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RNS Number : 1736N
Deltex Medical Group PLC
23 September 2019
 

23 September 2019 - Deltex Medical Group plc (AIM: DEMG), the global leader in oesophageal Doppler monitoring today announces its unaudited interim results for the six-months ended 30 June 2019.

 

Deltex Medical Group plc

("Deltex Medical" or the "Group")

Interim results for the six-months ended 30 June 2019

Key financial information

§ revenues: £2.0 million (2018: 2.3 million)

§ gross margin: 76% (2018: 68%)

§ 55% reduction in sales & distribution expenses to £0.6 million (2018: £1.4 million)

§ 35% reduction in overhead costs (excluding exceptional items) to £1.7 million
(2018: £2.7 million)

§ adjusted EBITDA: positive £0.2 million (2018: loss £1.0 million)

§ loss for the period: £(0.3) million (2018: £(1.2) million)

§ cash on balance sheet: £0.6 million (31 December 2018: £0.6 million)

Key commercial activities

§ construction of leaner, more selective and better-targeted direct sales operations in the UK and the USA

§ successful programme to increase the average selling price of the single-use TrueVue Doppler probes in the USA

§ agreement to terminate a third-party UK distribution contract expected to result in a payment to Deltex Medical of c. £0.2 million before year-end

§ Innovative Technology contract signed with Vizient, a leading group purchasing organisation ("GPO")  and the largest healthcare performance improvement company in the USA

§ award by Innovate UK of four product development/technology grants in 2019 to help fund the next stage of product development for the Group totalling c. £0.13 million of project costs, of which c. 70% are eligible for reimbursement

 

Nigel Keen, Chairman of Deltex Medical, commented:

"The significantly improved underlying financial performance of the Group can clearly be seen with positive adjusted EBITDA in the first half."

"We are delighted with the number of new technology grants that Deltex Medical has been awarded so far in 2019. As well as providing non-dilutive capital for our development programmes, these grant awards provide independent validation of the potential for the Group's technology with the increasing focus on patient safety."

"Deltex Medical is well placed to provide clinicians around the world with advanced haemodynamic monitoring which is becoming increasingly recognised as an important factor associated with improved patient safety as well as the reduction of avoidable complications during and after surgery."

 

Deltex Medical Group plc                            

01243 774 837

[email protected]

Nigel Keen, Chairman                

 

Andy Mears, Chief Executive   

 

Jonathan Shaw, Group Finance Director

 

 

 

 

 

Arden Partners plc

020 7614 5900

 

Ciaran Walsh

Dan Gee-Summons

 

 

 

Joint Broker

 

Turner Pope Investments (TPI) Ltd

0203 621 4120

[email protected]

Andy Thacker

 

 

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

Notes for Editors


Deltex Medical manufactures and markets haemodynamic monitoring technologies. Deltex Medical's proprietary oesophageal Doppler monitoring ("ODM") (TrueVue Doppler) measures blood flow velocity in the central circulation in real time. Minimally invasive, easy to set-up and quick to focus, the technology generates a low-frequency ultrasound signal which is highly sensitive to changes in blood flow and measures such changes in 'real time'. Deltex Medical is the only company in the enhanced haemodynamic space to have built a robust and credible evidence base demonstrating both the clinical and economic benefits of its core technology, TrueVue Doppler. This technology has been proven in a wide range of clinical trials to reduce complications suffered by patients after surgery and consequently save hospitals the costs of treating those complications.

Deltex Medical's TrueVue System on the CardioQ-ODM+ monitor platform now provides clinicians with two further advanced haemodynamic monitoring technologies. TrueVue Impedance is an entirely non-invasive monitoring technology which transmits low magnitude, high frequency electrical signals through the thorax and measures the changes to this signal when the heart pumps blood. TrueVue PressureWave uses the peripheral blood pressure signal analysis to give doctors information on changes in the circulation and is particularly suited to monitoring lower risk or haemodynamically stable patients.

Group goal

Haemodynamic management is now becoming widely accepted as a vital part of the anaesthesia protocol for surgical patients. Consequently, the Group's focus is on maximising value from the opportunities presented, as enhanced haemodynamic management is adopted into routine clinical practice around the world. The Group aims to provide clinicians with a single platform - a 'haemodynamic workstation' - which offers them a range of technologies from simple to sophisticated to be deployed according to the patient's condition as well as the skill and expertise of the user. Doing this will enable the Group to partner healthcare providers to support modern haemodynamic management across the whole hospital.

The Group is currently in the implementation phase of achieving this goal in a number of territories worldwide, operating directly in the UK and the USA, and via agreements with approximately 40 distributors overseas.

 

Chairman's statement

Financial results

The financial results for the six-months ended 30 June 2019 validate the commercial success of the new strategy adopted by the Group midway through last year.

