LiDCO Group Plc AGM Statement (1752Z)

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RNS Number : 1752Z

LiDCO Group Plc

16 May 2019

LiDCO Group Plc

("LiDCO" or the "Company")

AGM Statement

Strong Q1 trading above Board's expectations

LiDCO (AIM: LID), the hemodynamic monitoring company, will hold its Annual General Meeting today at 10am at the offices of finnCap, 60 New Broad Street, London, EC2M 1JJ. Ahead of that meeting, the Company provides an update of trading for the first quarter ended 30 April 2019 as follows:

LiDCO has made a good start to the year with Q1 revenues well ahead of Q1 last year and above the Board's expectations.

In the first quarter, LiDCO product revenues were up 38% versus prior year with like-for-like recurring revenues up 42%. Recurring revenues continue to benefit from the Group's unique, differentiated, High Usage Programme ('HUP') business model.

At a geographical level, the US revenues, which the Board expect to be the main strategic driver of future growth, were up 69% in the quarter compared with Q1 last year. LiDCO UK revenues, excluding 3(rd) party products, were up 12% for the quarter. Outside of the two direct markets, distributor sales were up 84% for the quarter, benefiting from the timing of a number of European orders.

The Group has continued to make positive progress with the HUP offering, successfully implementing the three new accounts announced in March and closing an additional account in the US. Whilst the new account in the US has taken two monitors initially, the Board believes that this large institution has the potential to take many more monitors in the future.

Following excellent feedback, the Company is continuing to consolidate its market-leading position in the UK by converting its larger customers to HUP. In Q1, 19% of LiDCO's recurring revenues in the UK arose from HUP license income, up from 14% in the last financial year.

As at 15 May, Group cash balances were in line with the Board's expectations and the Board believes that the Group remains firmly on track to deliver full year results in line with market expectations.

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").

For further information, please contact:

 
 LiDCO Group Plc                                                     www.lidco.com 
 Matt Sassone (CEO)                                       Tel: [phone] 
  Tim Hall (CFO) 
 
 finnCap                                                  Tel: [phone] 
 Geoff Nash / Hannah Boros (Corporate 
  Finance) 
 Andrew Burdis (ECM) 
 
 Walbrook PR Ltd                        Tel: [phone] or [e-mail] 
 Paul McManus                                                   Mob: [phone] 
 Lianne Cawthorne                                               Mob: [phone] 
 

About LiDCO Group Plc (www.lidco.com)

LiDCO is a supplier of non-invasive and minimally invasive hemodynamic equipment to hospitals used to monitor the amount of blood flowing around the body and ensure that vital organs are adequately oxygenated. LiDCO's products facilitate the application of hemodynamic optimisation protocols for high risk patients in both critical care units and in the operating theatre.

Increasingly clinical studies are showing that the optimisation of patients' hemodynamic status in high risk patients produces better outcomes and reduced hospital stay. LiDCO's computer-based technology, originally developed at St Thomas' Hospital in London, has been shown to significantly reduce morbidity and complications, length of stay and overall costs associated with major surgery.

Key Products:

LiDCOunity: a hemodynamic monitor that combines the full suite of LiDCO technology (non-invasive, minimally invasive and calibrated technologies) into one platform. Designed to have the flexibility to adapt to a patient's changing acuity, the product enables clinicians to seamlessly transition between non-invasive, minimally invasive and calibrated hemodynamic monitoring. Version 2 of this software is only available on a new slim widescreen monitor and includes the optional high usage program software in selected markets.

LiDCOplus: a computer-based platform monitor used in the Intensive Care Unit for real-time continuous display of hemodynamic parameters including cardiac output, oxygen delivery and fluid-volume responsiveness.

LiDCOrapid: a cardiac output monitor designed specifically for use in the operating theatre for fluid and drug management. The monitor enables anaesthetists to receive accurate and immediate feedback on the patient's fluid and hemodynamic status - a key measure of overall well-being before, during and after surgery. The LiDCOrapid provides:

-- early and rapid warning of hemodynamic change to aid choice of therapeutic route: fluid or drug

-- quantification of hemodynamic response guidance on effective delivery of fluids to ensure the right amount at the right time

The software incorporated into LiDCOrapid allows the LiDCOrapid monitor to co-display Medtronic's level of consciousness parameter ('BIS(TM') )* and add the convenience of CNSystem's continuous non-invasive blood pressure monitoring ('CNAP')**. This addresses a growing requirement for non-invasive monitoring solutions that are more comprehensive and can effectively replace multiple single parameter monitors.

LiDCOview: an easy-to-use graphical display of historical LiDCOplus and LiDCOrapid hemodynamic data.

*BIS(TM) and Bispectral Index are trademarks of Medtronic registered in the US and foreign countries.

**CNAP(TM) is a trademark of CNSystems Medizintechnik AG.

LiDCO monitors use single-patient disposables (sensors or smartcards) which provide an ongoing revenue stream.

LiDCO Distribution Network:

LiDCO sells directly to hospitals in the UK and USA and through a network of specialty critical care and anaesthesia distributors in the rest of the world.

LiDCO's headquarters are in London and its shares are traded on AIM.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 16, 2019 02:00 ET (06:00 GMT)