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

Living up to the market’s best expectations, Deltex Medical delivered a pre-exceptional operating profit for its year to December 2019, while also ending the period with a reasonable cash cushion.

The benefits of restructuring undertaken over the past 18 months, combined with a new strategy focussed on cost elimination and raised efficiencies, now place the Group on a springboard for growing both through the current situation and the post-Pandemic period. In this respect, it is significant that UK and US intensive care units have already started placing orders for its specialist haemodynamic monitoring technology, with a view to assisting clinicians to select the optimal treatment regime for ventilated COVID-19 patients.

With the potential for such equipment to become standardised and made widely available across global health authorities going forward, as governments commit significant new, long-term funding in an attempt to ensure they can much more rapidly address any such future calamity, Deltex Medical appears to be ideally placed to capitalise on such opportunities while also potentially contributing to a safer living environment for international populations.

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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.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.

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