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www.lidco.com LiDCO Group Plc “the Cardiovascular Monitoring Company ”
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www.lidco.com Analysts Meeting Preliminary Announcement 26 March 2002
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www.lidco.com Presenters Bill AlexanderChairman Terry O’BrienCEO Richard MillsFinance Director John BarrySales & Marketing Director
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www.lidco.com Programme IntroductionBill Alexander Financial reviewRichard Mills The market, distribution and productsTerry O’Brien SalesJohn Barry Developments and prospectsTerry O’Brien
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www.lidco.com Highlights Flotation in July raising £12.5m (net) for development of the business Extensive clinical validation Regulatory approvals in two principal markets – the US and the UK Recruitment of high calibre sales forces in the US and UK Encouraging sales ramp since July, with commercial validation of the business model Development of new products and clinical applications
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www.lidco.com Profit & Loss Account Y/e 31 December2001 £ m 2000 £ m TURNOVER1.10.6 Gross profit0.80.4 %75%68% Administration expenses(3.8)(1.7) Exceptional items/ESOP loss(0.2)-- Operating loss (after exceptional items) (3.2)(1.3) Interest0.40.2 LOSS (before & after tax)(2.8)(1.1) Loss per share – diluted (p)(6.5)(9.0)
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www.lidco.com Balance Sheet At 31 December2001 £ m 2000 £ m FIXED ASSETS Tangible assets/investments Intangible assets 0.4 0.6 1.0 0.1 0.2 0.3 CURRENT ASSETS Stock Debtors Cash CREDITORS NET ASSETS 1.9 1.2 11.4 14.5 (1.7) 13.8 0.5 -- 4.4 4.9 (1.1) 4.1
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www.lidco.com Cash Flow Statement 2001 £ m 2000 £ m Operating loss Depreciation, amortisation Loss on investment Working capital movement Net cash flow from operating activities Interest Capital expenditure/investments (3.2) 0.1 (2.0) (4.9) 0.4 (1.0) (1.3) 0.1 -- (0.4) (1.6) 0.2 (0.1) Cash flow before financing Financing Increase in cash (5.5) 12.5 7.0 (1.5) 4.0 2.5
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www.lidco.com The Cardiovascular Monitoring Market Monitoring Capital Equipment Market £1.5 billion GE Marquette HP/Phillips Datex Ohmeda Disposable Cardiac Output Products £150 million n Dominated by: Baxter / Edwards LifeSciences & Abbott LiDCO: new technology for an established market - covering both its capital and disposable segments
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www.lidco.com Company Operations and Sales Representation London - research lab (St Thomas’/King’s College Medical School) London, N1 - 14,000 sq ft manufacturing & regulatory facility Granta Science Park, Cambridge – 8,000 sq ft main sales office Chicago & Dallas – USA distribution & sales Japan - Nipro Corporation Far East - GM Medical Granta Park - Sales London - Manufacturing
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www.lidco.com Products and Technology Company registration scope – Cardiovascular monitoring equipment & disposables PulseCO™ Cardiovascular Monitor, a PC based hardware platform which displays real time fluid volume status, cardiac output and oxygen delivery The LiDCO™ System sensor & disposables which are required for calibration of the PulseCO™ System Software - Expert Systems & novel user interface
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www.lidco.com The PulseCO ™ Cardiovascular Monitor PC based hardware platform – low cost but high margin Allows software upgrade – additional revenue stream into installed base of monitors Patent protected algorithms Shows beat-to-beat changes in a patient’s cardiovascular status: pressures, fluid status, cardiac output and oxygen delivery Stores up to one year of real time data Point of Care patient data management download feature
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www.lidco.com Software - Expert Systems & User Interface Pressure data from radial artery catheter Graph Screen - simple non-numerical target Chart Screen – Aids diagnosis Trend Screen – 24 hours data
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www.lidco.com Product and Technology Strengths Minimally invasive Real time Accurate and reliable Easy to use and interpret Comprehensive data Widely applicable
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www.lidco.com Business Model Establish PulseCO ™ and proprietary Expert System software as the cardiovascular monitor of choice for major risk surgery and critical care Capital equipment sale Maximise sale of LiDCO ™ disposables Target existing pulmonary artery catheter use –2 million patients/year Expand use to existing arterial line patients - >10 million patients /year Establish new indications for LiDCO ™ technology Cardiology/Paediatrics Develop and introduce new products for heart monitoring Congestive heart failure target Biventricular pacing optimisation Diagnosis and treatment
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www.lidco.com Sales Execution Strategy USA Direct & Agent UK Direct EU Agents In Progress Japan - Nipro Far East-GM Medical GM Medical - training day LiDCO USA sales team
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www.lidco.com Sales Highlights Markets – US since July, UK since October 2001 Sales ramp occurring Capital sales model working Disposable revenue flow encouraging
