REG - Deltex Med Grp PLC - Year end trading update

Deltex MedicalAnnouncement

24/01/2023 07:00

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RNS Number : 6116N  Deltex Medical Group PLC  24 January 2023

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to be in the public domain.

 

24 January 2023

 

Deltex Medical Group plc

("Deltex Medical" or the "Group")

 

Year end trading update

 

The Board of Deltex Medical (AIM: DEMG), the global leader in oesophageal
Doppler monitoring, is pleased to provide a trading update following the close
of the financial year ended 31 December 2022 and further to the 'Year end
update' announcement made by the Group on 22 December 2022.

Unaudited revenues for the year ended 31 December 2022 increased by 10% to
£2.5 million (2021: £2.3 million).

Cash at hand for the Group as at 31 December 2022 was £0.5 million (2021:
£0.4 million).

As described in more detail in the Group's 22 December 2022 announcement, the
Group continues to make good progress in the development of its next
generation TrueVue Monitor, including towards obtaining the requisite
regulatory approvals.

Deltex Medical is also continuing to work on securing a small number of
substantial orders within its International division, including the potential
expansion of an order from a distributor in Latin America.

 

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                                    020 3328 5656

Allenby Capital Limited

 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.

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, an important capability for patients
presenting with COVID-19 symptoms;

§ 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 more than 30 major hospitals that
appreciate the value of Deltex Medical's evidence-based approach to
haemodynamic management. 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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