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Deltex Medical Group sees losses narrow despite faltering revenue growth
Oesophageal Doppler monitoring firm Deltex Medical Group saw its shares dip on Wednesday after the company revealed that, although its 2017 pre-tax loss had narrowed, the company's revenues declined 6% to £5.9m.
The company attributed the revenue decline to a £500,000 decline from UK probe sales, while international sales also fell, by 5% to £1.9m, but offset by 5% growth in US revenues to £2m.
Despite this, the company managed to pare its pre-tax loss by 16%.
Management said it achieved savings by bringing probe production in house and putting new manufacturing processes in place, resulting in a £400,000 reduction in its operating losses.
Nigel Keen, chairman of Deltex Medical, said: "The progress made towards operating cash breakeven and profitability through improved consumable margins and reduced overheads made during 2017 was partially offset by a disappointing second half sales performance."
In the meantime, Deltex Medical also announced the launch of the TrueVue Loops display software on its CardioQ-ODM+ haemodynamic monitoring platform.
The AIM-traded company said the software will allow users to view a simultaneous display of a patient's aortic blood flow velocity, taken directly from the TrueVue Doppler probe, and aortic blood pressure, from a continuous blood pressure device.
Ewan Phillips, chief executive of Deltex Medical, said: "By giving doctors, for the first time ever, a complete and continuous picture of a patient's central haemodynamic status the Loops should take the science of haemodynamics forward in both intensive and peri-operative care. The initial focus on vaso-active drugs offers the possibility of Deltex building a strong competitive advantage in this area to match its existing strength in fluid management."
Doctors from Paris' Lariboisiere Hospital developed the software with a focus on using TrueVueTM Loops to identify the effects of administering vaso-active drugs and to guide their safe administration.
As of 1247 BST, Deltex Medical Group's shares were down 7.14% at 1.30p.