interim results presentation six months to 31 july …...2017/10/10  · interim results...

26
Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill McGregor Chief Finance Officer

Upload: others

Post on 17-Jul-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

Interim Results Presentation Six months to 31 July 2017

October 2017 Matt Sassone Chief Executive Officer Jill McGregor Chief Finance Officer

Page 2: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

22

Disclaimer Thesepresenta,onmaterials(the"Presenta,onMaterials")arebeingsolelyissuedtoanddirectedatpersonshavingprofessionalexperienceinma?ersrela,ngtoinvestmentsandwhoareinvestmentprofessionalsasspecifiedinAr,cle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromo,on)Order2005(the"FinancialPromo,onsOrder")or topersonswhoarehighnetworthcompanies,unincorporatedassocia,onsorhighvalue trustsas specified inAr,cle49of theFinancialPromo,onsOrder(“ExemptPersons”).

ThePresenta,onMaterialsareexemptfromthegeneralrestric,ononthecommunica,onofinvita,onsorinducementstoenterintoinvestmentac,vityonthebasisthattheyareonlybeingmadetoExemptPersonsandhavethereforenotbeenapprovedbyanauthorisedpersonaswouldotherwiseberequiredbysec,on21oftheFinancialServicesandMarketsAct2000(“FSMA”).Anyinvestmenttowhichthisdocumentrelatesisavailableto(andanyinvestmentac,vitytowhichitrelateswillbeengagedwith)onlythoseExemptPersonsdescribedintheaboveparagraph.

ThePresenta,onMaterialsdonotcons,tuteorformanypartofanyofferorinvita,ontosellorissueorpurchaseorsubscribeforanysharesinLiDCOGroupPlc(the“Company”)norshalltheyoranypartofthem,orthefactoftheirdistribu,on,formthebasisof,orbereliedoninconnec,onwith,anycontractwiththeCompanyrela,ngtoanysecuri,es.AnydecisionregardinganyproposedpurchaseofsharesintheCompanymustbemadesolelyonthebasisoftheinforma,onissuedbytheCompanyattherelevant,me.Pastperformancecannotberelieduponasaguidetofutureperformance.

The Presenta,on Materials do not cons,tute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced andimplementedbytheFinancialConductAuthority(“FCA”)byvirtueoftheProspectusRulesInstrument2005)andhavenotbeenapprovedasaprospectusbytheFCA(asthecompetentauthorityintheUK).ThePresenta,onMaterialsdonotcontainanyofferoftransferablesecuri,estothepublicassuchexpressionisdefinedinsec,on102(b)FSMAorotherwiseanddonotcons,tuteorformpartofanyofferorinvita,ontosubscribefor,underwriteorpurchasesecuri,esnorshallthey,oranypartofthem,formthebasisof,orberelieduponinconnec,onwith,anycontractwiththeCompanyrela,ngtoanysecuri,es.

ThePresenta,onMaterialsincludesstatementsthatare,ormaybedeemedtobe,forward-lookingstatements.Theseforward-lookingstatementscanbeiden,fiedby the use of forward-looking terminology, including the terms "believes", "es,mates", "plans", "projects", "an,cipates", "expects", "intends", "may", "will", or"should"or,ineachcase,theirnega,veorothervaria,onsorcomparableterminology.Theseforward-lookingstatementsincludema?ersthatarenothistoricalfactsandincludestatementsregardingtheCompany'sinten,ons,beliefsorcurrentexpecta,onsconcerning,amongotherthings,thean,cipatedfutureperformanceoftheCompany.Anysuchforward-lookingstatements inthePresenta,onMaterialsreflecttheCompany’scurrentexpecta,onsandprojec,onsaboutfutureeventsbut,bytheirnature,forward-lookingstatementsinvolveanumberofrisks,uncertain,esandassump,onsthatcouldcauseactualresultsoreventstodiffermateriallyfromthoseexpressedor impliedby the forward-looking statements.These risks,uncertain,esandassump,onscouldadverselyaffect theoutcomeandfinancialeffectsoftheplansandeventsdescribedherein.Saveasrequiredbylaworregula,onortherulesofanysecuri,esexchange,theCompanyundertakesnoobliga,ontoreleasetheresultsofanyrevisionstoanyforward-lookingstatementsinthisPresenta,onthatmayoccurduetoanychangeinitsexpecta,onsortoreflecteventsorcircumstancesa`erthedateofthePresenta,onMaterials.Inpar,cular,norepresenta,onorwarrantyisgivenbytheCompanyastotheachievementof,andnorelianceshouldbeplacedon,anyprojec,ons, targets,es,matesor forecastsandnothing in thePresenta,onMaterials isor shouldbe reliedonasapromiseorrepresenta,onastoanyfutureevent.