In 2019 Deltex Medical has continued to focus its direct selling teams on the more selective targeting of key accounts and new business prospects, particularly in the USA. In the first half of 2019, expenditure on sales and distribution more than halved to £0.6 million (2018: £1.4 million). This "re-baselining" of the business was aimed at significantly improving profitability, albeit with slightly lower revenues. This outcome can be seen in the 2019 interim results with H1 revenues of £2.0 million (2018: £2.3 million) generating a gross margin of £1.5 million (2018: £1.6 million). In H1 2019 the revenues declined in the period by £332,000 (equivalent to a reduction of 14%); however, the gross margin generated on these sales only declined by £69,000 (equivalent to a 4% reduction).

The next stage of implementation of the new strategy, which was adopted in 2018, will be focussed on carefully targeted growth.

The gross margin increased to 76% (2018: 68%) as a result of a number of initiatives around margin improvement. We have focussed on increasing the average selling price of US probes and this has been assisted by the continuing weakness of sterling against the US dollar. There is also ongoing work to drive down the standard cost of the probes used in the Group's TrueVue Doppler equipment.

Total overhead costs, excluding exceptional items, in the period were reduced by approximately £1.0 million to £1.7 million (2018: £2.7 million) representing an overall reduction in overheads of some 35%.

Adjusted EBITDA, comprising earnings before interest, tax, depreciation and amortisation, share-based payments' expenses and non-executive directors' fees, was £1.1 million better at £153,000 (2018: loss of £963,000).

The loss for the period of £0.3 million showed a £0.9 million improvement over the equivalent 2018 loss of £1.2 million.

Cash on the balance sheet at 30 June 2019 was £0.6 million (31 December 2018: £0.6 million).

Net cash generated from operating activities was £0.3 million (2018: net cash used of
£0.8 million).

The Board believes that this much-improved underlying financial performance puts the Group in a good position for the next stage of its development.

Commercial activities

One of the key objectives in the first half was to ensure that the Group successfully built a robust and stable platform for future growth. This objective has been achieved in a number of different ways.

Significant work has continued on more selective targeting of the direct selling activities in the USA and increasing the average selling price of the US probes. Deltex Medical's US business now has a much lower cost base than a year ago, contributed positive EBITDA to the consolidated results each month in the first half and is producing more reliable forecast information and better market-intelligence data.

In the USA a group purchasing organisation ("GPO") is an entity that helps healthcare providers - such as hospitals and nursing homes - realise savings and efficiencies by aggregating purchasing volume and using that leverage to negotiate discounts with manufacturers, distributors and other vendors. During the period Deltex Medical successfully negotiated an Innovative Technology contract with Vizient, a leading GPO and the largest member-driven healthcare performance improvement company in the USA. The contract was based on the recommendation of hospital experts in haemodynamics who serve on one of Vizient's member-led councils. Vizient's Innovative Technology contracts are reserved for technologies that demonstrate an ability to significantly enhance clinical care and patient safety, whilst improving an organisation's care delivery and business model. Whilst the Board believes that the effect on Group revenues associated with this Vizient contract will not be immediate, it is already apparent that securing this Innovative Technology contract is providing additional credibility to Deltex Medical's TrueVue System in the USA and is also facilitating easier access for its US salesforce into some hospitals.

The international division, comprising a network of approximately 40 distributors, performed satisfactorily in the first half although sales by the Group's French distributor were subdued due to inventory reductions, which are expected to continue until the year end.  This is as a result of lower levels of probe sales made during the implementation of the previously announced Paris Hospitals' tender.

The UK market remains challenging. Notwithstanding the significant evidence base supporting the use of Deltex Medical's TrueVue Doppler system, it remains difficult to get NHS hospitals to invest in new technologies. However, the Group continues to have a number of close relationships with UK Key Opinion Leaders ("KOLs") working in the field of haemodynamic monitoring and is working with these KOLs to help guide its product development work. 

Deltex Medical has, for a number of years, distributed into the UK market complementary products manufactured by third-party companies. One of these companies, which manufactures pulse oximetry equipment, was recently purchased by a competitor. Negotiations have recently concluded in respect of the termination of Deltex Medical's UK distribution contract relating to this equipment which is expected to give rise to, among other things, the payment to the Group of US$0.25 million before the year-end. In 2018, the revenues associated with this third-party equipment totalled £0.4 million; however, once an estimate of the 2018 fully-loaded expenses associated with selling and supporting this equipment are deducted from the 2018 gross margin generated by such sales, the product line was not significantly profitable. The Board believes that focussing the Group's direct sales force in the UK on Deltex Medical's TrueVue suite of haematological monitoring products complements the focussed strategy of the business. Moreover, the Group's own products enjoy higher gross margins than products manufactured by third parties.

