LiDCO Group Plc (LiDCO), a UK-based medical devices company, announced its preliminary results for the fiscal year 2009. The company reported revenues of GBP4.53 million for the fiscal year 2009, up 12%, compared with GBP4.05 million in the prior year. The company also reported Loss for the year attributable to equity shareholders of parent of GBP1.65 million or 1.16 pence per share for the fiscal year 2009, compared to a loss of GBP1.87 million or 1.50 pence per share a year ago.
Preliminary Results for the year to January 13, 2009
Product margins maintained at 81% (2007/8: 81%)
Loss from operations reduced by 11% to GBP1.80 million (2007/8: GBP2.01 million)
Cash balance GBP0.49 million (2007/8: GBP2.23 million)
Loan facility replaced with combined overdraft and invoice financing facility with a maximum availability of GBP1.25 million.
Highest single year increase in installed monitor base. LiDCOplus & rapid monitors installed base up 28% to 1,510
Successful launch of the LiDCOrapid; 279 monitors sold or placed in first ten months
Follow-on grant of Japanese sales and marketing license and expansion of co-marketing agreement signed with Becton Dickinson
New distributors added for 18 territories. LiDCO products are now available in 47 countries worldwide
Continued progress towards profitability and significant increase in level of recurring revenue
326 monitors sold or placed in the period up 116% – (2007/8: 151)
Monitor revenue steady at GBP1.96 million (2007/8: GBP1.93 million)
Disposables income growth in all territories up 26% from GBP1.99 million to GBP2.50 million
Selected as technology for two US multi-centre patient outcome studies
Commenting on the results Terry O’Brien, chief executive, said: “This has been a key year for the Group and I am delighted to report that we have achieved what we set out to do at the start of the period. The successful launch of the LiDCOrapid has given us access to the potential US$800 million high-risk surgery market and has significantly enhanced our ability to grow our distribution partners and improve our routes to market. We have doubled the rate of placing monitors and have seen significant increases in recurring revenue in all territories. The foundations are now in place to increase revenues and earnings in the coming years. We have made solid, sustainable progress and are confident that in the coming year we will take our proportionate share of the growing minimally invasive hemodynamic monitoring market.”