Interim Results for the six months ended 31 July 2005

18-10-2005


LiDCO, the UK-based, AIM-traded cardiovascular monitoring company, announces its Interim Results for the six months ended 31 July 2005. Group performance shows substantial sales growth and significantly reduced losses.

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Financial Highlights

• Turnover up 71% at £1.6m (2004: £0.9m)
• Gross profit margin of £1.2m up to 78% (2004: 66%)
• Reduced administration expenses down 17% at £2.4m (2004: £2.9m)
• Cash outflow before financing down 36% at £1.1m (2004: £1.7m)
• Pre-tax loss down 50% at £1.1m (2004: £2.3m)
• Loss per share reduced by 60% at 1.16p (2004: 2.91p)
• US$2m three year secured revolving convertible loan agreement on 10th August 2005 with Laurus Master Fund

Corporate Highlights

• LiDCO announced in March the results of a major trial at St George’s Hospital, London. The results revealed the following:
  
  
• Savings in the cost of treating patients - average of £4,000 (10 bed days) per patient
• Estimated national extrapolation equates to a saving of £500 m per annum for the NHS
  
  
• US specialist hospital equipment rental company, Med One, purchased 25 LiDCOplus monitors for £0.25m in July 2005 to rent to NHS hospitals in the UK
• Regulatory approval and launch in six new territories: Brazil, Denmark, Ireland, Norway, Sweden and Bulgaria
• Launch of the LiDCOplus Monitor v3 software enabling a communications link between LiDCO’s proprietary stand-alone monitoring system and Philips’ patient monitor

Commercial Highlights

• Installed base of monitors now at 857 (June 2004: 667)
• Number of PulseCO/LiDCOplus monitors sold/placed during the period increased by 14% (87 against 76)
• Sensor and fee per use volumes up 45% to 11,061 from 7,614
• Sales growth in priority markets; USA up 34%, UK & Europe up 91%
• Continued worldwide uptake of LiDCO’s technology with 45% of installed monitors in USA, 37% in Europe and 18% in the ROW

Revenue Summary Table

Dr Terry O’Brien, Chief Executive, stated: “I am pleased to announce these results showing excellent cost control and very encouraging sales growth. We expect sales to continue to increase in the second half of the year as distributors in our recently licensed territories begin to close more accounts.”

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