Deltex Medical Group PLC said on Thursday its pretax loss widened amid impairment expenses while rise in monitor sales drove annual revenue.

The Chichester, England-based cardiac monitoring system maker said its pretax loss widened to £1.1 million from £978,000 in 2021. This was driven by an impairment loss of £39,000, as well as an additional cost of £231,000 in research and development.

Meanwhile, Deltex’s revenue went up by 8.7% to £2.5 million from £2.3 million the previous year, due to an increase in TrueVue monitor sales.

Deltex’s TrueVue monitoring system is used to assist clinicians treating patients with hemodynamic conditions.

The company did not recommend a dividend, unchanged from last year.

Looking ahead, Deltex said that ‘strong interest’ in its next generation TrueVue monitor in the UK will ‘help drive revenues’ in 2023. The company added that there are opportunities for growth in its international division and will focus on maximising commercial benefits in the Latin America region.

Commenting on the results, Chair Nigel Keen said: ‘The ’heavy lifting’ has been done in terms of new product development - and we are expecting the level of investment in research and development to reduce going forwards.

‘The launch of the new, next generation monitor will be extremely helpful for sales across all our territories - both via direct sales and our overseas distributors.’

Shares were up 6.4% at 1.17 pence in London on Thursday morning.

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