viewLiDCO Group PLC

LidCo blames delayed sales for lower revenue

Blood monitoring group unveiled pre-tax losses of £340,000 versus profit of £330,000 last time

LidCo has won an NHS supply chain framework deal for its products

Blood monitoring group LidCo Group PLC (LON:LID) unveiled plans to expand, but faced delayed sales and dropped into the red.

During the year to January 2016, LidCo won a five-year purchasing agreement from MedAssets, a US-based group purchasing organisation working on behalf of a large 38 hospital healthcare group.

After the end of the year, it won an NHS supply chain framework deal for its products and renewed a five-year commercial agreement with Argon Medical to distribute their products in the UK and Ireland.

It also said Chinese regulators had formally approved the company's LiDCOrapidv2 product for commercial sale in China.

But revenue fell 8% to £7.59mln due largely to several monitor sales slipping into this financial year.

Product revenue excluding third party products was £5.96mln against £6.63mln a year ago.

Pre-tax losses were  £340,000 versus a profit of £330,000 last time.

Losses per share were 0.21p against earnings a year earlier of 0.18p.

The company was debt free with cash at the end of £1.59mln versus £1.51mln beforehand.

Chief executive Matthew Sassone said: "I have been in the role now for eight months and I am pleased with the progress we have made in implementing the building blocks for future growth.

"Our main challenge going forward is not one of validation for our technology, but rather execution and ensuring that we have the resources to expand our product sales into the many countries where adoption of advanced haemodynamic monitoring is now occurring.

"We are making good progress with the strategy laid out in October 2015 and have plans to expand our commercial efforts to achieve significant top line growth."

Shares fell 0.38p, or 4.3%, to 8.38p.

Quick facts: LiDCO Group PLC

Price: 8.525 GBX

Market: AIM
Market Cap: £20.82 m

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