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www.lidco.com To consensus for change & quotation 1 - 2 months To sales closure model estimates 4 – 6 months Sales Process Consensus Meeting/Demo Field Trials (5-10 days) Field Trials (5-10 days) Sales Proposal Sales Closure Time scales
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www.lidco.com Sales Activity Progress Consensus Meeting/Demo Field Trials (5-10 days) Field Trials (5-10 days) Sales Proposal Sales Closure 149 Meeting/Demos 82 field trials had commenced July to end Dec. 2001 47 Sales Proposals* 344 Meeting/Demos 146 field trials had commenced July ‘01 to March 15th ‘02 78 Sales Proposals * 23 Sales Closures as at 31 Dec. ‘01 July ‘01 to 31st Dec. ‘01July ‘01. to 15th March ‘02
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www.lidco.com Cardiovascular Monitoring Market Developments General acceptance by clinical community for the decline in use of the market leading pulmonary artery catheter (PAC) Increase in interest for less invasive products based on advanced pressure waveform analysis methodology Provide continuous pre load (fluid volume status) in both ventilated and spontaneously breathing patients Continuous cardiac output / oxygen delivery New cardiac surgery and cardiology applications increasing the requirement for real time cardiovascular monitoring Trauma & surgical optimisation showing promising results Aggressive management of sepsis with venous saturation catheter + cardiac output monitoring improves outcome Meta analysis of surgical optimisation studies are positive
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www.lidco.com The PulseCO ™ System Clinical Validation 100% of trials concluded with positive results Data submitted to the following major international meetings Berlin Heart Centre – American Society of Anesthesiology, New Orleans, Oct 2001 Southampton University Hospital - World Congress of Intensive Care, Sydney, Nov 2001 University of Texas - Cardiothoracic Techniques & Technology Meeting, Miami, Jan. 2002 University of Chicago - Society of Cardiovascular Anesthesiology, New York, April 2002 Duke University - Society of Cardiovascular Anesthesiology, New York, April 2002
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www.lidco.com Continued Technology Development - additional features added in 4th Q 2001 Real Time Oxygen Delivery Fluid Volume Status Data Download Facility
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www.lidco.com Application Development Status Peri operative (risk surgery) monitoring PulseCO + transport monitor - combination - target intra operative & high dependency use Collaboration with Datascope UK Beta site tests April/May ‘ 02 & market acceptance Specification - 2 pressures, ECG & ST analysis, arterial saturation, cardiac output/oxygen delivery, peripheral resistance & pre-load indicators Point of Care - Clinical Information System (CIS) Stage 1 completed - PulseCO equipped with beat to beat data download Stage 2 development of ‘charting’ and data analysis software - Beta site tests 4th Q 2002 Cardiology - stent placement On hold until next generation drug eluting stents are approved
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www.lidco.com Product Development Status Combined LiDCO/PulseCO Product Stage 1 - LiDCO software up graded to QNX operating system - completed Stage 2 Integration of LiDCO & PulseCO software - In progress Stage 3 Beta site tests scheduled for 2nd Q Biventricular pacing Stage 1 - Pilot studies completed Stage 2 - Patent filed - identifies ventricular synchrony and optimises pre load response Stage 3 - Further trials in progress Route to market under discussion Paediatrics Optimisation of LiDCO System - Bristol Children’s Hospital (blood sampled & injection system) PulseCO trial - Southampton General Hospital (recalibration frequency) Target launch of product in a major territory by Q4 2002
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www.lidco.com Biventricular Pacing for Heart Failure Biventricular pacing or resynchronisation therapy is a non pharmacological therapy for patients with chronic heart failure Heart failure treatment costs £15 billion in the USA per annum Three major cardiovascular device companies have developed biventricular pacers: Medtronic, Guidant & St Jude Market for biventricular pacers is projected to rise to $1.3 billion over the next 5 years Medtronic’s InSync pacemaker since launch in late 2001 has been implanted by 1,200 physicians in the USA The biventricular pacers are designed to improve cardiac output and oxygen delivery - parameters monitored by the PulseCO System Their launch has increased the requirement for minimally invasive monitoring in the Cath Lab Biventricular pacing represents an additional substantial market opportunity for LiDCO’s technology
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www.lidco.com Summary Large market opportunity of £1.65 billion per annum Customers are ready for a change from decades-old technology LiDCO Group products are patented, high margin and have barriers to entry Capital & disposable sales model working Encouraging early sales and sales pipeline development Applications & new product development proceeding to plan
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www.lidco.com Conclusion “The Board remains very confident of the prospects for the Group”
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