Monitoring company pumps out profits

LiDCO, the Hoxton-based cardiovascular monitoring company, has reported increased revenues of £2.49m, up 23 per cent from a year earlier.

The group posted a 41 per cent rise in recurring revenue to £1.63m and said it had achieved a 12 per cent increase in gross profit to £1.51m with a gross margin of 61 per cent, compared with 68 per cent a year earlier.

Sales were up 23 per cent to £2.49m against a background of reduced capital spend by hospitals. However, the group’s LiDCOplus monitor device posted a slower rate of growth, partly due to the resources spent in launching the LiDCOrapid monitor.

The domestic UK market represented a 33 per cent share of total sales revenue. Sales in the US saw the largest increase, with overall revenues up by 233 per cent to £1.16m and an increase of 157 per cent in recurring disposables income.

In July the group signed an exclusive distribution agreement for the LiDCOrapid monitor with US-based medical group, Aspect.