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LiDCO Group Plc (LID)

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Thursday 10 August, 2017

LiDCO Group Plc

First High Usage Programme Account in US

RNS Number : 5905N
LiDCO Group Plc
10 August 2017
 

LiDCO Group Plc

("LiDCO" or the "Company")

 

First High Usage Programme Account in US

 

LiDCO (AIM: LID), the hemodynamic monitoring company, announces that it has signed its first US customer for its recently launched differentiated High Use Programme (HUP) business model. The customer, one of the world's largest and most respected cancer hospitals, has signed an agreement for 44 monitors on the LiDCO High Use Programme. The two-year agreement will commence on 1 September 2017 and enables the hospital to have unlimited use of LiDCO's non-invasive and minimally invasive technology. When annualised this agreement represents a 35% uplift in LiDCO's annual recurring revenues in the United States.

 

Under the agreement, LiDCO will place its new advanced hemodynamic monitoring platform LiDCOunity v2 with the customer and provide an annual software license, clinical implementation support and on-going technical support. The agreement is subject to various customary obligations and rights, including certain early termination rights as well as an option for the customer to renew the agreement for 12 months at a time for up to a further two years. The customer will pay annually in advance for the software licenses and revenues and related costs will be recognised monthly over the anticipated life of the agreement.  LiDCO and the customer have agreed to work together to expand the adoption and assist in the auditing of outcomes to measure the benefits of the LiDCO technology. 

 

The US dynamic hemodynamic monitoring market is experiencing significant growth and is estimated to be currently worth in excess of $100 million per annum. LiDCO has recently completed its first wave of investment in additional US commercial resources, more than doubling its presence in this market. The HUP is a differentiated offering aimed at gaining market share in the world's largest hemodynamic market.

 

More information about LiDCO can be found on our new website www.lidco.com

 

Commenting on the first High Usage Programme account win, Matt Sassone, Chief Executive Officer of LiDCO, said: "I am extremely pleased that such a large and prestigious institution in the US has decided to exclusively partner with LiDCO under our High Usage Programme (HUP). Our aim is to establish LiDCO technology as a standard of care whilst gaining market share in the world's largest hemodynamic monitoring market. Having this first HUP customer is key to our aspirations and marks the start of an exciting period ahead for LiDCO in the United States.

 

"This is the second significant US hospital we have converted so far this year - the other account purchased 20 monitors prior to the launch of the HUP with the traditional per patient cost model. These two new accounts demonstrate our business model flexibility and ability to convert US customers to our technology."

 

For further information, please contact:

 

LiDCO Group Plc

www.lidco.com

Matt Sassone (CEO)

Tel: +44 (0)20 7749 1500

 

 

finnCap

Tel: +44 (0)20 7600 1658

Geoff Nash / Emily Watts  (Corporate Finance)

 

Stephen Norcross (Corporate Broking)

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or [email protected]

Paul McManus

Mob: 07980 541 893

Lianne Cawthorne

Mob: 07584 391 303

 

 

About LiDCO Group Plc (www.lidco.com)

LiDCO is a supplier of non-invasive and minimally invasive hemodynamic equipment to hospitals used to monitor the amount of blood flowing around the body and ensure that vital organs are adequately oxygenated. LiDCO's products facilitate the application of hemodynamic optimisation protocols for high risk patients in both critical care units and in the operating theatre. 

 

Increasingly clinical studies are showing that the optimisation of patients' hemodynamic status in high risk patients produces better outcomes and reduced hospital stay.  LiDCO's computer-based technology, originally developed at St Thomas' Hospital in London, has been shown to significantly reduce morbidity and complications, length of stay and overall costs associated with major surgery.

 

Key Products:

 

LiDCOunity: a hemodynamic monitor that combines the full suite of LiDCO technology (non-invasive, minimally invasive and calibrated technologies) into one platform. Designed to have the flexibility to adapt to a patient's changing acuity, the product enables clinicians to seamlessly transition between non-invasive, minimally invasive and calibrated hemodynamic monitoring. Version 2 of this software is only available on a new slim widescreen monitor and includes the optional high usage program software in selected markets.

 

LiDCOplus: a computer-based platform monitor used in the Intensive Care Unit for real-time continuous display of hemodynamic parameters including cardiac output, oxygen delivery and fluid-volume responsiveness.

 

LiDCOrapid: a cardiac output monitor designed specifically for use in the operating theatre for fluid and drug management. The monitor enables anaesthetists to receive accurate and immediate feedback on the patient's fluid and hemodynamic status - a key measure of overall well-being before, during and after surgery.  The LiDCOrapid provides:

 

·     early and rapid warning of hemodynamic change to aid choice of therapeutic route: fluid or drug

·     quantification of hemodynamic response guidance on effective delivery of fluids to ensure the right amount at the right time

 

The software incorporated into LiDCOrapid allows the LiDCOrapid monitor to co-display Medtronic's level of consciousness parameter ('BISTM')* and add the convenience of CNSystem's continuous non-invasive blood pressure monitoring ('CNAP')**. This addresses a growing requirement for non-invasive monitoring solutions that are more comprehensive and can effectively replace multiple single parameter monitors. 

 

LiDCOview: an easy-to-use graphical display of historical LiDCOplus and LiDCOrapid hemodynamic data.

 

*BISTM and Bispectral Index are trademarks of Medtronic registered in the US and foreign countries.

**CNAPTM is a trademark of CNSystems Medizintechnik AG.

 

LiDCO monitors use single-patient disposables (sensors or smartcards) which provide an ongoing revenue stream. 

 

LiDCO Distribution Network:

LiDCO sells directly to hospitals in the UK and USA and through a network of specialty critical care and anaesthesia distributors in the rest of the world.

 

LiDCO's headquarters are in London and its shares are traded on AIM.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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