Deltex Medical > 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:

“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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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.


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 Product & Production Manager and Operations Director. Andy was appointed as Group Sales Director in 2010, Managing Director 2015 and Chief Executive in 2018..

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


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.

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



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
SO14 3TJ


Link Market Services Limited
The Registry
34 Beckenham Road
Kent BR3 4TU

Financial PR

IFC Advisory
24 Cornhill


AIM Rule 26

This information was last updated on 16 July 2018.

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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:


Share Information

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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 11.49%.

Significant shareholders*

  • Nigel Keen – 8.57%
  • Janus Henderson Investors – 6.59%
  • JO Hambro Capital Mgt – 6.28%
  • Charles Stanley – 6.03%
  • Jarvis Investment Management – 5.33%
  • Herald Investment Management Limited – 4.00%
  • Llewellyn Family – 3.94%
  • Interactive Investor – 3.91%
  • Mr Andrew Muir – 3.86%
  • Hargreaves Lansdown Asset Management – 3.84%
  • Barclays Wealth – 3.56%
  • Mr Peter T Smedvig – 3.46%
*Information as of 30 June 2018

This information was last updated on 16 July 2018.



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
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:

Link Asset Services

The Registry
34 Beckenham Road

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.


Annual & Interim Reports

2018 Interim Report and Presentation
2017 Annual Report and Presentation
2017 Interim Report and Presentation
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