LiDCO Group plc, the UK-based AIM traded cardiovascular monitoring
company, today announces an update on trading for the year ended
31st December 2002.
Financial Highlights
Turnover is expected to be approximately £2m (£1.1m in
2001), with losses in line with expectations.
Turnover by territory: USA £1.0m, UK £0.3m, rest of the
world (ROW) £0.7m.
Total number of LiDCO's and PulseCO's placed in the year
of 300 units giving cumulative (2001 plus 2002) field placements
of 428 units (USA 198, UK 71, ROW 159) of which 368 (86%)
were sold on a capital sales basis.
Follow on purchases of PulseCO's are now occurring with
6 US accounts already purchasing further monitors, including
one major US hospital that has purchased one PulseCO for
each of its cardiovascular surgery and associated intensive
care beds (19 units in total), clearly demonstrating the
potential the monitor has to transition into broad acute
care use.
Current average monthly usage rate of LiDCO sensors per
PulseCO of 6 and growing, meaning the Company remains confident
its original target of 8 sensors per month will be achieved.
In the year ended 31st December 2002 there has been significant
growth in the sales pipeline with 224 product demonstrations
made all of which have resulted in a request for a field
trial. 184 field trials were initiated and 143 were completed.
Of the 176 sales proposals made 54 resulted in sales closures
in the year, 114 sales proposals are still in process with
8 sales proposals not proceeding due to lack of hospital
budget funding.
Sales Activity Pipeline US & UK Markets
2001 and 2002
2001
2002
Cumulative
Meeting/Demo
149
224
373
Field Trials Requested
149
224
373
Field Trials Commenced
82
184
266
Field Trials Completed
48
143
191
Sales Proposals
47
176
223
Sales Closures
23
54
77
Other Significant Commercial Developments
Completion of major expansion of the London manufacturing
facility, including a second clean room and increased sensor
and monitor production capacity.
On January 9th approval was received from the FDA (Food
and Drug Administration of the USA) for the sale of the
LiDCOplus Hemodynamic Monitor in the USA.
Distributors appointed for the territories of: Belgium,
Czech Republic, Italy, Iran, Holland, Denmark and Spain,
On January 13th regulatory approval was received for the
LiDCO System lithium chloride in vivo diagnostic in: Germany,
Holland, Italy, Belgium, Austria and Spain.
Commenting on the trading update and developments, Dr
Terry O'Brien, Chief Executive of LiDCO, said:
"I am pleased to report that, despite the hurdles and delays
associated with capital purchases in hospitals, the enthusiastic
response of both our direct customer base and our partner
distributors to the Company's products continues. This is
demonstrated by the predominance of capital purchase and the
evidence of hospitals in the UK and USA making further follow
up acquisitions of second amounts of our equipment during
the year. In response to customer feedback technical developments
of our technology have continued and have resulted in the
launch of our second generation monitor - the LiDCOplus.
I'm pleased to report that a number of existing customers
have already elected to take advantage of the option of upgrading
their PulseCO Monitors to the LiDCOplus through a software
upgrade to our PC based hardware.
Our appointment of an additional number of distributors, coupled
to further success in the broader registration of our products,
means that in 2003 LiDCO will be selling in an expanded group
of territories. A key objective in 2003 will be to further
augment our sales efforts, particularly in the USA, through
a corporate partner. Given the continuing acceptance of our
minimally invasive monitoring technology, our solid commercial
progress in 2002 and customer driven technical improvements
to the monitor platform, I am confident of the Company's commercial
prospects."
Notes for Editors
LiDCO (LID.L) is a UK- based, AIM traded cardiovascular monitoring
devices company, with two principal, patent protected products.
The PulseCO System is a cardiovascular monitor displaying
in real time, on a colour touch screen, the relevant cardiovascular
parameters of arterial pressures, heart rate, blood flow and
oxygen delivery, whilst the LiDCO System, comprising a sensor
and disposables, provides an accurate and minimally invasive
measurement of blood flow and can be used to calibrate the
PulseCO System. The Group's principal customers are hospitals.
LiDCO Ltd Sales and Marketing, Unit M South Cambridge Business Park, Babraham Road, Sawston, Cambridge CB22 3JH, UK Telephone: +44 (0) 1223 830666 Fax: +44 (0) 1223 837241 VAT number 672 4757 08