It is not yet clear how Brexit will affect the Group's commercial activities; however, Deltex Medical has developed a number of contingency plans which can be deployed at short notice.  Implementing these plans may, in the short term, require incremental expenditure and allocation of working capital.

New product development

We have carried out a detailed review of our product portfolio in order to determine how best to invest to develop new, complementary technologies which will augment the TrueVue System and help the Group deliver its ambitious growth plans.

The Group has been extremely successful this year at winning grant applications. Four grant applications have been awarded so far in 2019 by Innovate UK with a total value of eligible project costs of £132,000 of which £96,000 represents cash amounts to be reimbursed against eligible costs incurred by Deltex Medical Limited, with the balance funded from the Group's own resources. The Board believes that these grant awards help provide independent endorsement of its development plans as well as the potential for enhancing the Group's advanced haemodynamic monitoring technologies using non-dilutive finance.

The Group also continues to develop a small number of other complementary innovations using its resources in order to build an expanded portfolio of differentiated technologies for the international haemodynamic monitoring market.

The Board believes that around the world there is increasing clinical acceptance of the need for haemodynamic monitoring and this, combined with the Group's new technologies and more focussed direct sales activities, will be important drivers of growth for the Group in the future.

Current trading and prospects

The Group has built a robust platform for future growth.  We have reported positive adjusted EBITDA in the first half and trading has started well in the second half.

In past years, the financial performance of the Group in the second half of the year has been stronger than the first half and the Board believes that this will continue to be the case in 2019. Despite second-half revenues being slightly reduced as a result of the termination of the UK distributor agreement described above, the expected US$0.25m termination payment should negate any adverse impact on profitability during this period, and the Company's profitability should remain in line with market expectations.
 

Advanced haemodynamic monitoring is becoming increasingly recognised as an important factor associated with improved patient safety as well as the reduction of avoidable complications during and after surgery. The Board believes that Deltex Medical is well positioned to help clinicians improve patients' outcomes.

 

Nigel Keen
Chairman

23 September 2019

 

 

Condensed Consolidated Statement of Comprehensive Income

for the six-months ended 30 June 2019

 

 

 

Unaudited

Audited

 

 

Six months ended
30 June
2019

Six months
ended
30 June
2018

Year
ended
 31 December 2018

 

Note

£'000

£'000

£'000

Revenue

4

1,993

2,325

4,955

Cost of sales

 

(487)

(750)

(1,424)

Gross profit

 

1,506

1,575

3,531

Administrative expenses

 

(853)

(993)

(1,721)

Sales and distribution expenses

 

(624)

(1,373)

(2,189)

Research and Development, Quality and Regulatory

 

(250)

(255)

(526)

Impairment loss on trade receivables

 

-

(33)

(38)

Exceptional costs

15

-

(142)

(287)

Total costs

 

(1,727)

(2,796)

(4,761)

Operating loss before exceptional costs and other gain

 

(221)

(1,079)

(943)

Exceptional costs

15

-

(142)

(287)

Other gain

 

-

80

80

 

(221)

(1,141)

(1,150)

Finance income

 

-

-

-

Finance costs

 

(86)

(99)

(188)

Loss before taxation

 

(307)

(1,240)

(1,338)

Tax credit on loss

7

38

46

74

Loss for the period/year

 

(269)

(1,194)

(1,264)

 

 

 

 

 

Other comprehensive (expense)/income

 

 

 

 

Items that may be reclassified to profit or loss:

 

 

 

 

Net translation differences on overseas subsidiaries

 

1

(4)

2

Other comprehensive (expense)/income for the period/year, net of tax

 

1

(4)

2

Total comprehensive loss for the period/year

 

(268)

(1,198)

(1,262)

 

 

 

 

 

Total comprehensive loss for the period/year attributable to:

 

 

 

 

Owners of the Parent

 

(269)

(1,203)

(1,268)

Non-controlling interests

 

1

5

6

 

 

(268)

(1,198)

(1,262)

 

 

 

 

 

Loss per share - basic and diluted

8

(0.05)p

(0.3p)

(0.3p)

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheet

 

 

 

Unaudited

Audited

 



Note

30 June
2019

£'000

30 June
20181
(As restated)
£'000

31 December 2018

£'000

Assets

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

490

681

587

Intangible assets

 

2,595

2,529

2,528

Financial assets at amortised cost

 

161

155

155

Total non-current assets

 

3,246

3,365

3,270

Current assets

 

 

 

 

Inventories

 

946

700

680

Trade and other receivables

 

1,051

1,008

1,410

Financial assets at amortised cost

 

214

245

245

Other current assets

 

104

72

190

Current income tax recoverable

 

100

139

74

Cash and cash equivalents

9

595

1,065

580

Total current assets

 

3,010

3,229

3,179

Total assets

 

