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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:
“The progress made towards operating cash breakeven and profitability through improved consumable margins and reduced overheads made during 2017 was partially offset by a disappointing second half sales performance.
Since the end of the year we have put the Group on a significantly more secure financial footing through raising £2.0m additional capital and reducing our cash costs by £1.0m on an annualised basis.
We have seen a number of new accounts coming on stream in the US market, including a very major one which started using ODM as the result of a rigorous and successful evaluation. Our French distributor has been awarded the largest tender which we have seen to date for the use of ODM and we have continued to migrate our business towards our multi-modal TrueVue™ System on the CardioQ-ODM+ monitor. The TrueVue™ System allows us to refresh our market positioning and through the TrueVue™ System we have the possibility of guiding treatment for greater numbers of patients.
In the meantime, the largest ever randomised trial of our core TrueVue™ Doppler technology has been published with excellent results and very broad applicability for patients undergoing surgery who need to be protected from expensive, life-shortening complications. This is further compelling evidence that many of these complications are avoided through the use of TrueVue™ Doppler.”
(May 2018)
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2019 News Releases
2018 News Releases
November 2018
September 2018
August 2018
July 2018
- 30 July 2018 Director PDMR Shareholding
- 27 July 2018 Director/PDMR Shareholding
- 27 July 2018 Shareholding(s) in Company
- 25 July 2018 Pre-close Trading Update
June 2018
- 20 June 2018 Result of AGM
- 20 June 2018 2018 AGM Presentation
- 20 June 2018 Chairman’s Statement to Annual General Meeting
- 13 June 2018 Directorate change Appointment of new CEO
May 2018
- 18 May 2018 Partial redemption of convertible loan note
- 17 May 2018 Annual Report and Notification of AGM
- 9 May 2018 TrueVue Loops display launched on CardioQ-ODM+ platform
- 9 May 2018 Results Summary for the year ended 31 December 2017
April 2018
March 2018
- 7 March 2018 Notification of Major Interest in Shares
- 1 March 2018 Deltex Medical’s Oesophageal Doppler Monitoring System reduces postoperative complications by 75 per cent
February 2018
- 20 February 2018 CardioQ ODM wins Paris Hospital System tender
- 12 February 2018 Director dealing and issue of equity
- 9 February 2018 Result of General Meeting
- 9 February 2018 Result of Offer and Additional Allotment
January 2018
- 24 January 2018 General Meeting Form of Proxy
- 24 January 2018 Placing, Subscription, Offer for Subscription and Loan Notes Circular
- 24 January 2018 Posting of Circular
- 23 January 2018 Result of oversubscribed Placing
- 23 January 2018 Fundraising announcement
- 17 January 2018 Major new US hospital account
- Pre-close Trading update for the year ended 31 December 2017
- 17 January 2018 Major new US hospital account
2017 News Releases
October 2017
September 2017
- 25 September 2017 Share Options
- Release and first sale of HD-ICG in France
- 1 September 2017 Interim Report 2017
August 2017
- 31 August 2017 Notice of Results
- 30 August 2017 Investor Event
- 02 August 2017 Notification of Major Interest in Shares
July 2017
- 28 July 2017 Notification of Major Interest in Shares
- 27 July 2017 Notification of Major Interest in Shares
- 21 July 2017 Placing and Issue of Shares
- 21 July 2017 Trading update
June 2017
- 13 June 2017 Director/PDMR Shareholding
- 09 June 2017 Result of Annual General Meeting (AGM)
- 09 June 2017 2017 AGM Presentation
- 09 June 2017 Chairman’s Statement to the Annual General Meeting
- 09 June 2017 First randomised trial in thoracic surgery published
May 2017
- 31 May 2017 Deltex granted patent for its innovative Combined Blood Flow and Blood Pressure Monitor
- 04 May 2017 Deltex releases non-invasive High Definition Impedance Cardiography module
- 03 May 2017 Exercise of Options
- 03 May 2017 Publication of Annual Report & Accounts 2016 and Notice of Annual General Meeting
April 2017
- 27 April 2017 Deltex Medical Group plc Annual Report & Accounts 2016
- 27 April 2017 Results Presentation
- 27 April 2017 Results Summary for the year ended 31 December 2016
- 27 April 2017 EU TruVue Grant
- 20 April 2017 Investor Open Day and Notice of Results
- 4 April 2017 Exercise of Options
March 2017
- 28 March 2017 Notification of Major Interest in Shares
- 22 March 2017 Grant of Options
- 22 March 2017 Share issues
February 2017
January 2017
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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.
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Directors
Andy Mears
Chief Executive
Andy joined Deltex Medical in 1989 as an Electronics Engineer. Throughout his career with Deltex Medical, he has held a number of roles, including Production Manager and Operations Director. Andy was appointed as Group Sales Director in 2010, Managing Director 2015 and Chief Executive in 2018..
