Lidco said it expects total revenues for the full year ended 31 January 2018 to be up by 1% to £8.27m compared to the prior year period revenues of £8.21m.
Product revenues for the year are expected to be up 2% to £6.87m compared to the prior year period revenues of £6.76m.
The company said its recently launched High Usage Programme (HUP) gained momentum, achieving a global installed base of 96 monitors with total annualised revenue of £0.73m.
In the UK, Lidco had another strong performance, building on its market leading position as product revenues are expected to be up 9% to £4.14m (2017: £3.79m). The growth was driven by strong monitor sales.
Overall revenues outside of the UK and US markets are expected to have declined by 23% to £1.37m (2017: £1.79m) largely due to not being able to sell its products to its Chinese distributor as the company seeks regulatory approval.
Commenting, Matt Sassone, Chief Executive Officer of LiDCO, said: 'Behind the headline numbers I am encouraged by the way our expansion plan is developing. Excluding China, LiDCO sales grew 9% and we start the new financial year with £0.7m of HUP revenues contracted. We have a strong and growing pipeline of opportunities to further drive growth in our key target markets.'
'As the business continues to win HUP contracts, it will transition towards multi-year license revenues, giving good visibility alongside strong cash generation. I expect this to greatly enhance the quality of the Company's earnings although accounting for such contracts will have a short term impact on revenue recognition as the income will typically be spread over the term of the contract as opposed to monitor revenues being recognised up front.'
At 9:58am: (LON:LID) LiDCO Group PLC share price was -0.5p at 6.88p