11th Jan 2022 10:52
(Alliance News) - Deltex Medical Group PLC on Tuesday that revenue for 2021 will be down on the year before, as the Covid-19 pandemic caused a global reduction in the number of elective surgeries.
The Chichester-based medical devices manufacturer said revenue totalled GBP2.3 million last year, down 4.2% from GBP2.4 million in 2020. While the first quarter of 2020 was mostly before the pandemic, disruptions persisted all throughout 2021.
Deltex's cash reserves more than halved in 2021, dropping to GBP400,000 on December 31 from GBP900,000 a year before.
Deltex noted that business in the US and UK has not returned to pre-pandemic levels. However, the international division has seen "significant improvements".
The manufacturer has begun work to diversify its offering beyond elective surgery and is hastening its research into Covid-19 related applications of its Doppler-based haemodynamic monitoring system. Deltex secured GBP600,000 worth of grants for this research in 2021.
Deltex also has identified the global backlog of elective surgeries as a potential market opportunity for its TrueVue Doppler technology, which could help minimize hospital stays for patients, thus increasing hospital capacity.
Chair Nigel Keen commented: "Even though the year was impacted significantly by Covid-19, we have made good progress in many areas of the business. We have seen sales growth return to our international division and have also pushed forwards the development of the next generation TrueVue monitor due for release later this year.
"As the world starts to learn to live with Covid-19 and we bring to market our new easy-to-use haemodynamic monitoring technology with applications beyond elective surgery, we believe that our business will grow in 2022."
Deltex's share price fell by 0.7% to 1.34 pence each in London on Tuesday morning.
By Elizabeth Winter; [email protected]
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