Interim Results for the six months to 31 July 2008

30 October 2008

LiDCO, (AIM:LID) the hemodynamic monitoring company, today announces its interim results for the six months ended 31 July 2008.

Commercial Highlights

• Successful introduction of the LiDCOrapid into the US$800m per annum surgical hemodynamic monitoring market
• New distributors added for: USA, Russia, Israel, Canada, Turkey, Middle East, Portugal, Bulgaria & Argentina
• 137 LiDCOrapid monitors sold/placed in first three months of sales
• LiDCOplus & rapid monitors installed base up 12% in the period to 1,329
• Monitors sold or placed in the period were up 69% to 157 – (2007: 93)
• Selected as technology to be used for two US multi-centre patient studies on improving outcomes in transplantation donors and major surgery patients

Financial Highlights

• Revenue up 3% to £2.02m (2007: £1.97m)
• Operating loss increased by 2% to £1.09m (2007: £1.07m)
• Monitor revenues up 6% (£0.92m vs. £0.87m)
• Sensors, Smartcard and fees-per-use volumes up 2% to 13,788 units; consumables sales value increased 3% to £1.10m
• Gross profit margin increased to 67% (2007: 65%)
• Product margins maintained at 75% on monitors and 87% on disposables
• Admin and distribution expenses increased by 4% to £2.44m (2007: £2.35m)
• Loss per share 0.71p (2007: 0.82p)
• Good progress to profitability made over the last 5 years with H1 sales up 121%, costs down 16%, loss down 56%
• Cash balance £975,000. Laurus loan facility replaced with a £1.25m combined overdraft and invoice financing facility with Royal Bank of Scotland (RBS)

Commenting on the results Terry O’Brien, Chief Executive, said:

“I am pleased with the progress LiDCO has made over the last six months to strengthen our product range, maintain margins and increase the total installed user base of our monitors.  We have further expanded our network of distribution partners, including a major deal with KOL Bio Medical Instruments (KOL) in the East Coast of the United States. Overall we have increased both the market opportunity for our products and improved our access to that market while continuing to keep good control on costs. “

The investor presentation ‘LiDCO’s Interim Results – six months ended 31 July 2008’ will be available on the LiDCO website (www.lidco.com). 

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