LiDCO Group Plc – Half-year Report

LiDCO Group Plc – Half-year Report

LiDCO (AIM: LID), the hemodynamic monitoring company, announces its unaudited Interim Results for the six months ended 31 July 2019.

 

Financial Highlights

·     LiDCO product revenues (excluding third party products) up 10% to £3.3m (H1 2018: £3.0m)

·     Total revenues (including 3rd party products) down 4% to £3.5m (H1 2018: £3.6m)

·     US revenues up 47% (42% on a constant currency basis) to £0.9m (H1 2018: £0.6m)

·     EBITDA loss reduced by 70% to £0.3m (H1 2018: loss £0.9m)

·     Loss per share 0.34p (H1 2018: loss per share 0.52p)

·     Net cash outflow of £0.5m (H1 2018: net cash outflow £1.2m) – late receipt of tax credit (£0.2m) post period end

·     Strong balance sheet to support growth strategy with cash balances at 31 July 2019 of £1.2m (31 January 2019: £1.7m), and no debt

 

Operational Highlights

·     Continued success with High Usage Programme (“HUP”) with revenues up 115% to £0.8m (H1 2018: £0.4m)

·     Global installed base of HUP monitors increased by 52 (H1 2018: 34) to 216 at 31 July 2019 (31 January 2019: 164)

·     Regulatory approvals received for commercial sale of latest monitor in China and South Korea

·     159 monitors sold/placed in period (H1 2018: 132 monitors)

·     Signed Latin American master distribution agreement for LiDCO products with Brazil based Elysian Fields Medical

·     Appointment of Tim Hall as CFO to the Board in March 2019

 

Post Period End

·     Further increase in global installed base of HUP monitors of 26 to 242 at 11 October 2019

·     130 HUP monitors in the US as at 11 October 2019 generating annualised recurring revenues of $1.44m

·     Signed non-invasive technology agreement with CNSystems Medizintechnik AG (“CNS”) to incorporate latest technology improvements into CNS’s continuous, non-invasive blood pressure monitoring (‘CNAP’) product

·     Appointment of Jim Wetrich as Non-executive Director to the Board in August 2019

Commenting, Matt Sassone, Chief Executive Officer of LiDCO, said: “We’ve had a good start to the year as we were able to transition more UK customers to HUP and it is pleasing to report that this continues into H2. In the US we are continuing to gain success from a comparatively small sales presence, which demonstrates the potential of the HUP business model. With HUP gathering more momentum, we are focussed on achieving a strong second half performance as the business moves progressively towards profitability, driven by a strong recurring revenue base.”

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