Preliminary Results for the year to 31 January 2008

24 April 2008

LiDCO (AIM:LID), the UK-based cardiovascular monitoring company, today announces its Preliminary Results for the year ended 31 January 2008. 

Financial Highlights:

• Revenue up 18% at £4.05m (2006/7: £3.44m)
• Administration and distribution expenses reduced by 6% to £4.62m (2006/7: £4.94m)
• Net cash outflow before financing £1.7m (2006/7: £1.6m)
• Product margins maintained at 78% on monitors, modestly improved to 87% on disposables
• Loss from operations reduced by 23% to £2.01m (2006/7: £2.62m)
• Loss per share reduced to 1.5p (2006/7: 2.1p)
• Cash balance £2.2m (2006/7: £1.5m)

Corporate Highlights:

• LiDCOrapid patent filed and product launched in April 2008
• New distributors signed in USA, Israel, Canada, Turkey & Middle East
• Product extension through launch of PC software products LiDCO^SE and LiDCO^PRO
• Further clinical outcome studies show LiDCO products reduce mortality, complications and length of stay
• New exclusive critical care marketing collaboration with Becton, Dickinson UK

Commercial Highlights:

• Continued adoption of technology with 40% of installed monitors now in the USA, 20% in the UK, 25% in Europe and 15% in the Rest of World
• Installed base of monitors up 14% at 1,184 (2006/7: 1,035)
• Monitor revenues up 34% to £1.93m (2006/7: £1.44m)
• Sensors volume up 7% to 26,081 units; and revenue increased by 9% to £1.99m (2006/7:£1.82m)
• Considerable growth in export territories, up by 63% to £2.32m  (2006/7 £1.43m)
• Over the last four years sales have increased by 79% while costs have been reduced by 16%

Commenting on the results Terry O’Brien, Chief Executive, said: ”This has been one of the most productive periods in our history, resulting in strong growth in revenues, control of costs and a significant reduction in our operating loss.  he progress made on all fronts and the launch of our new product for use in the operating theatre puts the Company in a strong position to take a growing share of the substantial market opportunity for minimally invasive hemodynamic monitoring in both critical care and major surgery.”  

The investor presentation "LiDCO’s Preliminary Results – twelve months ended 31st January 2008" will be available from today on the LiDCO website (www.lidco.com). 

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