6,256

6,594

6,449

Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

11

(267)

(453)

(553)

Trade and other payables

12

(2,026)

(2,195)

(1,983)

Total current liabilities

 

(2,293)

(2,648)

(2,536)

Non-current liabilities

 

 

 

 

Borrowings

11

(1,052)

(1,017)

(1,035)

Trade and other payables

 

(334)

(369)

(352)

Provisions

 

(114)

(114)

(114)

Total non-current liabilities

 

(1,500)

(1,500)

(1,501)

Total liabilities

 

(3,793)

(4,148)

(4,037)

Net assets

 

2,463

2,446

2,412

 

 

 

 

 

Equity

 

 

 

 

Share capital

14

5,123

4,927

4,927

Share premium

 

33,230

33,230

33,230

Capital redemption reserve

 

17,476

17,476

17,476

Other reserve

 

1,076

4,888

953

Translation reserve

 

150

143

149

Convertible loan note reserve

 

82

84

82

Accumulated losses

 

(54,534)

(58,160)

(54,264)

Equity attributable to owners of the Parent

 

2,603

2,588

2,553

Non-controlling interests

 

(140)

(142)

(141)

Total equity

 

2,463

2,446

2,412

1.     Certain comparatives have been restated to be consistent with the presentation used in the 2018 Annual Report & Accounts. (Note 17)

 

 

Condensed Consolidated Statement of Changes in Equity for the six-months ended 30 June 2019 (unaudited)

 

 


Share capital


Share premium

Capital redemption reserve


Other reserve

Convertible loan note reserve


Translation reserve


Accumulated losses



Total

Non-controlling interest


Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at
1 January 2019


4,927


33,230


17,476


953


82


149


(54,264)


2,553


(141)


2,412

Comprehensive income

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

-

(270)

(270)

1

(269)

Other comprehensive income for the period


-


-


-


-


-


1


-


1


-

 

1

Total comprehensive income for the six-months



-



-



-



-



-



1



(270)



(269)



1



(268)

Transactions with owners of the company

 

 

 

 

 

 

 

 

 

 

Equity-settled share-based payment


-


-


-


123


-


-


-


123


-

123

Share options exercised


196


-


-


-


-


-


-


196

 

-


196

Balance at
30 June 2019


5,123


33,230


17,476


1,076


82


150


(54,534)


2,603


(140)


2,463

 

Condensed Consolidated Statement of Changes in Equity for the six-months ended 30 June 2018 (unaudited)

 

 


Share capital


Share premium

Capital redemption reserve


Other reserve

Convertible loan note reserve


Translation reserve


Accumulated losses



Total

Non-controlling interest


Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2018, as previously reported



3,132



32,915



17,476



4,752



84



147



(57,059)



1,447



(147)



1,300

Effect of new standards

-

-

-

-

-

-

98

98

-

98

Balance at 1 January 2018, as restated


3,132


32,915


17,476


4,752


84


147


(56,961)


1,545


(147)


1,398

Comprehensive income

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

-

(1,199)

(1,199)

5

(1,194)

Other comprehensive income for the period


-


-


-


-


-


(4)


-


(4)


-


(4)

Total comprehensive income for the six-months



-



-



-



-



-



(4)



(1,199)



(1,203)



5



(1,198)

Transactions with owners of the company

 

 

 

 

 

 

 

 

 

 

Shares issued during the period


1,787


-


-


-


-


-


-


1,787


-


1,787

Premium on shares issued during the period



-



447



-



-



-



-



-



447



-



447

Issue expenses

-

(132)

-

-

 

-

-

(132)

-

(132)

Equity-settled share-based payment


-


-


-


136


-


-


-


136


-


136

Share options exercised


8


-


-


-


-


-


-


8


-


8

Balance at
30 June 2018


4,927


33,230


17,476


4,888


84


143


(58,160)


2,588


(142)


2,446

 

Condensed Consolidated Statement of Changes in Equity for the year ended 31 December 2018 (audited)

 

           


Share capital


Share premium

Capital redemption reserve


Other reserve

Convertible loan note reserve


Translation reserve


Accumulated losses



Total

Non-controlling interest



Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2018, as previously reported



3,132



32,915



17,476



4,752



84



147



(57,059)



1,447



(147)



1,300

Effect of new standards

-

-

-

-

-

-

98

98

-

98

Balance at 1 January 2018, as restated


3,132


32,915


17,476


4,752


84


147


(56,961)


1,545


(147)


1,398

Comprehensive income

 

 

 

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

-

(1,270)

(1,270)

6

(1,264)

Other comprehensive income for the period


-


-


-


-


-


2

 

-


2


-


2

Total comprehensive income for year


-


-


-


-


-


2


(1,270)


(1,268)


6


(1,262)

Transactions with owners of the Group

 

 

 

 

 

 

