Deltex Medical Group plc (AIM: DEMG), the global leader in Oesophageal Doppler Monitoring (“ODM”), today announces an update on trading for the half-year ended 30 June 2019.
The Group has made a good start in the first six months of 2019 and expects to report a positive adjusted EBITDA for the period. The Group had £0.6 million cash at bank as at 30 June 2019 with net cash (cash at bank less invoice discount facility drawdown) improved by £300,000 to £328,000 at the end of the period.
As previously reported, the Group re-based itself during the second half of 2018 leading to total revenues for the half-year ended 30 June 2019 of 2.0 million (H1 2018: £2.3 million).
Total revenue in the USA was £0.7 million (H1 2018: £0.8 million) with a strong start made to July with revenue of c.£0.1 million recognised for orders received right at the end of June that could not delivered within the first half. The re-based US operations now consistently contribute monthly positive EBITDA to the consolidated results.
International revenues were £0.6 million (H1 2018: £0.7 million) which were held back by the impact of our French distributor which has continued to make inventory reductions due to the lower level of its probe sales made during the implementation of the previously announced Paris Hospital tender.
UK revenues were £0.7 million (H1 2018: £0.8 million) reflecting the continuing difficult trading conditions experienced with the NHS.
Nigel Keen, Deltex Medical’s Chairman, commented:
“I am pleased to see that both the profitability and cash generation reported in Q4 2018, our strongest quarter, has continued in H1 2019.
The Group has also made a good start to H2 2019 with several large orders that were received at the end of June by both our US and International businesses being delivered in the first few days of the new period.
Trading for the first six months was in line with the Board’s expectations, and we expect the outturn for the full year to be in line with market expectations.”
physiomics