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Pharma Capital
Market: AIM
52-week High/Low: 4.17p / 0.75p
Sector: Health Care, Equipment & Services
Market Cap: 6.40M

Deltex Medical manufactures and markets CardioQ-ODM™ Oesophageal Doppler Monitoring (ODM) systems. ODM is the only therapy to measure blood flow in the central circulation in real time. Minimally invasive, easy to set up and quick to focus, the technology generates a low-frequency ultrasound signal, which is highly sensitive to changes in flow and measures them immediately. Randomised...

Deltex Medical Group plc

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Big picture - Why invest in Deltex Medical Group plc

Deltex Medical Group plc Snapshot

Our Goal

Our goal is to make oesophageal Doppler monitoring (ODM) a standard of care for patients in both the surgical and critical care markets. Use of ODM during surgery has the proven potential to deliver both clinical and economic benefits that are material at patient, hospital and system level.

Deltex Medical is one of the very first medical technology companies to have completed the investment necessary to build an extensive evidence base for its technology.

The Company is currently in the implementation phase of achieving this goal in a number of territories worldwide and there are already over 3,000 CardioQ-ODM systems in use in hospitals worldwide.  Distribution arrangements in place over 30 countries.

Nigel Keen, Deltex Medical’s Chairman, commented:

“Deltex Medical had a difficult year in 2014 with the UK market affected by NHS cash constraints and the NHS failing to follow through its decision to implement ODM at pace. This was exacerbated by procurement delays in a number of our overseas sales territories. We have restructured our UK business to both reduce costs and increase revenues. We made satisfactory progress in the USA and are on track to establish a platform for national roll-out towards the middle of 2016. Our market leading businesses in France and Sweden continue to grow well and prior investment is creating opportunities to build additional strong businesses in Spain and Canada.”
“The Company has the financial and other resources required to see through its US market development plans as well as to bring to market a number of exciting and innovative product developments.” (March 2015)


The CardioQ-ODM+ is the world’s first fluid management and cardiac output monitoring system to measure both flow and pressure directly.

The CardioQ-ODM+ is the world’s first fluid management and cardiac output monitoring system to measure both flow and pressure directly. An exciting new upgrade to the proven Doppler technology, the monitor combines the proven CardioQ-ODM Doppler measurement of blood flow with Pulse Pressure Waveform Analysis (PPWA). This provides users with a proven, highly sensitive “Flow Monitoring Mode” to guide intervention and the simplest calibration of a “Pressure Monitoring Mode” for extended continuous monitoring yet devised.

The CardioQ-ODM+ has a Pulse Pressure Waveform (PPWA) mode which is quickly and easily calibrated from the Doppler signal and provides continuous monitoring in postoperative and medical patients in critical care. In sedated patients, the PPWA algorithm can be recalibrated at any time from the Doppler waveform.

Previous cardiac output monitors have either been ideal intervention devices, fast precise responsive flow based measurement but non-continuous or less responsive pressure based continuous monitors, requiring complex calibration and frequent recalibration to be effective.

Designed for intensive care and high risk surgical applications, the CardioQ-ODM+ brings together simple, minimally invasive oesophageal Doppler monitoring (ODM) flow based technology with a proven PPWA system. The CardioQ-ODM+ provides an unparalleled range of functional haemodynamic parameters. Patients can be continuously monitored for extended periods between intervention and calibration episodes.

The CardioQ-ODM+ is designed to allow clinicians to guide fluid and drug administration during critical care. The monitor is highly responsive in tracking changes in Stroke Volume and Cardiac Output during intervention. Only oesophageal Doppler has been shown to have the precision to drive the 10% Stroke Volume Optimisation algorithm, widely acknowledged as the basis for Intraoperative Fluid Management (IOFM).


Oesophageal Doppler Probes

The probe is placed into the oesophagus, either orally or nasally and is similar to placing a nasogastric tube. The ODM monitor uses Doppler ultrasound technology to determine directly a patient’s central vascular blood flow and fluid status during the intraoperative period.

