LiDCO : Preliminary Results for the twelve months ended 31 January 2016

12 April 2016

LiDCO (AIM: LID), the hemodynamic monitoring company, announces its audited Final Results for the year ended 31 January 2016.

Financial highlights

• Revenue of £7.59m (2014/15: £8.27m) down 8% largely due to a number of monitor sales slipping into the current financial year
• LiDCO product revenue (excluding third party products) of £5.96m (2014/15: £6.63m)
• Gross margins (excluding third party products) of 81% (2014/15: 82%)
• Surgical disposables revenue down 5% to £3.21m (2014/15: £3.39m)
• Critical Care disposable revenue up 2% to £1.61m (2014/15: £1.58m)
• Loss before tax* of £0.34m (2014/15: profit £0.33m)
• Loss per share of 0.21p (2014/15: earnings 0.18p)
• Debt free with cash at year-end of £1.59m (2014/15: £1.51m)

* before exceptional item and share-based payments

Operational highlights

• Year of transition with Matthew Sassone appointed Chief Executive Officer in August 2015
• Awarded a five year purchasing agreement by MedAssets, a US based group purchasing organisation working on behalf of a large 38 hospital healthcare group
• 160 monitors sold/placed (2014/15: 267); 137 surgical monitors (2014/15: 210)
• Surgical disposable unit sales 39,975 (2014/15: 44,758)
• ICU disposables unit sales up 5% to 16,777 (2014/15: 15,903)
• Master Distribution Company appointed to manage South East Asia and Australasia
• Sales to Japanese distributor re-commence after two years

After year end

• Launch of new LiDCOunity hemodynamic monitor in Europe
• Awarded a NHS Supply Chain Framework Agreement for LiDCO products
• Appointed second Master Distribution Company to manage Sub-Sahara Africa
• Renewed five year commercial agreement with Argon Medical to distribute their pressure monitoring products in UK & Ireland (see separate RNS Reach)
• Chinese Food and Drug Administration (CFDA) has formally approved the LiDCOrapid for commercial sale in China

Commenting on the results Matthew Sassone, Chief Executive Officer, said:
'I have been in the role now for eight months and I am pleased with the progress we have made in implementing the building blocks for future growth. Our main challenge going forward is not one of validation for our technology, but rather execution and ensuring that we have the resources to expand our product sales into the many countries where adoption of advanced hemodynamic monitoring is now occurring. We are making good progress with the strategy laid out in October 2015 and have plans to expand our commercial efforts to achieve significant top line growth.'

For further information, please contact:

The Company presentation will be available from today on the LiDCO website: www.lidco.com.

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LIDCO Group plc issued this content on 12 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 April 2016 08:08:10 UTC

Original Document: http://www.lidco.com/investor/news/2016/12-04-16.php