| Interim Results for the 6 months
to July 2006
18-10-2006
LiDCO, the UK-based, AIM-quoted cardiovascular monitoring
company, announces its Interim Results for the six months
ended 31 July 2006.
Terry O’Brien, Chief Executive, said:
“The Company’s management remains confident that
the second half of the year will see significantly higher
sales than in the first half, due to the release of NHS budgets
in the UK and the fulfilment of sales orders in the USA and
elsewhere, which were delayed due to the intense competitor
activity that affected hospital trials and other clinical
case evaluations. We have a solid pipeline of future potential
orders and we are now seeing these starting to come through.”
Corporate Highlights
- Milestone new software product previewed earlier this
month – version 4.0 software upgrade
- Enhanced fluid management platform and intra thoracic
blood volume parameter distances the LiDCOplus Monitor
from non-PC based technologies
- First in-licensing agreement signed in September 2006
to act as UK and Ireland distributor for Med-Dynamix’s
“URINFO” monitoring product
- Continued uptake with key university hospital centres
in major markets
Financial Highlights
- Turnover up 3% at £1.62m (2005: £1.57m)
- Product margins maintained at average 75% on monitors,
85% on disposables
- Operating cash outflow 6% improved at £1.00m (2005
£1.06m)
- Operating loss £1.48m (2005: £1.25m)
- Loss per share of 1.33p (2005: 1.22p)
- Share placing in May 2006 raised £3.5 million (gross)
from institutional investors
- Cash balance £2 million (undrawn Laurus loan facility
of £1 million also available if required)
Commercial Highlights
- Continued broad adoption of technology with 44% of installed
monitors in the USA, 39% in Europe and 17% in the ROW and
sensor sales revenue up in all territories
- Installed base of monitors now up 12% at 962 (July 2005:
857)
- Monitors sold or placed: unit increase down from 87 to
39 units; sales value only reduced by 11% at £0.64m
- Sensors and fees per use volumes up 10% to 12,112 units;
sales value also increased 16% to £0.94m
- 16% growth in domestic UK market sales – UK becoming
profit contributor
- Sales force expansion in direct sales territories
Commercial Highlights Summary
Table
| |
6 Months
to 31 July 2006 |
6 Months
to 31 July 2005 |
Increase/
(decrease) |
Increase/
(decrease) % |
| Sales by Type (£'000) |
|
|
|
|
| - Monitors |
641 |
723 |
(82) |
-11% |
| - Sensors |
877 |
747 |
130 |
17% |
| - Fee per Use & Rentals |
62 |
63 |
(1) |
-2% |
| - License Fees |
35 |
35 |
- |
0% |
| - Total |
1,615 |
1,568 |
47 |
3% |
| |
|
|
|
|
| Monitors sold / placed
(Units) |
39 |
87 |
(48) |
-55% |
| Sensor and Fee per Use Sales (Units) |
12,112 |
11,061 |
1,051 |
10% |
| |
|
|
|
|
| Installed Base (end period) |
962 |
857 |
105 |
12% |
The full results are available to view
and download in PDF format.
| Enquiries: |
|
|
| |
|
|
| LiDCO Group Plc |
|
Tel: +44 (0)20 7749 1500 |
| Terry O’Brien (CEO), Hugh McGarel-Groves (FD) |
|
|
Buchanan Communications |
|
Tel: +44 (0)20 7466 5000 |
| Tim Anderson, James Strong |
|
|
|