Easy to use and quick to focus, the device generates a low frequency ultrasound signal which is highly sensitive to changes in flow and measures them immediately.

Once in position the clinician is able to measure real time blood velocities within the descending aorta.



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Ewan Phillips - Chief Executive

Ewan has been Chief Executive since 2009.  Ewan joined the Company as Finance Director in 2001 and was Managing Director of the UK subsidiary from 2005. He has served on a number of Association of British Healthcare Industries committees including joint industry/government working groups. Ewan’s background is in corporate finance.

Jonathan Shaw - Finance Director

Jonathan Shaw has spent the majority of his career working at either director or senior manager level in professional accounting and auditing firms most recently with Grant Thornton UK LLP in London and including PricewaterhouseCoopers LLP in Southampton where he was Deltex Medical’s senior audit manager for nearly four years. During his career Mr Shaw has undertaken a number of secondments to industry or government and spent almost three years at the Financial Reporting Council, the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

Non-executive Directors

Nigel Keen - Chairman

Nigel has been involved with Deltex Medical since 1988, and Chairman since 1996. He is also the Non-executive Chairman of Bioquell plc and Oxford Instruments plc. Nigel is Chairman of the Remuneration Committee.

Professor Sir Duncan Nichol

Duncan has been an influential figure in the provision of acute health services in the UK throughout his career. He worked for the NHS for nearly 30 years in a number of senior management roles and was Chief Executive from 1989 to 1994. Duncan was the Deputy Chairman of the Christie NHS Foundation Trust from 2008 to 2012 and is currently Chairman of the Countess of Chester NHS Foundation Trust. Duncan is also currently a Non-executive Chairman of Synergy Health plc, a provider of healthcare support services to the NHS and the first Chairman of the UK Academy for Healthcare Science.

Julian Cazalet

Julian joined the Board in April 2008 and is the Chairman of the Audit Committee. He was until 2007 a Managing Director — Corporate Finance of JPMorgan Cazenove. After graduating in Economics from Cambridge, he qualified as a Chartered Accountant before joining Cazenove in 1973. He became a Partner in 1978. From 1989 he worked in Corporate Finance, firstly in Equity Capital Markets and subsequently advising listed companies. He is Chairman of Herald Investment Trust plc and a Director of Charles Taylor plc, Private Equity Investor plc and of a number of charities. Julian is Chairman of the Audit Committee.

Mark Wippell
Mark Wippell, formerly a Partner with Allen & Overy LLP has significant experience advising international companies on their strategic transactions, including advising at Board level. His experience includes public and private M&A, business reorganisations, complex joint ventures and demergers. Mark is qualified as a lawyer in both the UK and the US and his wide commercial experience is helpful to the Company as it expands its presence in North America.

Christopher Jones

Chris Jones has almost 25 years’ of experience in the healthcare industry, both in the UK and importantly throughout the USA. He brings valuable experience to Deltex which will be of great assistance to the Company as it seeks to capitalise on its leading position in ODM in the USA.

As at 1 March 2016, the company had been notified of the following holdings of 3% or more of the voting rights of the company (as shareholder and as the direct or indirect holder of financial instruments) pursuant to transitional provision 7 of the DTR Sourcebook of the Disclosure and Transparency Rules:

JO Hambro Capital Management – 11.78%
Nigel Keen – 8.22%
Charles Stanley & Co. Limited – 8.05%
Herald Investment Management Limited – 5.78%
Legal and General Investment Management Limited – 5.59%
TD Direct Investing – 4.61%
Barclays Wealth Management (UK) – 4.25%
Hargreaves Lansdown Asset Management – 4.13%

Deltex Medical Group plc, Terminus Road, Chichester, West Sussex, PO19 8TX.

+44 1243 774837

[email protected]

For further contact information CLICK HERE



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PricewaterhouseCoopers LLP

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