Deltex Medical upbeat on first half trading

West Sussex-based Deltex Medical said it saw good progress in the first half as the bloodflow monitoring firm said probe unit sales across the group had increased 16% - driven by international markets.

This had happened despite a significant reduction of group-wide sales teams, it told investors in a trading update covering the six months to end-June.

READ MORE: Deltex Medical eyeing long-term growth after significant year for TrueVue system

Unaudited revenues in the period was £1.06 million (H1 2023: £1.06 million), not including a further £92,000 of orders received in the first half, which were awaiting components or payment prior to shipping, Deltex Medical said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was positive for two months during the first half and continuing improvement in EBITDA was expected in H2, it added.

"We have made good progress during H1 in selling and creating pipeline for the new TrueVue System into the UK and EU with many of our European distribution partners purchasing the new monitors and starting to give clinical demonstrations to their customer base," said chairman Nigel Keen in the statement.

"The significant growth in our probe unit sales into the International markets shows that our plan to focus more into International markets is working, and we expect to see this continue through H2 and remain confident for the rest of the year."

The company had cash at hand on June 30 of £325,000, compared to £107,000 in H1, 2023.

Deltex Medical's aim is to drive recurring revenues associated with the sale of single-use disposable ODM probes which are used in the TrueVue System and to complement these revenues with a new incremental revenue stream from its new non-invasive technology.

Both the existing single-use ODM probe and the new, non-invasive device will connect to the same, new TrueVue monitor which was released onto the market in November last year.