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Investor Relations

Investor Relations

Deltex Medical manufactures and markets CardioQ-ODM™ Oesophageal Doppler Monitoring (ODM) systems. ODM is the only therapy to continually measure blood flow in the central circulation in real time. Minimally invasive, easy to set up and quick to focus, the technology generates a low-frequency ultrasound signal, which is highly sensitive to changes in flow and measures them immediately. Randomised Controlled Trials (RCTs), using Doppler, have demonstrated that early fluid management intervention can reduce postoperative complications, reduce intensive care admissions and reduce the length of hospital stay.

Our Goal

ODM is increasingly recognised as a standard of care for patients undergoing major surgery and in critical care. The broader clinical area of haemodynamic management of which ODM is a core constituent is also now becoming widely accepted as an important major new medical modality. Consequently, the Company’s focus is on maximising value from the opportunities presented as enhanced haemodynamic management is adopted into routine clinical practice around the world.

The Company is currently in the implementation phase of achieving this goal in a number of territories worldwide, operating directly in the UK, USA, Spain and Canada and through distribution arrangements in a further 30 countries. There are over 3,400 monitors installed in hospitals around the world and over 700,000 patients have been treated to date using Deltex Medical’s single patient disposable probes.


Nigel Keen, Deltex Medical’s Chairman, commented:

“2016 was a transitional year for Deltex Medical and our progress means we have entered 2017 with considerable confidence. Sales are growing well in the USA and other export markets which resulted in 2016 probe revenues up 40% and 25% respectively. Furthermore, we have seen positive signs of the UK business stabilising.

Q1 2017 sales in the USA, including a small number of monitor sales, were over 50% ahead of the equivalent period in 2016 in local currency, those international distributors who order probes monthly are all running ahead of or at the same levels of last year and UK revenues were marginally ahead of 2016. We have continued to make small cost reductions as opportunities present themselves and in addition we have temporarily reduced our US staff costs as we move to deploy our resources closer to the best growth opportunities. Since January 2017, we are now fully benefiting from the full impact of manufacturing improvements with anticipated savings of over £30,000 a month.

We have completed a key phase in our US expansion plan with the attainment of a critical mass of 30 platform accounts. We are focusing our resources on driving increased use of our probes in these accounts, whilst continuing to add new platform accounts in the existing territories. March 2017 was the first month where fixed US sales staff costs were covered by the gross margin on that month’s probe sales. We are now fully benefiting from investments already made in margin improvement and, with the pending launch of the first of a range of new products, expect to generate additional revenues from investments made in research and development as we move towards our next generation haemodynamic workstation platform.” (April 2017)

2017 News Releases

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2016 News Releases

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Business Description

Operating mainly in the UK, with subsidiaries in the Canada, Spain and the USA, Deltex Medical manufactures and markets the CardioQ-ODM™.

Deltex Medical’s CardioQ-ODM oesophageal Doppler monitor (ODM) changes the way Clinicians can care for patients having major surgery or in intensive care. ODM is the only technology to measure blood flow in the central circulation; it is highly sensitive to changes in flow and measures them immediately and accurately. ODM is simple to use and enables Clinicians to intervene quickly and safely, based on small changes in circulating blood volume and so, avoid the dangers of reduced oxygen delivery.

ODM guided intraoperative fluid management (IOFM) is a cornerstone of Enhanced Recovery; delivering better quality, more cost effective care. It means patients recover from their surgery faster, leave hospital sooner and in better health than they otherwise would do. Having established a substantial high quality evidence base supporting wide-scale use of its products on both clinical and economic grounds, Deltex Medical is working with leading hospitals around the world to introduce ODM guided fluid management into routine use.



Board Committees

Audit Committee

The committee is Chaired by Julian Cazalet and comprises of the remaining non-executive board members. It assists the board in fulfilling its oversight responsibilities. The primary functions are: to monitor the integrity of the company’s financial statements and other information to shareholders, to monitor the integrity of the company’s systems of internal control (including risk management), to oversee the company’s relationship with its external auditors and to review the effectiveness of the audit process.

Remuneration Committee

This committee comprises of the Chair, Nigel Keen, and the remaining non-executive board members. The primary function of the committee is to determine the remuneration packages of the company’s  executive directors and the award of company share options to the company’s employees, on behalf of the board




Laytons Solicitors LLP
2 More London Riverside

Nominated Advisors and Brokers

Arden Partners
125 Old Broad Street
London EC2N 1AR

Principal Bankers

The Royal Bank of Scotland plc
62-63 Threadneedle Street
PO Box 412
London EC2R 8LA

Independent Auditors

PricewaterhouseCoopers LLP
Oceana House
39-49 Commercial Road
SO15 1GA


Capita Registrars
The Registry
34 Beckenham Road
Kent BR3 4TU

Financial PR

IFC Advisory
73 Watling Street


AIM Rule 26

This information was last updated on 8 May 2017.

