LiDCO receives Chinese regulatory approval
LiDCO shares leapt on Tuesday after its latest cardiac output monitor with non-invasive technology received regulatory approval for commercial sale in China.
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The hemodynamic monitoring company's LiDCOrapidv3 monitor product will be sold via its distribution partner, Beijing Gloryway Medical, after receiving approval from the Chinese Food and Drug Administration.
Gloryway is a medical device sales group specialising in anaesthesia and patient monitoring.
LiDCO said it had built a significant business in China before regulatory restrictions to a key component in 2017 limited sales, though as the new approval means that these restrictions no longer apply, the board anticipates that Gloryway will re-launch the LiDCO offering with renewed vigour in the second half of 2019.
Chief executive Matt Sassone said: "Since 2017, the group has made limited sales to its Chinese distribution partner, and this approval enables us to re-launch with our latest monitor to a very important, rapidly growing market. Having continued to promote the LiDCO brand in the intervening period we believe that, in the next 2-3 years, we can significantly exceed historical levels of sales."
LiDCO Group's shares were up 18.43% at 5.27p at 1117 BST.