Deltex Medical trading well, announces board changes

Deltex Medical updated the market on its commercial progress on Monday and on recent changes to its board, including the appointment of a new non-executive director.

The AIM-traded firm said that over the past three months, in-hospital testing of the new TrueVue monitor had proceeded smoothly, garnering positive feedback and confirming its performance to be equivalent or superior to the existing device.

It completed its first sale of the new TrueVue monitor by the end of November and received initial orders expected to be fulfilled in the coming months.

Following the in-hospital testing phase, minor enhancements were made to the device, and component deliveries were scheduled for the upcoming weeks.

Deltex Medical expected a solid start to the new year as larger quantities of the new TrueVue monitor were prepared for shipment.

Additionally, as reported in its interim results on 18 September, Deltex successfully executed its restructuring plan, removing around £1m from its cost base.

Deltex Medical also announced Benjamin Edward Carswell as a non-executive director, effective 1 December.

It said Carswell would bring a wealth of experience in commercialising software-as-a-service (SaaS) platforms, having worked with start-ups and established businesses.

Currently a non-board director at Kraken Technologies within the Octopus Energy Group, he previously served as chief commercial officer at DPR and held senior positions at Fiserv and MoPowered.

Furthermore, in line with the company’s efforts to realise cost savings, Deltex had decided to reduce the number of directors on its board.

As a result, Julian Cazalet, Mark Wippell, and Professor Tim Irish had stepped down from their positions as non-executive directors, effective from 1 December.

In light of the changes, Chris Jones, an existing non-executive director, would assume the role of senior independent non-executive director.

“I am very pleased to welcome Ben to the board of Deltex Medical,” said chairman Nigel Keen.

“His extensive experience, which includes holding leadership roles in blue chip organisations, establishing international alliances and operations, implementing turn-around strategies, and launching products and services, will be a great benefit to the company going forward.

“The board would like to offer our sincere gratitude to Julian Cazalet, Mark Wippell and Professor Tim Irish for their unequivocable support over the past years and in particular, their instrumental support during the most recent fundraising and broader restructuring.”

At 1147 GMT, shares in Deltex Medical Group were up 16.26% at 0.18p.

Reporting by Josh White for Sharecast.com.