LiDCO Group, the cardiovascular monitoring company, expects product revenues for the year ended 31 January to be up 14% at £6.76m and total revenues, including third party products, to be up 8% at £8.21m. LiDCO said that overall it saw strong demand for monitors with 186 units being sold (2016: 103 units) and continued growth of smartcards up 17% to 46,580 units (2016: 39,975 units). A trading statement said: "In the UK, LiDCO had a strong performance considering the restricted spending climate, with LiDCO product revenues expected to be up 6% to £3.79m (2016: £3.58m), consolidating its position as market leader. "The total number of monitors sold and placed was similar to the previous year at 67 units with the launch of the Company's new monitor LiDCOunity enabling it to achieve a higher selling price with expected monitor revenues of £0.27m, up 13% compared to the prior year. "Disposable units were up 5% to 34,450 (2016: 32,865). Sales of 3rd party products in the UK declined 11% to £1.45m (2016: £1.63m) due to intense pricing pressure. "The company had a strong first half in the USA driven by capital sales as LiDCO won new customer business with revenues for the year expected to be up 8% to £1.15m. "However, with an increasingly competitive environment, overall disposables sales declined largely due to a previously announced significant customer loss. "The company is seeing high levels of hemodynamic monitoring technology adoption in the US but the Company has recognised the challenge of operating in a highly competitive environment with a small team. "The funding announced in December 2016 has enabled LiDCO to start to resource the company adequately to generate further new customer sales and drive greater growth from this highly attractive market. "Investment in sales resource in this market has commenced with the appointment of Shane Doorish as Head of North America, announced on 10 January 2017. "Overall revenues outside of the UK and US markets are expected to have grown 38% to £1.79m (2016: £1.30m) as the company looks to continue its strategy of geographical expansion. "Revenues in regions outside of its two direct markets were helped by strong sales in Japan, the Middle East and China with monitors up 82% to 120 units (2016: 66 units) and disposables up 31% to 20,645 units (2016: 15,700 units). "Additional sales and marketing resources will also be made available in these distribution markets in the new financial year."
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