Page 3: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

3

Overview Hemodynamic monitoring company, helping doctors to manage patient’s cardiac function during high risk surgery and critical illness

§  High margin recurring revenue business §  Wealth of clinical evidence endorsing

technology §  Market leader in UK, used in over 50% of NHS

hospitals §  December 2016 £3m fundraise to drive

international expansion §  New monitor platform launch will enable

differentiated pricing model to take market share in $100m US market

Page 4: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

L"

Launch catalysts to accelerate share gain

Expand brand awareness outside of home market

Commercial expansion

Revenue growth in target markets

•! New monitor platform launched in EU & USA •! New differentiating High Usage Programme

•! Major promotional campaigns underway •! Exponential growth in marketing activities

•! Additional headcount (10 FTEs & 5 PTEs) added on plan & on budget

•! US sales up 19% ahead of investment effect •! LiDCO UK sales up 14%

H1 Performance

H1 Achievement Fundraising Objectives

••

••

••

Page 5: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

E"

Post H1 Period End

First US High Usage Programme (HUP) Customer

!! First class reference account !! Financially recognised as an operating lease

but when annualised this agreement represents a 35% uplift in LiDCO’s annual recurring revenues in the USA

!! Up to 4 year deal with annual cash payment upfront

!! Customer has also requested 25 additional monitors on regular placement programme for ICU department

!! FY17-18 total target for USA was 60 HUP monitors

44 High Usage Monitors

With new resources now building a pipeline of opportunities for this highly differentiated offering

Page 6: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

6

High Usage Programme Example A DIFFERENT WAY –

DIFFERENTIATED PRICING MODEL TO GAIN MARKET SHARE

Customer Value Proposition: Let us work with you to measure the improved clinical outcomes from treating more patients whilst helping you save precious dollars

No.ofPatients/Disposables 1410 No.ofPatients/Disposables 3000+

CostperDisposables $275 CostperDisposables N/A

Expiredcablecosts $36,800 Expiredcablecosts N/A AnnualRecurringCostsaving $154,550

HighUsagePlancosts N/A HighUsagePlancosts $270,000 CapitalExpendituresaved $368,000

TotalRecurringCosts $424,550 TotalRecurringCosts $270,000 No.ofAdditionalPatienttreated 1500+

No.ofMonitors 23 No.ofMonitors 23

CostperMonitor $16,000 CostperMonitor $0

TotalMonitorcosts $368,000 TotalMonitorcosts $0

COMPETITORCOSTS

Total$792,550

LiDCOCOSTS

Total$270,000

CUSTOMERSAVINGS

$522,550

Page 7: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

7

H1 Financial Highlights

§  LiDCO product revenues up 8% to £3.27m (H1 2016: £3.03m) §  Total product revenues (including 3rd party products) up 4% to £3.94m

(H1 2016: £3.77m) §  UK revenues up 14% to £1.96m (H1 2016: £1.72m) §  USA revenues up 21% to £0.81m (H1 2016: £0.67m) §  EBIT loss £1.02m (H1 2016: loss £0.36m) following planned investment in

sales and marketing §  Net cash outflow of £0.92m (H1 2016: net cash inflow £0.50m). Cash

balances at 31 July 2017 of £3.98m (31 January 2017: £4.90m) §  Company remains debt free and well-funded to execute its growth

strategy

Page 8: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

8

Income Statement

§  LiDCO product revenues up 8% §  LiDCO product margin 79% (2016: 78%)

