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RNS Number : 0643A
Deltex Medical Group PLC
18 January 2024
Prior to publication, the information contained within this
announcement was deemed by the Group to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
18 January 2024
Deltex Medical Group plc
("Deltex Medical" or the "Group")
Year-end trading update
The Board of Deltex Medical (AIM: DEMG) provides a trading
update following the close of the financial year ended 31 December
2023.
Highlights
-- New TrueVue System launched in the UK and EU and now being
launched in other international territories.
-- Successfully completed field trials in the UK for the new
TrueVue System which enabled first sales in November 2023.
-- Invested in and successfully accomplished the cost-cutting
and restructuring plan, removing approximately GBP1.0 million of
annualised costs.
-- Unaudited revenue for the year in line with management expectations at GBP1.8m.
Operational update
The financial year ended 31 December 2023 ("FY23") marked
several notable milestones for the Group's next generation TrueVue
System. Following the launch of the Group's new TrueVue System in
June 2023, the Group received positive feedback on the new system
following in-hospital testing in the UK and the Group made first
sales of the new TrueVue System in November 2023. Further shipments
of the new system are taking place this month following receipt of
components for the first larger production run, giving the Group a
strong start to 2024.
Now that the next generation TrueVue System has been
successfully launched in the UK and Europe, Deltex Medical is
actively promoting it internationally. In relation to the middle
east region, the Group is exhibiting at Arab Health 2024 which will
be held in Dubai at the end of January 2024. In addition, the Group
will be promoting the new TrueVue System in southeast Asia at the
World Congress of Anaesthesia in Singapore at the beginning of
March. The Group will also focus this year on applying for US
regulatory approval of the new system, as well as for other key
territories such as Latin America and South Korea.
Deltex Medical continues to support a small number of
potentially substantial tenders from its International division. In
this regard, in January 2024, the Group received initial probe
orders from one of its Latin American distributors, to supply
probes for the initial former generation TrueVue systems already
installed as part of this two-year contract.
The Group continues to develop the new non-invasive
Doppler-based haemodynamic monitoring device that is complementary
to its existing product range, and which will also run on the new
TrueVue System, and work continues on a prototype for clinical
evaluation in a leading UK hospital.
Group results
Following a period of weak trading and reduced cashflow in the
first half of 2023, as announced by the Group on 26 June 2023, the
Group is pleased to have since successfully completed a fundraising
and the restructuring of the Group's business as well as achieving
annualised cost savings of approximately GBP1.0 million.
Group unaudited revenues for the year ended 31 December 2023
were GBP1.8 million (2022: GBP2.5 million), in line with
management's expectation. Cash at hand for the Group as at 31
December 2023 was GBP0.7 million (2022: GBP0.5 million). While the
Group has experienced weaker trading for the year ended 31 December
2023, the Board believes that recent improvements, including but
not limited to, the launch of its new TrueVue System combined with
the Group's new streamlined cost base, positions the Group well for
long-term growth.
For further information, please contact:
Deltex Medical Group plc 01243 774 837
Nigel Keen, Chairman investorinfo@Deltexmedical.com
Andy Mears, Chief Executive
Natalie Wettler, Group Finance Director
Nominated Adviser and Broker
Allenby Capital Limited 020 3328 5656
Jeremy Porter / Vivek Bhardwaj (Corporate info@allenbycapital.com
Finance)
Tony Quirke / Stefano Aquilino (Sales
& Corporate Broking)
Notes for Editors
Deltex Medical's technology
Deltex Medical's TrueVue System uses proprietary haemodynamic
monitoring technology to assist clinicians to improve outcomes for
patients as well as increase throughput and capacity for
hospitals.
Deltex Medical has invested over the long term to build a unique
body of peer-reviewed, published evidence from a substantial number
of trials carried out around the world. These studies demonstrate
statistically significant improvements in clinical outcomes
providing benefits both to patients and to the hospital systems by
increasing patient throughput and expanding hospital capacity.
The Group's flagship, world-leading, ultrasound-based
oesophageal Doppler monitoring ("ODM") is supported by 24
randomised control trials conducted on anaesthetised patients. As a
result, the primary application for ODM is focussed on guiding
therapy for patients undergoing elective surgery, although sedated
patients in intensive care are still an important part of our
business. The Group's new, next generation system makes the use of
the ODM technology more intuitive and provides augmented data on
the status of each patient.
Deltex Medical's engineers and scientists carried out successful
research in conjunction with the UK's National Physical Laboratory
("NPL"), which has enabled the Group's 'gold standard' ODM
technology to be extended and developed so that it can be used
completely non-invasively. This will significantly expand the
application of Deltex Medical's technology to non-sedated patients.
This new technological enhancement, which will be released on the
new next generation system, will substantially increase the
addressable market for the Group's haemodynamic monitoring
technologies and is complementary to the long-established ODM
evidence base.
Deltex Medical's new non-invasive technology has potential
applications for use in a number of healthcare settings,
including:
-- Accident & Emergency for the rapid triage of patients,
including the detection and diagnosis of sepsis;
-- in general wards to help facilitate a real-time, data-driven
treatment regime for patients whose condition might deteriorate
rapidly; and
-- in critical care units to allow regular monitoring of
patients post-surgery who are no longer sedated or intubated.
One of the key opportunities for the Group is positioning this
new, non-invasive technology for use throughout the hospital.
Deltex Medical's haemodynamic monitoring technologies provide
clinicians with beat-to-beat real-time information on a patient's
circulating blood volume and heart function. This information is
critical to enable clinicians to optimise both fluid and drug
delivery to patients.
Deltex Medical's business model is to drive the recurring
revenues associated with the sale of single-use disposable ODM
probes which are used in the TrueVue System and to complement these
revenues with a new incremental revenue stream to be derived from
the Group's new non-invasive technology.
Both the existing single-use ODM probe and the new, non-invasive
device will connect to the same, next generation system launched in
July 2023. Monitors are sold or, due to hospitals' often protracted
procurement times for capital items, loaned in order to encourage
faster adoption of the Group's technology.
Deltex Medical's customers
The principal users of Deltex Medical's products are currently
anaesthetists working in a hospital's operating theatre and
intensivists working in ICUs. This customer profile will change as
the Group's new non-invasive technology is adopted by the market.
In the UK the Group sells directly to the NHS. In the USA the Group
sells directly to a range of hospital systems. The Group also sells
through distributors in more than 40 countries in the European
Union, Asia and the Americas.
Deltex Medical's objective
To see the adoption of Deltex Medical's next generation TrueVue
System, comprising both minimally invasive and non-invasive
technologies, as the standard of care in haemodynamic monitoring
for all patients from new-born to adult, awake or anaesthetised,
across all hospital settings globally.
For further information please go to www.deltexmedical.com
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