Email: andy.mears@deltexmedical.com
Jonathan Shaw
Finance Director
Jonathan Shaw has spent the majority of his career working at either director or senior manager level in professional accounting and auditing firms most recently with Grant Thornton UK LLP in London and including PricewaterhouseCoopers LLP in Southampton where he was Deltex Medical’s senior audit manager for nearly four years. During his career Mr Shaw has undertaken a number of secondments to industry or government and spent almost three years at the Financial Reporting Council, the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
Nigel Keen
Chairman
Nigel has been involved with Deltex Medical since 1988 and Chairman since 1996. He is also Chairman of the following companies; Syncona Investment Management Limited (SIML), a company which manages Syncona Ltd, an evergreen investment company developing advanced medical products; he is also a non-executive director of SIML’s parent company, Syncona Ltd, a company that is listed on the London Stock Exchange; Oxford University Innovation Ltd, the technology transfer group for Oxford University; and Oxford Academic Health Science Network, established by the National Health Service in England to align the interests of patients in its region with academia, industry and the healthcare system. His career has encompassed venture capital, industry and banking. He has a degree in engineering from Cambridge University, is a Fellow of the Institute of Chartered Accountants, a Fellow of the Institute of Engineering and Technology and has been involved in the formation and development of high technology businesses for more than thirty years. Nigel is Chairman of the Remuneration Committee.
Professor Sir Duncan Nichol
Duncan has been an influential figure in the provision of acute health services in the UK throughout his career. He worked for the NHS for nearly 30 years in a number of senior management roles and was its Chief Executive from 1989 to 1994. Duncan was the Deputy Chairman of the Christie NHS Foundation Trust from 2008 to 2012 and is currently Chairman of the Countess of Chester NHS Foundation Trust.
Julian Cazalet
Julian joined the Board in April 2008 and is the Chairman of the Audit Committee. He was until 2007 a Managing Director — Corporate Finance of JPMorgan Cazenove. After graduating in Economics from Cambridge, he qualified as a Chartered Accountant before joining Cazenove in 1973. He became a Partner in 1978. From 1989 he worked in Corporate Finance, firstly in Equity Capital Markets and subsequently advising listed companies. He is Chairman of Herald Investment Trust plc and a Director of Charles Taylor plc, and of a number of charities. Julian is Chairman of the Audit Committee.
Mark Wippell
Mark, formerly a Partner with Allen & Overy LLP, has significant experience advising international companies on their strategic transactions. His experience includes public and private M&A, business reorganisations, complex joint ventures, demergers and securities offerings. Mark is qualified as a lawyer in both the UK and the US and has worked extensively with North American based businesses. Mark is Chairman of American European Business Association.
Christopher Jones
Chris Jones joined the board in June 2015 and brings over 25 years of experience in Fortune 500 and VC funded healthcare companies in both the UK and importantly throughout the US. Executive Chairman of Mologic Ltd, Executive Chairman of Elasmogen Ltd, and Non-executive Director of MediSieve and Health Enterprise East, Mr Jones is a US national who came to the UK in 2008 to become CEO of GlySure. Prior to joining GlySure he was CEO of Tensys Medical developing and commercialising a novel continuous, non-invasive blood pressure monitor resulting in the sale of the company in 2008. Mr Jones also spent nine years with Nellcor Inc, a division of Tyco Healthcare, most recently as VP of Marketing responsible for the $700M WW pulse oximetry and critical care businesses. Mr Jones is a graduate of Yale University with a Bachelor of Science Degree in Molecular Biophysics and Biochemistry.
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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
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Advisors
Nominated Advisors and Brokers
Arden Partners plc
125 Old Broad Street
London EC2N 1AR
Joint Broker
Turner Pope Investments Ltd
6th Floor, Becket House
36 Old Jewry
London EC2R 8DD
Principal Bankers
The Royal Bank of Scotland plc
62-63 Threadneedle Street
PO Box 412
London EC2R 8LA
Independent Auditors
PricewaterhouseCoopers LLP
Savannah House
3 Ocean Way
Southampton
SO14 3TJ
Registrars
Link Market Services Limited
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
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AIM Rule 26
This information was last updated on 12 February 2019.
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.
Corporate Governance:
Please click here for details on our Corporate Governance
Modern Slavery:
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:
- Shareholder circulars: Please see News releases.
- Initial IPO: view Preliminary prospectus.
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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.
LSE Listing Page (external link)
Number of shares in issue
The company’s issued share capital comprises 492,663,367 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 14.30%.
Significant shareholders*
- Nigel Keen – 11.01%
- Janus Henderson Investors – 6.59%
- Charles Stanley – 4.67%
- Interactive Investor – 4.40%
- Hargreaves Lansdown Asset Management – 4.37%
- Herald Investment Management Limited – 4.00%
- Barclays Wealth – 3.94%
- Llewellyn Family – 3.94%
- Mr Andrew Muir – 3.86%
- Mr Peter T Smedvig – 3.46%
- Jarvis Investment Management – 3.35%
- Mr Micheal Stubbs – 3.08%
*Information as of 31 December 2018
This information was last updated on 12 February 2019.
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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.
Andrew Simms
Arden Partners LLP
Andrew.Simms@arden-partners.com
Tel: 0117 905 8944
www.arden-partners.com
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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
Chichester
West Sussex
PO19 8TX
Tel: +44 (0)1243 523152
Fax: +44 (0)1243 532534
cosec@deltexmedical.com
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:
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Tel: 0871 6640300 (within the UK)
Calls cost 12p a minute plus your phone company’s access charge. Lines are open 09:00am-5.30pm Monday to Friday excluding public holidays in England and Wales.
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