TIDMDEMG
RNS Number : 4842V
Deltex Medical Group PLC
04 December 2023
4 December 2023
Deltex Medical Group plc
("Deltex Medical", the "Company" or the "Group")
Commercial update
Appointment of new Non-Executive Director and other director
changes
Change of auditor
The Board of Deltex Medical (AIM: DEMG) is pleased to provide an
update on commercial progress and Board changes, including the
appointment of a new non-executive director.
Commercial Update
In-hospital testing of the new TrueVue monitor has been on-going
for the past three months and has gone to plan, generating positive
feedback on the new monitor whilst confirming that the performance
is equivalent or better than for the existing device . The first in
market sale of the new TrueVue monitor was completed at the end of
November 2023. In addition, t he Company has received initial
orders for new TrueVue monitors, which it expects to fulfil over
the coming months. As anticipated, following the in-hospital
testing some minor improvements have been made to the new device.
Components are expected to be delivered to complete the next,
larger scale production run over the coming weeks. It is therefore
anticipated that the Group will have a strong
start to the new year as l arger quantities of the new TrueVue monitor are shipped .
As reported in the Interim Results statement on 18 September
2023, the Group's restructuring plan to remove c.GBP1.0m from the
cost base has been successfully completed.
Board changes
The Board of Deltex Medical is also pleased to announce that Ben
Carswell has joined the board of directors of the Company (the
"Board") as a Non-Executive Director with effect from 1 December
2023.
Benjamin ("Ben") Edward Carswell, aged 49, is a seasoned
business leader with experience in commercialising
Software-as-a-Service ("SaaS") platforms for start-ups and
established businesses. Ben is currently a non-board director at
Kraken Technologies, which forms part of Octopus Energy Group. Ben
was previously Chief Commercial Officer at DPR Limited and has held
senior positions at Fiserv and MoPowered. Ben is not currently a
director or partner of any other companies or partnerships and has
not been during the last five years.
Separately, on 14 July 2023 the Company announced, amongst other
matters, its intention to review the composition of the Board in
the near future. In this respect, as part of the Company's ongoing
efforts to realise cost savings where possible, and following a
comprehensive review, the Board has concluded to reduce the number
of directors on the Board. Accordingly, Julian Cazalet, Mark
Wippell and Professor Tim Irish have stepped down from the Board as
Non-Executive Directors, with effect from 1 December 2023. In light
of the aforementioned changes, Chris Jones, currently a
Non-Executive Director, will now become a Senior Independent
Non-Executive Director ("SID").
Nigel Keen, Chairman of Deltex Medical, said:
"I am very pleased to welcome Ben to the Board of Deltex
Medical. 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. We wish them all well in their respective future
endeavours."
Change of auditor
The Company also announces that the Board has approved the
appointment of Cooper Parry as the Group's new external auditor
following a competitive audit tender process, and that CLA Evelyn
Partners Limited (formerly Nexia Smith & Williamson) has
resigned as the Group's auditor.
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 info@allenbycapital.com
Finance)
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, next generation monitor launched
in July 2023. Monitors are sold or, due to hospitals' often
protracted procurement times for capital items, 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 next generation TrueVue
System, 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
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END
UPDFLFVAFELVIIV
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