 

 

 

 

Shares issued during the year


1,787


447


-


-


-


-


-


2,234


-


2,234

Issue expenses

-

(132)

-

-

-

-

-

(132)

-

(132)

Equity-settled share-based payment


-


-


-


166


-


-


-


166


-


166

Transfers

-

-

-

(3,965)

(2)

-

3,967

-

-

-

Share options exercised


8


-


-


-


-


-


-


8


-


8

Balance at
31 December 2018


4,927


33,230


17,476


953


82


149


(54,264)


2,553


(141)


2,412

 

 

Condensed Consolidated Statement of Cash Flows

for the six-months ended 30 June 2019

 

 

Unaudited

Audited

 


 

Six months
ended
30 June
2019
£'000

Six months
ended
30 June
2018
£'000

Year
 ended 31
December 2018
£'000

Cash flows from operating activities

 

 

 

 

Loss before taxation

 

(307)

(1,240)

(1,338)

Adjustments for:

 

 

 

 

Net finance costs

 

86

99

188

Depreciation of property, plant and equipment

 

100

122

246

Profit on disposal of loan monitors

 

(2)

(6)

(12)

Amortisation of intangible assets

 

71

96

173

Modification gain on convertible loan note

 

-

(80)

(80)

Share-based payment expense

 

123

136

166

Effect of exchange rate fluctuations

 

2

4

(9)

 

 

73

(869)

(666)

(Increase)/decrease in inventories

 

(257)

47

38

Decrease in trade and other receivables

 

479

564

52

Increase/(decrease) in trade and other payables

 

27

(513)

(694)

Increase in provisions

 

-

38

(1)

Net cash from/(used in) operations

 

322

(733)

(1,271)

Interest paid

 

(69)

(70)

(141)

Income taxes received

 

11

-

94

Net cash generated from/(used in) operating activities

 

264

(803)

(1,318)

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(12)

(13)

(18)

Proceeds from the sale of loan monitors

 

6

7

18

Capitalised development expenditure

 

(138)

(138)

(214)

Interest received

 

-

-

-

Net cash used in investing activities

 

(144)

(144)

(214)

Cash flows from financing activities

 

 

 

 

Issue of ordinary share capital

 

196

2,216

2,216

Expenses in connection with share issue

 

-

(132)

(132)

Outflow from decrease in invoice discounting facility

 

(281)

(268)

(171)

Repayment of obligations under finance leases

 

(16)

(22)

(36)

Net cash (used in)/generated from financing activities

 

(101)

1,794

1,877

Net increase in cash and cash equivalents

 

19

847

345

Cash and cash equivalents at beginning of the period

 

580

219

219

Exchange (loss)/gain on cash and cash equivalents

 

(4)

(1)

(16)

Cash and cash equivalents at the end of the period/year

 

595

1,065

580

 

 

 

 

 

Notes to the condensed consolidated interim financial statements

 

1.   Reporting Entity

Deltex Medical Group plc is a company that is domiciled in the United Kingdom. It is incorporated in England and Wales (Company Number 03902895) and its registered office is at Terminus Road, Chichester, PO19 8TX, United Kingdom. These condensed consolidated interim financial statements (Interim Financial Statements) as at and for the period ended 30 June 2019 comprise the Company and its subsidiaries (together referred to as 'the Group'). The Group is principally involved with the manufacture and sale of advanced haemodynamic monitoring technologies.

 

2.   Basis of accounting

These interim financial statements have been prepared in accordance with IAS 34, 'Interim Financial Reporting', and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2018 (Annual Report & Accounts 2018). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position.

 

These condensed consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The summary of results for the year ended 31 December 2018 is an extract from the published consolidated financial statements of the Group for that year which have been reported on by the Group's auditors and delivered to the Registrar of Companies. The Independent Auditors' Report on the Annual Report & Accounts for 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

 

These condensed consolidated interim financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 December 2018 and are expected to be applied in the preparation of the financial statements for the year ending 31 December 2019. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

 

Several other amendments and interpretations apply for the first time in 2019, but do not have an impact on the interim condensed consolidated financial statements of the Group.

 

These condensed consolidated interim financial statements were approved by the Board of Directors and approved for issue on 23 September 2019.

 

3.   Use of judgements and estimates

In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Although these estimates are based on the directors' best knowledge of the amount, event or actions, it should be noted that actual results may differ from those estimates.

 

The significant judgements and estimates made by the directors in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those disclosed in Annual Report & Accounts 2018.

