logo-loader
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

shutterstock_162753935-(1).jpg
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: 5.75 GBX

AIM:LID
Market: AIM
Market Cap: £14.04 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Xpediator's Stephen Blyth outlines five-year growth plans as core businesses...

Xpediator PLC's (LON:XPD) Stephen Blyth speaks to Proactive London following the release of its 2019 trading update. The firm saw turnover rise 19% to £212mln - boosted by acquisitions and organic growth while adjusted pre-tax profit's expected to be slightly above £5mln. Blyth says a big...

2 days, 8 hours ago

2 min read