§  Sales & Marketing costs increased 47% due to the investment in additional headcount and marketing expenditure

§  Administration costs include one-off costs of £50K & FOREX £67K

§  Product Development costs include increased registration costs in rest of world markets

Sixmonthsended31July

2017

Sixmonthsended31July

2016£'000 £'000

Revenue 3,942 3,774Costofsales (1,240) (1,259)Grossprofit 2,702 2,515

SalesandMarketing (1,915) (1,304)

Operations (614) (584)

Administration (811) (701)

ProductDevelopment (377) (282)TotalCosts (3,717) (2,871)Operatingprofit (971) (312)

Sharebasedpayment (44) (44)Exceptionalcost - -Adjustedoperatingprofit/(loss) (1,015) (356)

Financeincome/(expense) 3 3Profit/(loss)beforetax (1,012) (353)Incometax (5) (10)

Profit/(loss)aftertax (1,017) (363)

EBITDA (609) (1)

Page 9: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

9

Balance Sheet

§  Strong Balance Sheet §  Invested £1m of cash from fundraise §  Debt free §  Well-funded to drive growth

31Jan2017 31Jan2016Unaudited Unaudited

£'000 £'000Non-currentassets 2,862 2,806

CurrentassetsInventory 1,533 1,544Trade&otherreceivables 2,855 2,073Cash 3,983 2,085Totalcurrentassets 8,371 5,702

CurrentliabilitiesTrade&otherpayables (1,778) (1,334)Deferredincome (112) (117)Borrowings - -Totalcurrentliabilities (1,890) (1,451)

Netcurrentassets 6,481 4,251Netassets 9,343 7,057

31July2017 31July2016Unaudited Unaudited

£'000 £'000Non-currentassets 2,862 2,806

CurrentassetsInventory 1,533 1,544Trade&otherreceivables 2,855 2,073Cash 3,983 2,085Totalcurrentassets 8,371 5,702

CurrentliabilitiesTrade&otherpayables (1,778) (1,334)Deferredincome (112) (117)Borrowings - -Totalcurrentliabilities (1,890) (1,451)

Netcurrentassets 6,481 4,251Netassets 9,343 7,057

Page 10: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

10

Cash Flow & Working Capital

§  H1 investment in sales and marketing £530k

§  Working capital flat §  PPE and Intangibles £500k

Sixmonthsto SixmonthstoJuly2017 July2016

£000 £000Profit/(loss)beforetax (1,015) (353)

Cashflowfromoperatingactivities (419) 856Cashusedininvestingactivities (499) (358)Netcashflowbeforefinancing (918) 498Netcashflow-financingactivitiesNetchangeincash (918) 498Openingcash 4,901 1,587Closingcash 3,983 2,085

Page 11: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

11

CapitalSalesRecurringRevenues

Other Total CapitalSalesRecurringRevenues

Other Total

£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000LiDCOproductsUK-Total 380 1,553 30 1,963 71 1,624 26 1,721US 432 356 17 805 236 437 4 674Europe 67 125 4 196 153 191 6 350RestofWorld 82 221 2 305 60 217 3 283

961 2,255 53 3,269 520 2,469 39 3,028

3rdpartysalesUK - 673 - 673 - 746 - 746Totalrevenue 961 2,928 53 3,942 520 3,215 39 3,774

SixmonthstoJuly2017 SixmonthstoJuly2016

Revenues by region

§  UK: Strong capital revenues driven by new monitor launch. Small decline in recurring revenue due to timing of consumable orders

§  USA: New customers driving capital revenues. New resources beginning to reverse recurring revenue reduction

§  EU: Timing of historic orders from a few distribution partners §  ROW: Growth driven by Japan & Middle East

Capitalsalesincludethesalesofmonitorsandotherequipmenttocustomers.Recurringrevenuesincludesalesofsmartcards,sensors,so9warelicensesandservicecontracts.JapanrevenueshavenowbeenincludedwithinRestofWorld.