 

4.   Revenue
The Group's revenue disaggregated by primary geographical markets is as follows:

For the six months ended 30 June 2019 (Unaudited)

 

Direct markets

Indirect markets

 

 

Probes

Monitors

Third Party

Other

Probes

Monitors

Other

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

UK

441

19

178

44

-

-

-

682

USA

719

-

-

2

-

-

-

721

France

-

-

-

-

250

-

4

254

Scandinavia

-

-

-

-

42

-

1

43

South Korea

-

-

-

-

139

-

2

141

Peru

-

-

-

-

-

-

-

-

Other countries

16

-

-

-

102

27

7

152

 

1,176

19

178

46

533

27

14

1,993

 

For the six months ended 30 June 2018 (Unaudited)

 

Direct markets

Indirect markets

 

 

Probes

Monitors

Third Party

Other

Probes

Monitors

Other

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

UK

540

-

183

39

-

-

-

782

USA

824

-

-

10

-

-

-

834

France

-

-

-

-

365

66

32

463

Scandinavia

-

-

-

-

20

-

-

20

South Korea

-

-

-

-

134

-

-

134

Peru

-

-

-

-

-

-

-

-

Other countries

32

14

-

-

59

6

1

112

 

1,396

14

183

49

578

72

33

2,325

 

For the year ended 31 December 2018 (Audited)

 

Direct markets

Indirect markets

 

 

Probes

Monitors

Third Party

Other

Probes

Monitors

Other

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

UK

1,051

5

448

108

-

-

-

1,612

USA

1,534

17

-

17

-

-

-

1,568

France

-

-

-

-

799

66

35

900

Scandinavia

-

-

-

-

62

-

-

62

South Korea

-

-

-

-

258

-

1

259

Peru

-

-

-

-

116

165

-

281

Other countries

49

14

-

-

166

34

10

273

 

2,634

36

448

125

1,401

265

46

4,955

 

 

 

The Group's revenue disaggregated between the sale of goods and the provision of services is set out below. All revenues are recognised at a point in time.

 

 

Period ended

Year ended

 

30 June 2019

30 June 2018

31 December 2018

 

£'000

£'000

£'000

Sale of goods

1,961

2,305

4,882

Maintenance income

32

20

73

 

1,993

2,325

4,955


The following table provides information about trade receivables and contract liabilities from contracts with customers. There were no contract assets at either 30 June 2019 or 1 January 2019.

 

 

30 June
2019

1 January
2019

 

£'000

£'000

Trade receivables which are in 'Trade and other receivables'

1,047

1,410

Contract liabilities

(150)

(151)

 

The following aggregated amounts of transaction prices relate to the performance obligations from existing contracts that are unsatisfied or partially unsatisfied as at 30 June 2019:

     

 

2019

2020

2021

2022

Total

 

£'000

£'000

£'000

£'000

£'000

Revenue expected to be recognised

116

16

1

17

150

 

5.   Segment results

Performance is monitored, and the allocation of resources is made on the basis of results derived from the sale of probes, monitors and third-party products for which revenues and gross margins are regularly reported to the Group's Chief Executive Officer who has been identified as the Chief Operating Decision Maker (CODM). The CODM also monitors a profit measure described internally as 'adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA). However, this measure is reported at a Group level rather than an operating segment which is based on the nature of the goods provided rather than the geographical market in which they are sold.


 

The unaudited segment results for the six months ended 30 June 2019 were:

 


Probes1


Monitors

Third party products


Other


Unallocated


Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Revenues

1,709

46

178

60

-

1,993

Adjusted gross profit2

1,416

41

83

32

-

1,572

 

 

 

 

 

 

 

Sales and marketing costs3

-

-

-

-

-

(632)

Administration costs3

-

-

-

-

-

(615)

R&D costs3

-

-

-

-

-

(62)

Quality and regulation costs3


-


-


-


-


-


(110)

Adjusted EBITDA4

-

-

-

-

-

153

1.     Managed care service revenue is categorised as probe revenue

2.     Gross profit excluding the depreciation charge relating to monitors loaned to customers and production equipment

3.     Excluding non-cash costs namely depreciation, amortisation, share-based payment expense, non-executive directors' fees and accumulated absence costs

4.     Earnings before interest, tax, depreciation and amortisation, share-based payment expense and non-executive directors' fees

 

The unaudited segment results for the six months ended 30 June 2018 were:

 


Probes1


Monitors

Third party products


Other


Unallocated


Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Revenues

1,974

86

182

83

-

2,325

Adjusted gross profit2

1,520

21

83

34

-

1,658

 

 

 

 

 

 

 

Sales and marketing costs3

-

-

-

-

(1,398)

(1,398)

Administration costs3

-

-

-

-

(1,071)

(1,071)

R&D costs3

-

-

-

-

(39)

(39)

Quality and regulation costs3

-

-

-

-

(113)

(113)

Adjusted EBITDA4

-

-

-

-

-

(963)

1.     Managed care service revenue is categorised as probe revenue

2.     Gross profit excluding the depreciation charge relating to monitors loaned to customers and production equipment

3.     Excluding non-cash costs namely depreciation, amortisation, share-based payment expense, non-executive directors' fees and accumulated absence costs

