Delayed purchases hurt LiDCO at year-end

LiDCO was still facing challenges at the end of the financial year, as a number of customers slid large orders through past 31 January.

The AIM-traded cardiovascular monitoring company said that, while it had a stronger second half, total revenues for the full year were lower than expected due to the timing of capital monitor purchases - a number of which slipped into the current financial year.

Total revenues for the full year were expected to by £7.6m, down from £8.3m in 2015, with total disposable sales of £4.8m (2015: £5m) and monitor sales of £0.8m (2015: £1.3m).

LiDCO remained cash flow positive for the year, with year-end cash balances of £1.59m - up from £1.51m a year earlier - and was still debt-free.

"Since taking over as CEO six months ago, my key objective has been to transition the business onto a sustainable growth trajectory", said chief executive Matt Sassone.

He said the company had made good progress in restructuring and focusing its sales resource, and believed there remained large opportunities for LiDCO technology globally.

"Our immediate focus is on closing the large capital pipeline and delivering on the strategic activities that I detailed at the interims", he added.

Looking ahead, the company's board said LiDCO had developed substantial pipelines in both the UK and US markets.

LiDCO was due to announce its final results on 12 April. At 0905 GMT, its share price was down 3.64% to 6.62p.