The West Sussex-based company launched its next generation TrueVue system in July, 2023
West Sussex-based Deltex Medical told investors it was 'well positioned' for long-term growth as it updated on trading for the year to December 31, 2023.
The company is behind oesophageal Doppler monitoring (ODM) technology, aimed at improving patient outcomes and increasing throughput at hospitals, and it launched the next generation TrueVue system in July, 2023 with first sales in November last year.
READ MORE: Deltex Medical Group eyeing TrueVue monitor sales as it unveils board changes
Having launched in the UK and Europe, Deltex Medical is now actively promoting the TrueVue system internationally, the company said.
In the Middle East, Deltex is exhibiting at Arab Health 2024 in Dubai at the end of January and the company will be at the World Congress of Anaesthesia in Singapore at the beginning of March.
"The group will also focus this year on applying for US regulatory approval of the new system, as well as for other key territories such as Latin America and South Korea," it said in the stock market statement.
Notably, the company added it had received initial probe orders from one of its Latin American distributors this month (January), to supply probes for the initial former generation TrueVue systems already installed as part of a two-year contract.
Deltex Medical's unaudited revenues in 2023 came in at £1.8 million (2022: £2.5 million), which were in line with management's expectations, while cash at the end of the year stood at £0.7 million (2022: £0.5 million).
The year also saw a completed fundraising and a restructuring of the business and annualised cost savings of around £1 million.
"While the group has experienced weaker trading for the year ended 31 December 2023, the board believes that recent improvements, including but not limited to, the launch of its new TrueVue System combined with the group's new streamlined cost base, positions the group well for long-term growth," it said.
Deltex Medical's new technology can be used in potentially a number of healthcare settings, including Accident & Emergency, general wards and critical care units to allow regular monitoring of patients after surgery.
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