4.     Earnings before interest, tax, depreciation and amortisation, share-based payment expense and non-executive directors' fees

 

The audited segment results for the year ended 31 December 2018 were:

 


Probes1


Monitors

Third party products


Other


Unallocated


Total

 

£'000

£'000

£'000

£'000

£'000

£'000

Revenues

4,035

301

448

171

-

4,955

Adjusted gross profit2

3,240

154

216

86

-

3,696

 

 

 

 

 

 

 

Sales and marketing costs3

-

-

-

-

(2,324)

(2,324)

Administration costs3

-

-

-

-

(1,751)

(1,751)

R&D costs3

-

-

-

-

(139)

(139)

Quality and regulation costs3

-

-

 

-

(200)

(200)

Adjusted EBITDA4

-

-

-

-

-

(718)

1.     Managed care service revenue is categorised as probe revenue

2.     Gross profit excluding the depreciation charge relating to monitors loaned to customers and production equipment

3.     Excluding non-cash costs namely depreciation, amortisation, share-based payment expense, non-executive directors' fees and accumulated absence costs

4.     Earnings before interest, tax, depreciation and amortisation, share-based payment expense and non-executive directors' fees

The reconciliation of the profit measure used by the Group's CODM to the result reported in the Group's consolidated SOCI is set out below:

 

Unaudited

Audited

 

30 June
2019
£'000

30 June
2018
£'000

31 December
2018
£'000

Adjusted EBITDA

153

(963)

(718)

Non-cash items:

 

 

 

Depreciation of property, plant and equipment

(98)

(122)

(246)

Amortisation of development costs

(71)

(96)

(173)

Non-executive directors' fees and employer's social security costs

(72)

(69)

(140)

Share-based payment expense

(123)

(136)

(166)

Change in accumulated absence cost liability

(10)

(37)

24

Bonus accrual releases

-

202

189

Gain on convertible loan note

-

80

80

 

(374)

(178)

(432)

Operating loss

(221)

(1,141)

(1,150)

Finance costs

(86)

(99)

(188)

Loss before tax

(307)

(1,240)

(1,338)

Tax credit on loss

38

46

74

Loss for the period/year

(269)

(1,194)

(1,264)

 

6.   Dividends

The Directors cannot recommend the payment of a dividend (2018: nil) for 2019.

 

7.   Tax credit on loss
 

 

Unaudited

Audited

 

30 June
2019

30 June
2018

31 December
2018

 

£'000

£'000

£'000

Research and development tax credit

(52)

(46)

(63)

Adjustment in respect of prior periods

14

-

(11)

Total tax credit on loss

38

(46)

(74)

 

The adjustment in respect of prior years of £14,000 relates to an adjustment that was required following the completion of the corporation tax computation for the year ended 31 December 2018 which finalised the amount of current year trading losses that were available for surrender under HMRC's small company R&D tax credit regime.

 

8.   Loss per share
Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares issued during the year.

The loss per share calculation for six months to 30 June 2019 is based on the loss after tax attributable to owners of the parent of £270,000 and the weighted average number of shares in issue of 502,437,787.

The loss per share calculation for six months to 30 June 2018 is based on the loss after tax attributable to owners of the parent of £1,199,000 and the weighted average number of shares in issue of 449,907,014.

The loss per share calculation for the year ended 31 December 2018 is based on the loss after tax attributable to owners of the parent of £1,270,000 and the weighted average number of shares in issue of 471,460,901. While the Company is loss-making, the diluted loss per share and the loss per share are the same.

 

9.   Cash at bank

 

 

Unaudited

Audited

 

30 June
2019

30 June
2018

31 December
2018

 

£'000

£'000

£'000

Cash at bank

595

1,065

580

 

10.  Net cash

 

 

Unaudited

Audited

 

30 June
2019

30 June
2018

31 December
2018

 

£'000

£'000

£'000

Cash at bank

595

1,065

580

Less Invoice discount facility

(267)

(453)

(553)

 

328

612

27

 

11.  Borrowings

 

 

Unaudited

Audited

 

30 June 2019

30 June 2018

31 December 2018

 

Current

Non-current

Current

Non-current

Current

Non-current

 

£'000

£'000

£'000

£'000

£'000

£'000

Invoice discount facility

267

-

453

-

553

-

Convertible loan notes

-

1,052

-

1,017

-

1,035

 

267

1,052

453

1,017

553

1,035

 

12.  Trade and other payables

 

 

Unaudited

Audited

 

30 June 2019

30 June 2018

31 December 2018

 

Current

Non-current

Current

Non-current

Current

Non-current

 

