14th Jul 2014 09:08
LONDON (Alliance News) - Deltex Medical Group PLC Monday expressed growing confidence for the future due to increasing interest in its oesophageal Doppler monitoring products.
The company's technology is used to measure blood flow during surgery by generating a low-frequency ultrasound signal utilising the Doppler effect. The Doppler effect, discovered by Austrian physicist Christian Doppler, is the change in frequency of a wave for an observer moving relative to its source, such as the way in which the noise of a siren changes when it passes by.
Deltex said that its sales for the half year to end-June are expected to be around GBP3.0 million, slightly up from GBP2.9 million in the previous year.
US surgical probe sales rose 20% before foreign exchange differences in the half year, although UK surgical probe sales were down 13% due to National Health Service de-stocking.
International sales of its surgical probes were up 11%.
Deltex said it expects to exit 2014 with a stronger UK market position than it had at the start of the year, as the NHS continues to engage clinicians and hospitals in its innovation agenda.
It will keep its UK business under close review to make sure its maximising its cash generation. It continues to roll-out its expansion plans in the US, and expects further progress in this business in the second half of 2014.
"The funds raised via the placing and open offer in June 2014 have provided us with the resources to capitalise on the growing international interest in ODM, and we look to the future with growing confidence," said Chairman Nigel Keen in a statement.
Deltex raised GBP509,234 before expenses through an open offer of shares at 11p per share. About 49% of a total offer of 9.5 million shares was taken up by shareholders in the 1 for 18 rights issue.
Deltex will announce its interim results in the week of September 8.
Shares in Deltex were trading flat at 10.38 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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