13 October 2015

LiDCO (AIM: LID), the hemodynamic monitoring Company, announces its unaudited Interim Results for the six months ended 31 July 2015


Download PDF Results
Financial Highlights
  • Total revenue of £3.60m (2014: £3.71m) in line with trading update of 2 September 2015
  • Surgery disposables (excluding 3rd party products) revenue up 2% to £1.48m (2014: £1.45m)
  • EU & ROW distributor revenues up 8% to £550,000 (2014: £509,000)
  • Loss before tax* £525,000 (2014: £190,000) after planned increase in sales infrastructure costs
  • Loss per share 0.36p (2014: 0.13p)
  • Cash at period end £1.39m (31 Jan 2015: £1.51m). Company remains debt free and well-funded

* before share based payments and exceptional item

Operational Highlights
  • 5 year agreement signed with US group purchasing organisation MedAssets working on behalf of a large US healthcare group comprising 38 hospitals across 8 states
  • 65 monitors sold/placed in the period (2014: 128); 29 surgical monitors (2014: 33) installed in the UK
  • Disposable unit sales of 24,970 (2014: 25,721) with key surgical disposables units up 1%
  • Battery powered monitor stand launched enabling portable continuous hemodynamic monitoring across the clinical pathway
  • Development of LiDCOrapidv3 Unity product on track with registration expected later this year
  • Reimbursement approval in Japan for LiDCOrapidv2 disposables
  • Further evidence supporting clinical use of hemodynamic monitoring technology to improve patient outcomes and improve clinical care
  • Change of CEO, Matt Sassone taking over the role from Terry O'Brien in mid-August 2015

Commenting on the results Matt Sassone, Chief Executive Officer, said:
'This is a year of transition and whilst the results of the first six months were below internal expectations, I am encouraged by the outlook for the business. I am extremely grateful to former CEO Terry O'Brien for creating a business where the technology has such a significant impact on patient outcomes and the fundamentals of the business model are so compelling. We are focused on realising the strategic levers to drive greater sales growth and I am pleased to announce that we have successfully concluded negotiations with a large US hospital care provider and will now commence the rollout of LiDCO products in the 38 hospitals covered by this agreement.'

For further information, please contact:

LiDCO Group Plc www.lidco.com
Matt Sassone (CEO)
Paul Clifford (Finance Director)
Tel: +44 (0)20 7749 1500

FinnCap
Geoff Nash / Emily Watts (Corporate Finance)
Stephen Norcross (Corporate Broking)
Tel: +44 (0)20 7600 1658

Walbrook PR Ltd Tel: 020 7933 8780 or lidco@walbrookpr.com
Paul McManus
Lianne Cawthorne
Mob: 07980 541 893
Mob: 07584 391 303

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