£'000

£'000

£'000

£'000

£'000

£'000

Trade payables

360

-

388

-

346

-

Other payables

345

-

298

-

333

-

Social security and other taxes


122


-


298


-


146


-

Lease obligations

35

334

31

369

33

352

Contract liabilities

150

-

75

-

151

-

Employee short-term liabilities


67


-


120


-


57


-

Accrued expenses

947

-

985

 

917

-

 

2,026

334

2,195

369

1,983

352

 

 

 

13.  Convertible loan note

The convertible loan note recognised in the Condensed Consolidated Balance Sheet is calculated as:

 

 

Financial liability

Equity component


Total

 

£'000

£'000

£'000

Carrying amount at 1 January 2019

1,035

82

1,117

Interest expense

62

-

62

Interest paid

(45)

-

(45)

Carrying amount at 30 June 2019

1,052

82

1,134

 

The convertible loan note falls due for repayment in February 2021. The convertible loan note is, at the option of the loan note holder, convertible at anytime into new ordinary shares of 1 penny each at a conversion price of 4 pence per share.

 

14.  Share capital

During the six months ended 30 June 2019, 19,604,742 new Ordinary Shares of 1 penny each were issued to satisfy share options with an exercise price of 1 penny granted under the Company's EMI share scheme. During this period, the weighted average share price at the date of exercise was 1.29 pence (six-month period to 30 June 2018: 1.25 pence; December 2018: 1.25 pence)

 

15.  Exceptional items

The net exceptional cost reported in the prior period relates to restructuring costs incurred during the year which includes payments for loss of office, redundancy payments, professional fees and share-based payment expense offset by the release of contractual bonus accruals.

 

Exceptional items reported in the six month period to 30 June 2018

£'000

Compensation for loss of office

194

Redundancy payments

38

Legal and consulting fees

31

Share-based payment expense

81

Contractual bonus accruals reversal

(202)

 

142

 

There were no exceptional items in the current period.

 

16.  Seasonal fluctuations

Revenues in our Distributor markets are traditionally higher in the second half of the financial year due to the purchasing patterns of customers.

 

 

17.  Restatement of prior period balance sheet amounts
Certain comparative balances at 30 June 2018 have been restated to reflect presentational changes made in the preparation of the 2018 Annual Report & Accounts. The table below summarises the changes made:

 


As reported

Separate presentation of financial assets held at amortised cost

Separate presentation of other assets


As restated

 


£'000

Current
£'000

Non-current
£'000


£'000


£'000

Trade and other receivables

1,480

(245)

(155)

(72)

1,008

 

 

 

 

 

 

 

 







As reported


Re-classification as non-current component of convertible loan note



Re-categorisation of lease liability as other payable







As restated

 

£'000

£'000

£'000

£'000

Borrowings - current

(594)

88

53

(453)

 

 







As reported


Re-categorisation of employee short-term liabilities from provisions



Re-categorisation of lease liability as other payable







As restated

 

£'000

£'000

£'000

£'000

Current liabilities

 

 

 

 

Trade and other payables

(2,043)

(121)

(31)

(2,195)

 

 






As reported

Re-classification as non-current component of convertible loan note


Re-categorisation of lease liability as other payable






As restated

 

£'000

£'000

£'000

£'000

Non - current liabilities

 

 

 

 

Borrowings

(1,276)

(88)

347

1,017

 

 

 

 

 






As reported




Re-categorisation of lease liability as other payable






As restated

 

£'000

£'000

£'000

Non - current liabilities

 

 

 

Trade and other payables

-

(369)

(369)

 

 






As reported



 

Re-categorisation of employee short-term liabilities to other payables






As restated

 

£'000

£'000

£'000

Non - current liabilities

 

 

 

Provisions

(235)

121

(114)

 

18.  Foreign exchange rates

The following are the principal foreign exchange rates used in the preparation of the condensed consolidated interim financial statements:

 

 

Unaudited

Audited

 

30 June 2019

30 June 2018

31 December 2018

 

Average
rate

Closing
rate

Average
rate

Closing
rate

Average
rate

Closing rate

Sterling/US dollar

1.30

1.27

1.37

1.32

1.33

1.27

Sterling/Euro

1.15

1.12

1.14

1.13

1.13

1.11

Sterling/Canadian dollar

1.73

1.66

1.73

1.73

1.73

1.73

 

19.  Distribution of the announcement

Copies of this announcement are sent to shareholders on request and will be available for collection free of charge from the Company's registered office at Terminus Road, Chichester, PO19 8TX, United Kingdom. This announcement is available, free of charge, from the Company's website at www. deltexmedical.com

 

20.  Cautionary statement

This announcement contains forward-looking statements which are made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by several risks and uncertainties that are inherent in any forward-looking statement which could cause actual results to differ materially from those currently anticipated. Nothing in this document should be considered to be a profit forecast.

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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