AIM: LID), the cardiovascular monitoring company, is pleased to announce that, as outlined in the interim results and recent equity funding, it has now acquired the existing LiDCOrapid customer base from Covidien, its previous US distribution partner. Consequently LiDCO's own direct sales organization, headquartered near Chicago, has now taken full responsibility for the sale and distribution of all LiDCOrapid products in the US.
The Board believes that, after an initial integration and switch-over period, the associated revenues from this customer base will enhance the profitability of the Company. The Company is continuing discussions with a number of potential partners in the US market and will update shareholders in due course.
The Company recently demonstrated the LiDCOrapid v2 at the American Society of Anesthesia (ASA) annual meeting in Washington, US and the European Society of Intensive Care (ESICM) meeting in Lisbon, Portugal. The responses from practitioners at both conferences were very encouraging and the Company expects this new product to drive increased disposable use in 2013 and beyond. This is the first monitor to be designed specifically for multi-parameter monitoring, of depth of anesthesia and fluid management, and set to benefit from two recent NICE recommendations for use in high risk surgery patients.
Dr Terry O'Brien, CEO of LiDCO, commented "With the above changes to our sales arrangements in the US we are now better placed to drive disposable sales and can now more readily discuss additional commercial opportunities with potential partners in the US market. "
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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 / Henrik Persson Stephen Norcross (broking) |
Tel: +44 (0)20 7600 1658 |
Media enquiries:
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Abchurch |
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Adam Michael / Joanne Shears / Simone Elviss / Ashleigh Lezard |
Tel: +44 (0) 20 7398 7712 |
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 application of hemodynamic optimization protocols for high risk patients in both critical care units and in the operating theatre.
Increasingly clinical studies are showing that the optimization of patients' hemodynamic status in high risk patients produces better outcomes and reduced hospital stay. 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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LiDCO Unity Software: The software incorporated into LiDCOrapid v2 will allow the LiDCOrapid monitor to co-display Covidien's level of consciousness parameter and add the convenience of CNSystem's continuous non-invasive blood pressure monitoring. This will address a growing requirement for non-invasive monitoring solutions that are more comprehensive and can effectively replace multiple single parameter monitors. |
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All LiDCO monitors use single-patient disposables (sensors or smartcards) which provide an ongoing revenue stream.
LiDCO Distribution Network:
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