LiDCO : Interim Results for the six months ended 31 July 2014

16 September 2014

LiDCO (AIM:LID), the hemodynamic monitoring Company, announces its unaudited Interim Results for the six months ended 31 July 2014. The Company remains on track to deliver growth in LiDCO product revenues and profitability for the full year, perform well against established KPIs, and ensure that the Company is well positioned for further growth and to be debt free by the end of the year.

Financial Highlights

• Total revenue down 12% to £3.71m (2013: £4.24m)
• US sales up 41% to £585,000 (2013: £415,000)
• UK revenue down 16% to £2.61m (2013: £3.11m)
• Gross profit margin on LiDCO product sales increased from 78% to 82%
• Admin expenses reduced by 5% at £2.74m (2013: £2.90m)
• Disposable revenues (excluding third party products) of £2.20m (2013: £2.27m)
• Loss before tax* £190,000 (2013: loss £70,000) and loss per share 0.13p (2013: loss 0.06p)
• EBITDA positive at £112,000 (2013: £253,000)
• Cash at period end £1.81m (31 Jan 2014: £2.38m)

* before share based payments

Operational Highlights

• 128 monitors sold or placed in the period (Full year 2013: 303); 99 surgical, 29 ICU
• Higher margin disposable units represented 77% of LiDCO product revenues (2013: 68%)
• Disposable unit sales (ICU & surgery) 25,721 (2013: 26,105)
• Surgical disposables units up 4%
• Non-invasive surgery product roll out continues representing 30% of disposable units sold in UK & EU
• Successful completion of a proprietary communications link between LiDCO monitors and DeviceConX (formerly iSirona) systems
• Further clinical evidence supporting use of LiDCO's hemodynamic monitoring technology

Commenting on the results Terry O'Brien, Chief Executive Officer, said: "The first half has seen the business increase the number of monitors in the market, as well as the overall number of surgical disposable units sold. We have maintained our high profit margins on disposables and tightly controlled our costs. These achievements give us confidence that we remain on target to deliver overall growth in LiDCO product revenues and profitability for the full year, perform well against our KPIs, and ensure that the Company is well positioned for further growth and to be debt free by the end of the year."

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