Page 12: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

C!"

UK Market

LiDCO sales up 14% to £1.96m (H1 2016: £1.72m)

"! Market Leader "! Market 10%

penetrated vs NICE recommendation*

H1 Performance Market Share

H1 highlights:

!! Accelerating year-on-year growth !! 22 monitors sold (2016: 8 monitors sold) !! Increasing ASPs across the product range !! Additional resources focused on previously

underserved regions

Maintaining a growing platform in the UK underpins the Company’s performance as it looks to expand geographically

Infrastructure investment

U0/)/;+0"G'%;/+0/&*&"

YZ"G+0%&"4+)+7%("

G+0%&"'%-'0%"

+"

>'?/,2+)@'$*%)2*"&')(A1"%)('<"()-'/*'#,<&$(.)-'-"%""

Page 13: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

Ca"

USA Market

up 19% to £0.81m (H1 2016: £0.67m)

"! Small share of large growing market

"! Dominated by one large player

H1 Performance Market Share

!! More than doubled commercial resources !! Significant new customer win ahead of investment

& High Usage Programme launch !! Capital sales up 83% to £0.43m !! Dedicated US promotional campaign !! Building a significant pipeline of opportunities

Remains the largest market and greatest opportunity for LiDCO

U0/)/;+0"G'%;/+0/&*&"

eB"3(%&/:%)*"

G+0%&"'%-'0%"

+" +" f"3%(""T/%.")9(&%&"

H1 highlights: Infrastructure investment

Page 14: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

CL"

Europe

down 44% to £0.20m (H1 2016: £0.35m)

"! Have market leading position in a few smaller countries

"! Not present in major markets

H1 Performance Market Share

!! Timing issue with historical H1 stocking orders !! New monitors now launched !! Dedicated distributor manager started in May !! Discussions underway with a number of new

distributors !! Expect improved performance in the second half

Aim to gain share in major European markets

Infrastructure investment

Investment in European Distributor Manager

H1 highlights:

Page 15: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

CE"

Rest of World

up 8% to £0.31m (H1 2016: £0.28m)

"! Highly fragmented "! Global leader present

in most markets

H1 Performance Market Share

H1 highlights: !! Growth driven by strong in-market growth in Japan and Middle East !! Registration process underway in a number of countries !! Plans for local infrastructure investment under review

Aim to be #1 or #2 in targeted markets

China: !! One-off negative impact in 2017/18. Expect normalised sales in FY18-19 following new

monitor registration

Page 16: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

16

Marketing Activities

§  Major US promotional activities underway. Direct marketing to 26,000 anaesthetists

§  Advertising campaign in US Anaesthesiology News

§  Exponential growth in social media activities. LiDCO YouTube video views in excess of 35,000. 40,000+ Twitter engagements

§  New websites launched for US & global customers

§  Major LiDCO presence at 20 key industry exhibitions worldwide

Effectively re-launching LiDCO outside of the UK

Page 17: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

Cc"

New Monitor Launch

New Features g! Sleek widescreen look g! Integrated clinical protocols g! Refreshed graphical display and menus g! Ability to display more parameters at same time g! Internal battery for portability g! WiFi connectivity

!! Launched in Europe & USA July 2017 !! Shipped over 100 monitors since launch !! Extremely positive customer feedback !! New High Usage Programme functionality incorporated into software

Page 18: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

18

Outlook

§  Good progress made in executing commercial expansion strategy, costs expected to be up by approx. £1.9m

§  More than doubled commercial presence in the US

§  New monitor and High Usage Pricing (HUP) model impact

§  First HUP customer won in US

§  Expect sales growth for the full year to be similar to the growth shown in H1 with strong sales in core UK and targeted US markets

Page 19: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

19

Summary

§  Delivering on fundraising objectives

§  Gearing effect of additional resources expected

§  Positive impacts of new monitor and HUP model

§  Fundamentals of business remain strong

§  Strong balance sheet to support growth strategy

Page 20: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

Appendix

Page 21: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

21

Hemodynamic monitoring company, helping doctors to manage patient’s cardiac function during high risk surgery

and critical illness.

