REG - Deltex Med Grp PLC - Chairman’s Statement to the Annual General Meeting

Deltex MedicalAnnouncement

08/05/2024 07:00

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RNS Number : 5043N  Deltex Medical Group PLC  08 May 2024

 

8 May 2023

 

Deltex Medical Group plc

("Deltex Medical" or the "Group")

Chairman's Statement to the Annual General Meeting

 

At today's Annual General Meeting of Deltex Medical Group plc (AIM:DEMG), the
global leader in Oesophageal Doppler Monitoring ("ODM"), the Group's Chairman,
Nigel Keen, will make the following statement:

AGM Statement

"As we outlined in our results statement the Group is making good progress
with the launch of the new TrueVue monitor in the UK, EU and countries outside
of the EU where European CE marking is recognised and orders from these
regions are increasing.

The Group also continues to maximise revenues from the legacy ODM+ monitor,
and whilst from a regulatory perspective we will continue to support this
device for the next ten years, we have just informed our non-EU distribution
network that this device is now on a last-time buy. We currently hold the
components to build one hundred ODM+ monitors and therefore expect to convert
this stock on our balance sheet into cash over the next twelve months as a
result of orders from our existing international distributors.

Sales negotiations are now underway with multiple distributors, and we expect
to make the first sales on this last-time buy soon.

Work is on-going to register the new TrueVue System into the USA through FDA
510K approval and sales are expected to start in 2025. As well as the USA we
are registering the new TrueVue System into many countries across Asia and
Latin America.

Good progress is being made on the new easy to use non-invasive device, which
will sit within the new TrueVue system, alongside the core ODM technology.

Having met the operational and internal requirements agreed by the Board for
the first quarter, we are confident that we will also achieve that in the
second quarter and our outlook for the rest of the year remains positive."

 

For further information, please contact:

 

 Deltex Medical Group plc                                        01243 774 837
 Nigel Keen, Chairman                                            investorinfo@Deltexmedical.com
 Andy Mears, Chief Executive
 Natalie Wettler, Group Finance Director

 Allenby Capital Limited - Nominated Adviser & Broker            020 3328 5656
 Jeremy Porter / Vivek Bhardwaj (Corporate Finance)              info@allenbycapital.com
 Tony Quirke / Stefano Aquilino (Sales & Corporate Broking)

 

Notes for Editors

Deltex Medical's technology

Deltex Medical's TrueVue System uses proprietary haemodynamic monitoring
technology to assist clinicians to improve outcomes for patients as well as
increase throughput and capacity for hospitals.

Deltex Medical has invested over the long term to build a unique body of
peer-reviewed, published evidence from a substantial number of trials carried
out around the world. These studies demonstrate statistically significant
improvements in clinical outcomes providing benefits both to patients and to
the hospital systems by increasing patient throughput and expanding hospital
capacity.

The Group's flagship, world-leading, ultrasound-based oesophageal Doppler
monitoring ("ODM") is supported by 24 randomised control trials conducted on
anaesthetised patients. As a result, the primary application for ODM is
focussed on guiding therapy for patients undergoing elective surgery, although
sedated patients in intensive care are still an important part of our
business. The Group's new, next generation monitor makes the use of the ODM
technology more intuitive and provides augmented data on the status of each
patient.

Deltex Medical's engineers and scientists carried out successful research in
conjunction with the UK's National Physical Laboratory ("NPL"), which has
enabled the Group's 'gold standard' ODM technology to be extended and
developed so that it can be used completely non-invasively. This will
significantly expand the application of Deltex Medical's technology to
non-sedated patients. This new technological enhancement, which will be
released on the new next generation monitor, will substantially increase the
addressable market for the Group's haemodynamic monitoring technologies and is
complementary to the long-established ODM evidence base.

Deltex Medical's new non-invasive technology has potential applications for
use in a number of healthcare settings, including:

§ Accident & Emergency for the rapid triage of patients, including the
detection and diagnosis of sepsis;

§ in general wards to help facilitate a real-time, data-driven treatment
regime for patients whose condition might deteriorate rapidly; and

§ in critical care units to allow regular monitoring of patients post-surgery
who are no longer sedated or intubated.

One of the key opportunities for the Group is positioning this new,
non-invasive technology for use throughout the hospital. Deltex Medical's
haemodynamic monitoring technologies provide clinicians with beat-to-beat
real-time information on a patient's circulating blood volume and heart
function. This information is critical to enable clinicians to optimise both
fluid and drug delivery to patients.

Deltex Medical's business model is to drive the recurring revenues associated
with the sale of single-use disposable ODM probes which are used in the
TrueVue System and to complement these revenues with a new incremental revenue
stream to be derived from the Group's new non-invasive technology.

Both the existing single-use ODM probe and the new, non-invasive device will
connect to the same, new TrueVue monitor which was released onto the market in
November 2023. Monitors are sold or, due to hospitals' often protracted
procurement times for capital items, may be loaned in order to encourage
faster adoption of the Group's technology.

Deltex Medical's customers

The principal users of Deltex Medical's products are currently anaesthetists
working in a hospital's operating theatre and intensivists working in ICUs.
This customer profile will change as the Group's new non-invasive technology
is adopted by the market. In the UK the Group sells directly to the NHS. In
the USA the Group sells directly to a range of hospital systems. The Group
also sells through distributors in more than 40 countries in the European
Union, Asia and the Americas.

Deltex Medical's objective

To see the adoption of Deltex Medical's new TrueVue monitor, comprising both
minimally invasive and non-invasive technologies, as the standard of care in
haemodynamic monitoring for all patients from new-born to adult, awake or
anaesthetised, across all hospital settings globally.

 

For further information please go to www.deltexmedical.com
(http://www.deltexmedical.com/)

 

 

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