Where guidance is given to see another section of the website, please click on the highlighted word.

A description of the business:

See Business Description section.

The names of its directors and brief biographical details of each:

See Directors section.

Description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities:

See Board Committees  section.

Its country of incorporation and main country of operation:

Deltex Medical Group plc is incorporated in England and Wales (Registration Number 3902895) which is also its main country of operation. Deltex Medical Group plc is traded on the UK AIM market only.

Its current constitutional documents (e.g. its Articles of Association):

The number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders.

Please see share information

Details of any restrictions on the transfer of its AIM securities:

Not applicable

UK City Code on Takeovers and Mergers:

The Company is subject to the provisions of the UK City Code on Takeovers and Mergers.

Principles of Corporate Governance;

The Board recognises the importance of sound corporate governance. The company currently does not follow a specific corporate governance code. The Directors have implemented corporate governance procedures and established committees of the Board, including audit and remuneration committees, which they believe are appropriate for the Company’s size.

The company considers all Non-Executive Directors are independent.

Modern slavery encompasses slavery, servitude, human trafficking and forced labour. Deltex Medical Limited has a zero tolerance approach to any form of modern slavery. We are committed to acting ethically and with integrity and transparency in all business dealings.

For copies of the annual and interim reports please see Annual & Interim Reports section.

For all notifications made in the past 12 months please see News Releases section.

For most recent admission document together with any circulars or similar publications sent to shareholders within the past 12 months:


Share Information

This information was last updated on 8 May 2017.


Exchanges or trading platforms on which the company has applied or agreed to have any of its securities admitted or traded.

The company’s shares are traded on AIM. There are no other exchanges or trading platforms on which the company has applied or agreed to have its shares admitted or traded. There are no restrictions on the transfer of securities.

Share Price

Number of shares in issue

The company’s issued share capital comprises 296,819,511 ordinary shares of 1p each. All of the shares are fully paid; no shares are held as treasury  shares. The percentage of shares not held in public hands is 23.74%.

Identity and percentage holdings of significant shareholders

As at 1 March 2017, the company had been notified of the following holdings of 3% or more of the voting rights of the company (as shareholder and as the direct or indirect holder of financial instruments) pursuant to transitional provision 7 of the DTR Sourcebook of the Disclosure and Transparency Rules:

  • JO Hambro Capital Management – 10.68%
  • Nigel Keen – 7.74%
  • Charles Stanley & Co. Limited – 6.61%
  • Andrew Muir – 5.34%
  • Herald Investment Management Limited – 5.23%
  • Legal and General Investment Management Limited – 5.06%
  • Barclays Wealth and Investment Management (UK) – 4.96%
  • Peter Smedvig – 4.59%
  • TD Direct Investing – 4.55%
  • Hargreaves Lansdown Asset Management – 3.71%




Analyst Coverage

The equity/research analysts at the investment and securities firms listed below, currently write research reports on Deltex Medical Group plc. Please note that this list is subject to change and that any estimates, forecasts or opinions are made by the analysts alone and do not represent the estimates, forecasts or opinions of Deltex Medical or its management.

Investors may wish to contact an analyst directly, in order to obtain copies of a research note. Unless otherwise indicated, the research cannot be obtained from Deltex Medical and there is no obligation upon the analyst to provide any report. Any reports issued may have become out of date after publication and should be read accordingly.

Chris Thomas

Arden Partners
Tel: 0117 905 8944




General Enquiries

For general enquiries, notification of change of interest in shareholding under Disclosure and Transparency Rules, or if you are a shareholder, who wishes to have additional copies of the Report and Accounts, Interim Statements, presentations etc, please contact:

Jonathan Shaw

Company Secretary
Deltex Medical Group plc
Terminus Road
West Sussex
PO19 8TX

Tel: +44 (0)1243 523152
Fax: +44 (0)1243 532534

Administrative Enquiries

Queries concerning shareholdings in Deltex Medical Group plc, such as the loss of share certificate, dividend payments or change of address, should be directed, in the first instance, to the registrar:

Capita Registrars

The Registry
34 Beckenham Road

Tel: 08701 623100 (within the UK)
Calls cost 10p a minute plus network extras, lines are open 8.30am-5.30pm Mon-Fri
Tel: +44 (0)20 8639 2157
Fax: +44 (0)20 8639 2342


Annual & Interim Reports

2016 Annual Report and Presentation
2016 Interim Report and Presentation
2015 Annual Report and Presentation
2015 Interim Report and Presentation
2014 Annual Report and Presentation