Page 22: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

!!"

S/TUJ"#/.%0/)%"

!""# $!""% $!""& $!"'" $!"'' $!"'! $!"'( $!"') $!"'* $!"'+ $!"'#$

"""""S

/TUJ

"-R%

(/)7

""

"4+(

H%*"B

;;%'

*+);

%""

"""

,-./012/345-5$B1"C/2'2)7$):'/0'"7"$&"<&)'(%,-$)(':$%.'"'+/*(/&$-"%)-'+/*+&,($/*D'

SNVNeT"0$$6-4$738289/3$:.;<8-5$ =>6?$@A7B$

C-9DEE-2</FD2%$=B>C?$A2.-258G-$7/H-$:D98-.4$$$$$$7D25-25;5$5./.-E-2.#$

=>:1?$1:BC$I$JKLA$$$$$7D25-25;5$$$5./.-E-2.+$

M8N7K$J3;5$!"&$<2"%)-'%)+.*/&/6E'

M8N7K$C/O8<$F$*$1"&&E'G*7"($7)'

%2)*-$*6'%)+.*/&/6E'

M8N7K$C/O8<$=$%.'H/*IG*7"($7)'%)+.*/&/6E'"*-'

-)#%.'/0'"*")(%.)($"'

M8N7K$>28.4$J&&'%)+.*/&/6$)('/*'

/*)'1/*$%/2'#&"K/21'

P8QR$>5/Q-$JHDQH/EE-$5)%.$*L$*6'%.)'

1"2L)%'

V(-@/)7"6-:8"-=";0/)/;+0"%</:%);%"

Page 23: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

!a"

X.'(-</)7"'+,%)*"-9*;-.%&"X):%'%):%)*"&*9:/%&"9&/)7"S/TUJ"*%;$)-0-78"$+<%"6%%)"&$-@)"*-"/.'(-<%"-9*;-.%&"/)h""

P8QR$H85S$-3-9FG-$5;HQ-H4$BE-HQ-294$5;HQ-H4$

A2.-258G-$7/H-$

!/&/2)+%"&8'M"(+,&"28'N$#'2)#&"+)1)*%8'O$7)2'5)()+A/*8'P)(/#."6)+%/1E8'Q"2$"%2$+8'!"2-$"+8'J<-/1$*"&8'!")("2)"*8'R1)26)*+E'O"#"2/%/1E'

N$6.'2$(L'(,26$+"&'#"A)*%('$*'G!S8'?)#A+'(./+L'#"A)*%('$*'G!S'

Page 24: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

!L"

4+(H%*"G/i%'

?/,2+)@'HN?'-"%""

P8QR$H85S$-3-9FG-$:;HQ-H4$$$$ """J<%("#*T""""'+,%)*&"'%("+))9.

BE-HQ-294$3/O/HD.DE4$:;HQ-H4 """J<%("("T""""'+,%)*&"'%("+))9.

7/H<8/9$:;HQ-H4 """J<%("!"T""""'+,%)*&"'%("+))9.

:-O585 """J<%("'""T""""'+,%)*&"'%("+))9.

>6$J/F-2.$@;EU-H5$

7;HH-2.$E/HS-.$85$V!*"EW$OX/$

!! Hemodynamic monitoring well established in UK & Europe ahead of rest of the world

!! USA recent growth driven by ERAS implementations

!! Recent USA & European recommendations6 7

Y;.;H-$E/HS-.$58Z-$<H8G-2$U4$2;EU-H$D[$O/F-2.5$.-9R2D3DQ4$85$

/OO389/U3-$[DH$

\3DU/3$,/HS-.$-5FE/.-<$.D$U-$98H9/$V!*"$E8338D2$OX/X$]8.R$/$.D./3$E/HS-.$$U-82Q$OD.-2F/334$V!$U8338D2$OX/$^$

3-*%),+008"+"j!6/00/-)".+(H%*"70-6+008k">'?/,2+)@'$*%)2*"&')(A1"%)('<"()-'/*'#,<&$(.)-'-"%""

