Changing to a SaaS model has held back revenues at patient monitoring equipment supplier LiDCO Group.
In the year to January 2019, revenues fell 11% to £7.32m, while cost cutting meant that the loss was unchanged at £2m. The main decline was in the UK, partly down to the loss of third party revenues. US revenues increased by 2%.
Cash was slightly higher than expected at £1.72m and that could be maintained at the end of January 2020.
There is interest in the SaaS model for acquiring monitoring equipment and that should help revenues to recover this year. The number of monitors supplied on a SaaS model doubled to 191 and there could be a significant increase this year.
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