LiDCO (AIM: LID), the hemodynamic monitoring company, announces its audited Final Results for the year ended 31 January 2019. The Group has delivered good progress for the roll out of its High Usage Programme (‘HUP’). Whilst this transition has had a short-term impact on revenues, the Group is now well-positioned for strong growth in the current financial year.
Operational highlights
- Recurring revenues increased to 81% of total LiDCO product revenues (2018: 71%)
- Global contracted base of HUP monitors increased to 164 (2018: 96) monitors generating total annualised license revenues of £1.40m (2018: £0.73m)
- US contracted base of HUP monitors increased to 95 monitors (2018: 58 units); US recurring revenues grew nearly 50% to £1.27m (2018: £0.85m)
- Three of LiDCO’s larger UK customers signed multi-year HUP contracts – representing £0.45m (14%) of LiDCO’s 2018/19 recurring revenues in the UK
- Exclusive UK distribution agreements signed with Maicuff, Antmed and Xavant
- Submission for new monitoring platform made to Chinese regulatory authorities
- New exclusive distributors signed in Sweden, Finland, Romania, Taiwan, and Sri Lanka
Financial highlights
- Total revenue of £7.32m (2018: £8.27m). LiDCO product revenue (excluding third-party products) was down 10% to £6.19m (2018: £6.87m), the reduction due to a number of non-recurring factors
- HUP deferred revenues of £0.77m up 28% (2018: £0.60m)
- Gross margin (excluding third-party products) of 74.5% (2018: 73%)
- Adjusted loss before tax* of £1.99m (2018: loss £1.84m)
- Reported loss before tax of £2.14m (2018: loss £2.22m)
- Loss per share of 0.80 pence (2018: loss per share 0.86 pence)
- Net cash outflow before financing of £1.51m (2018: £1.67m), H2 cash outflow £0.32m (2018: £0.76m)
- Debt free with cash at year-end of £1.72m (2018: £3.23m)
* adjusted for share-based payments of £0.1m in both 2018 and 2019 and one-off stock write-down of £0.3m in 2018
Post year end
- Further 48 HUP monitors signed, bringing the global contracted base of HUP monitors to 212, generating total annualised license revenues of £1.82m
- Appointment of Tim Hall as Chief Financial Officer
- New master distributor appointed in Latin America
Commenting on the results Matthew Sassone, Chief Executive Officer, said: “We continue to make good progress with the transition to the HUP business model and it’s pleasing to see a further 48 HUP monitors signed since the year end. Since launching HUP in mid-2017 we have built a recurring revenue base from HUP of over £1.8m. The growing base of HUP monitors and the underlying fundamentals of the business positions the Company for strong growth in the current financial year and beyond.” lidco-grp