LiDCO Group Plc Significant US & UK HUP wins (9345E)

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RNS Number : 9345E

LiDCO Group Plc

15 February 2018

LiDCO Group Plc

("LiDCO" or the "Company")

Significant US & UK HUP wins

LiDCO (AIM: LID), the hemodynamic monitoring company, announces it has had further success with its recently launched differentiated High Usage Programme (HUP) business model. HUP is building momentum after its launch in July 2017, and to date has a global installed base of 96 monitors with total annualised revenue in excess of GBP0.7m.

The Company has signed its second significant US customer, a major research hospital located in California. The customer is part of the five medical centre University of California healthcare system. At this stage, the customer has agreed to take 14 monitors covered by a multi-year agreement. This now brings the number of HUP monitors in the US to 58 and when annualised these HUP recurring revenues now represent in excess of $0.6m. The incremental impact of these two HUP wins in the US translates to a 39% uplift in recurring revenues from the year ended 31 January 2018 onwards.

After experiencing significant positive customer feedback to HUP globally, HUP has been launched selectively in the Company's home UK market, with LiDCO's largest UK customer signing up to 21 HUP monitors under a three year agreement, paid annually in advance. The intention is to evaluate the healthcare benefits and financial savings which derive from treating more patients with hemodynamic monitoring whilst capping their financial spend to the NHS. The Board believes that by demonstrating this innovative approach with a select group of customers it will enable a greater expansion of its technology and improve patient care and save overall costs of healthcare in the current restricted spending climate of the NHS.

Outside of its two direct markets, HUP has been launched in a few selected countries. The Company continues to be encouraged by market feedback to its differentiated offering as it looks to increase market size and take increased share by targeting the highest users of advanced hemodynamic monitoring.

More information about LiDCO products can be found on the Company's website www.lidco.com

Commenting on the success of the Company's HUP, Matt Sassone, Chief Executive Officer of LiDCO, said: "We continue to make encouraging progress with our HUP offering globally. The US is our main focus and our pipeline of opportunities continues to increase. Winning our second significant customer is another endorsement of our approach and will help accelerate the speed of conversion of other prospects in this large and growing market."

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] 
 Jill McGregor 
 
 finnCap                       Tel: [phone] 
 Geoff Nash / Emily Watts 
  (Corporate Finance) 
 Stephen Norcross (Corporate 
  Broking) 
 
 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 company news service from the London Stock Exchange

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February 15, 2018 02:00 ET (07:00 GMT)