USA offers enhanced prospects
Deltex Medical (DEMG) markets minimally invasive and real time Doppler (ultrasound) cardiac function monitoring systems used for both surgery and critical care in hospitals worldwide. 2014 saw DEMG's US activities bring the best news: underlying 20% probe revenue growth of 14% in £, with a total of six US dedicated trainer accounts in seven territories. In 2015, rising US interest in ODM (Oesophageal Doppler monitoring) and its impact on fluid management and enhanced recovery means that DEMG should capitalise on a growing number of territory and account initiatives to expand probe use by 30% (target of 20 dedicated trainer accounts by year-end), with further very rapid growth (potentially 60% probe growth) possible in 2016. Now that ODM has an established and growing international user base, DEMG is looking for opportunities to bring complementary technologies onto its evolving 'workstation' platform though strategic co-operations. These could accelerate revenue and profit growth forecasts in the medium term. EV/Sales ratios and our DCF analysis continue to support a fair value of >10p / share.Deltex Medical Group is engaged in the manufacture and marketing of oesophageal Doppler haemodynamic monitoring systems used in surgery and intensive care. Through its subsidiaries, Co. is engaged in the manufacture and marketing of medical devices in the United States, Spain and Germany; and the provision of employee services. Co.'s product, CardioQ-ODM enables doctors to fine-tune a patient's cardiac performance during surgery using a technique known as Doppler-guided fluid management. The CardioQ-ODM directly measures central blood flows, the indicator of potentially harmful changes in haemodynamic status that are common to all patients having surgery.
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