Deltex Medical Group eyeing TrueVue monitor sales as it unveils board changes
Deltex Medical Group said it expected a "strong start" to the new year as more of its new TrueVue monitoring devices are shipped as the medtech group also unveiled board changes.
The West Sussex-based company launched its next generation TrueVue system in July this year and in-hospital testing over the last three months had gone to plan, it said, while feedback had confirmed its performance was "equivalent or better" than the existing device.
READ MORE: Deltex Medical announces launch of its next generation monitoring system in UK and EU
The first in market sale of the new monitor was completed at the end of November and initial new orders are expected to be fulfilled over 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 added.
Deltex also told investors that its restructuring plan to remove around £1 million from its cost base has been successfully completed.
Also in the statement, it said seasoned business leader Ben Carswell has joined its board as a non-exec director with effect from December 1, while Julian Cazalet, Mark Wippell and Professor Tim Irish have stepped down as non-exec directors at the same time following a company review and part of its ongoing efforts to realise cost savings.
Chris Jones, currently a non-executive director, becomes a senior independent non-executive director (SID).
"I am very pleased to welcome Ben to the Board of Deltex Medical," said the firm's chairman Nigel Keen.
"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."
The company said the board had also approved Cooper Parry as its new external auditor after a tender process and the resignation of CLA Evelyn Partners.
Deltex Medical is aiming to drive recurring revenues with the sale of single-use disposable oesophageal doppler monitoring (ODM) probes, which are used in the TrueVue System and to complement these revenues with new revenue to be derived from its new non-invasive technology.
Both its existing single-use ODM probe and the new, non-invasive device connect to the same, next generation monitor launched in July this year.
Monitors are sold or (due to hospitals' often protracted procurement times for capital items) loaned in order to encourage faster adoption of the technology.
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