REG - Deltex Med Grp PLC - Chairman’s Statement to the Annual General Meeting

Deltex MedicalAnnouncement

17/05/2023 07:00

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RNS Number : 6375Z  Deltex Medical Group PLC  17 May 2023

 

17 May 2023

 

Deltex Medical Group plc

("Deltex Medical" or the "Group")

 

Chairman's Statement to the Annual General Meeting

 

At today's Annual General Meeting of Deltex Medical Group plc (AIM: DEMG), the
global leader in Oesophageal Doppler Monitoring ("ODM"), the Group's Chairman,
Nigel Keen, will make the following statement:

 

AGM Statement

 

"As we outlined in our results statement on 30 March 2023, the Group is making
good progress towards finalising its new, next generation monitor, including
completing the necessary regulatory documentation required for its launch. We
announced in a further update on 25 April 2023 that we intend to launch this
new product in June 2023. The initial product launch will be into the UK and
EU markets, and we will then seek regulatory approval for launch into our
other key global markets over the next 6-18 months.

 

This next generation monitor will also be used as the platform for the new,
non-invasive ultrasound device that we have been developing based on the
Group's core Doppler technology. Clinical evaluations for this novel,
non-invasive device are planned for the end of 2023.

 

We are also supporting one of our distributors in Latin America that included
the current generation Deltex Medical TrueVue ODM+ monitor in a substantial
government-funded national tender. The full extent of the contract award for
the Group is expected to be known within the next couple of months; however,
orders for the ODM+ monitor have already been received by our distributor and
the installation of monitors into hospitals has started. We expect these
monitor sales to give rise to probe orders later this year.

 

In addition, the Group continues to maximise revenues from the current
generation monitor and probes via its direct sales teams in the UK and USA
whilst simultaneously preparing the market for the launch of the new, next
generation monitor.

 

We are looking forward to the financial and marketplace benefits of the launch
of the new, next generation monitor whilst also continuing to convert our
stock of the current version of the ODM+ monitor into cash as a result of
orders in our existing markets."

 

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

 Allenby Capital Limited - Nominated Adviser & Broker            020 3328 5656

 Jeremy Porter / Vivek Bhardwaj (Corporate Finance)              info@allenbycapital.com
 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. The
Group will shortly launch a new, next generation monitor which will make the
use of the ODM technology more intuitive and provide 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 monitor, 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 monitor which is due for launch in 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
(http://www.deltexmedical.com)

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