24th Sep 2018 08:53
LONDON (Alliance News) - Shares in Deltex Medical Group PLC fell Monday as it said it is re-evaluating its strategy following slower than expected sales.
Shares in the company were 23% lower on Monday, trading at 1.10 pence each.
Deltex, which has developed a haemodynamic monitoring technology called the TrueVue System, has been investing to expand the use of TrueVue.
However, the firm said adoption has been slower than anticipated, hitting revenue, and thus meaning it is still using rather than generating cash.
Turning to interim results, Deltex's revenue for the six months to June came in at GBP2.3 million compared to GBP2.9 million a year prior. Its pretax loss was GBP1.2 million, broadly flat year-on-year.
Deltex said it has "world-leading" technology, and it believes it is well positioned to grow financial returns.
However, 2018 revenue is predicted to be lower than 2017 and behind market expectations due to lower sales. However, loss is estimated to be in line with market expectations due to reduced costs.
In 2017, revenue was GBP5.9 million, declining from GBP6.3 million in 2016. Pretax loss stood at GBP2.1 million versus GBP2.5 million loss.
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