N)$+);%:"W%;-<%(8"B`%("G9(7%(8"1NWBG5"/&"+)"9):%('%)%*(+*%:"-''-(*9)/*8"=-;9&%:"-)"(%:9;/)7";-.'0/;+,-)&"+):"0%)7*$"-="

&*+8"

Page 25: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

!E"

U-.'%,,<%"S+):&;+'%'

!! Monitors sold or placed !! Typical UK high risk surgery use 3-8

disposables per monitor per month

,/HS-.$:R/H-^ $ $ $$$$$K_-H82Q$

JH8982Q$,D<-35$

Y-]$9DEO-F.DH5$]8.R$D2-$<DE82/2.$Q3DU/3$O3/4-H$]RD$85$82G-5F2Q$82$<-G-3DO82Q$.R-$E/HS-.$

$$$$K_-H82Q$

G*'TUVW'F"3,)%'"+3,$2)-'X,&($/*'0/2'YVZ[1'2)#2)()*A*6'W'A1)('2)7)*,)('"*-'VV'A1)('RM\

RQG]^J''>'?/,2+)@'$*%)2*"&')(A1"%)('<"()-'/*'#,<&$(.)-'-"%""

Page 26: Interim Results Presentation Six months to 31 July …...2017/10/10  · Interim Results Presentation Six months to 31 July 2017 October 2017 Matt Sassone Chief Executive Officer Jill

26

ClinicalReferences

1:EvaluaAonoftheuAlityoftheVigileoFloTracTM,LiDCOTM,USCOMandCardioQTMtodetecthypovolaemiainconsciousvolunteers:aproofofconceptstudy.Reference:Anaesthesia2015,70,142–1492:HataJ,StodsC,ShelskyC,BaymanE,FrazierA,WangJ,NickelE(2011)Reducedmortalitywithnoninvasivehemodynamicmonitoringofshock.JCritCarevol26(2):224.E1-83:MillerT,ThackerJ,WhiteW,MantyhC,MigalyJ,JinJ,RocheA,EisensteinE,EdwardsR,AnstromK,MoonR,GanTJ(2014)AnesthAnalg2014;118:1052–614:EduardoA.Osawa;AndrewRhodes;GiovanniLandoni;FilomenaR.B.G.Galas;JuliaT.Fukushima,etal.EffectofPerioperaAveGoal-DirectedHemodynamicResuscitaAonTherapyonOutcomesFollowingCardiacSurgery:ARandomizedClinicalTrialandSystemaAcReviewGeneralHighRiskSurgery.CritCareMed.2016Apr;44(4):724-33.doi:10.1097/CCM.00000000000014795:FitzgeraldT,MosqueraC,KoutlasN,VohraN,LeeK,ZervosE.Enhancedrecoverya9ersurgeryinasinglehigh-volumesurgicaloncologyunit:Detailsmader.Presentedatthe11thAnnualAcademicSurgicalCongress(ASC),Jacksonville,Florida,Feb20166:AmericanSocietyforEnhancedRecovery(ASER)andPerioperaAveQualityIniAaAve(POQI)jointconsensusstatementonperioperaAvefluidmanagementwithinanenhancedrecoverypathwayforcolorectalsurgery.Thieleetal.PerioperaAveMedicine(2016)5:24DOI10.1186/s13741-016-0049-97:Consensusoncirculatoryshockandhemodynamicmonitoring.TaskforceoftheEuropeanSocietyofIntensiveCareMedicine.Cecconietal.IntensiveCareMedDOI10.1007/s00134-014-3525-z8:NICEMedicaltechnologiesguidance[MTG3].hdps://www.nice.org.uk/guidance/mtg3/resources