TPI provides its latest research note on Deltex Medical Group plc (DEMG.L).

Deltex Medical has published its interim results to 30 June 2020.

The figures and their accompanying statement, which primarily reflect a revenue hit from reduced UK and US probe sales as a result of the coronavirus Pandemic, remain very much in line with the operational scenario detailed in the Group’s 9 July 2020 Trading Update.

That said, it has becoming increasingly clear that following the UK’s 3-month postponement of non-urgent elective surgery that began in April 2020 and resulted, according to Birmingham University, in June’s routine NHS procedures plummeting by as much as 72% year-on-year, the hoped for resumption of normal UK and US operating theatre (‘OR’) activity remains hindered both by concerns of a second wave of the coronavirus along inability/reluctance of trusts, hospitals, etc.

To revert as rapidly as desired. With the UK government expected to shortly commit several billions pounds of new funding in tandem with US efforts to accelerate the clearance of what has become the biggest surgical backlog in a generation, however, TPI now considers that both 2021 and 2022 will have potential not only to generate stronger revenues growth, but also drive home the significance of improved patient outcomes, limited post-operative complications and alignment with industry payers from adoption of Deltex Medical technology.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Deltex Medical Group plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

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