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Deltex Medical 11 January 2014


In a couple of weeks time I should be catching up with management at DELTEX MEDICAL, in order to pen a full article for the Cambridge News weekly column.


The company is one which I have touched upon on a couple of occasions a few years back, the shares at one point moving close to 30p against a current 13.6p.

For those that are unfamiliar, Deltex, which has been around for some time now is focused on Oesophageal Doppler monitoring systems and solutions.

In short, the technology enables the monitoring of fluids and drug administration during and after surgery.

Products include its CardioQ monitors which incidentally received strong endorsement from NICE (National Institute for Health and Clinical Excellence) back in 2011, along with specialist probes. The latter determines a patients central vascular blood flow and fluid status, during the intraoperative period.


Aside NICE, there have been numerous positive study’s and recommendations for the use of Deltex products which can not only improve a patients recovery time thus reducing the stay in Hospital, but prove economically effective too.

Unfortunately, the grinding mechanics of the NHS has seen progress painfully slow in relation to early expectations as widespread adoption still eludes the company. That is perhaps surprising, given the NHS’s own apparent declaration of intent to actually implement fluid management.


So, something of a frustrating time for long term holders of the stock, where various Institutions have come, gone and come again, although there appears to have been a persistent seller over the last year anchoring the shares.  

That said, I feel the company is worth another look at the current level, while as I stated at the outset, I do plan to cover Deltex more in dpth after speaking with the Directors. 

Despite setbacks along the way, there remain positive signs for the business and where it has just delivered its year end update which shows that its strategy of growing single use surgical probes could be paying off.


Revenues in this segment are now at £5.5m a 24% increase on 2012, while the second half of the year was particularly encouraging.

It is also good to see year end cash standing at £1.5m, seemingly ahead of previous forecasts. Total revenue, including monitors and some additional sales should come in circa £7.2m against a previous £6.8m.


That may not suggest anything particularly amazing, but continues to move in the right direction.

Broker expectations for this year are for revenues of £8.6m, although that should still deliver a loss of around £1.8m.

While some may understandably shy away or run out of patiernce I do still feel Deltex has potential, hence my interest in speaking with the company.

It has made progress outside of the UK, with recognition in the USA, while nearer to home areas such as France are showing signs of also providing growth opportunities.

I will of course update on this one in the coming weeks.


My meeting at Newmarket based TRISTEL went well last week and I am currently working on an article for the Cambridge Business Magazine.

And as previously mentioned, it is off to the Science Park on Tuesday  to meet up with David Braben at FRONTIER DEVELOPMENTS


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