2012/13
LiDCO Group Plc Annual Report & Accounts for the year ended 31 January 2013 LiDCO Annual Report
2012/13
LiDCO manufactures minimally invasive 
hemodynamic monitoring equipment and 
disposables. Our products are the result of  
a multi-disciplinary developmental approach 
that transforms complex physiological data  
into useable and effective information.
Early intervention to avoid potentially dangerous 
and life threatening events has been proven to 
reduce complications and length of hospital 
stay in high risk surgery patients.
  1 Highlights
  2 Market shift to multi parameter monitors
  4 Market opportunities and strategy for growth
  6 Chairman’s statement
  8 Chief Executive Oﬃcer’s statement
14 Board of Directors
15 Clinical Advisory Group
16 Corporate Governance report
18 Corporate Social Responsibility statement
19 Directors’ remuneration report
24 Directors’ report
28 Independent auditor’s report (Group)
29 Consolidated comprehensive income statement
30 Consolidated balance sheet
31 Consolidated cash ﬂow statement
32 Consolidated statement of changes in shareholders’ equity
33 Notes to the ﬁnancial statements
49 Independent auditor’s report (Company)
50 Company balance sheet
51 Notes to the ﬁnancial statements
53 Company information
53 Advisers to the Company
LiDCO Group Plc
www.lidco.com
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LiDCO Annual Report
2012/13
Revenue
£million
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
£4.53
£5.37
£6.24
£7.12
£7.21
Cash in bank
£million
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
£0.49
£1.85
£1.40
£1.55
£2.06
Loss from operations
£million
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
£1.80
£1.55
£0.50
£0.05
£0.22
Financial highlights 
 Total revenue increased to £7.21m (2011/12: £7.12m)
 Product sales (excluding non-recurring license fees and support fees) were up £0.59m, an increase of 9%
 Disposables revenue up 15% to £5.6m, representing 78% of total revenues (2011/12: 68%)
 Revenue in the UK increased by 33% to £4.93m (2011/12: £3.70m)
 Gross proﬁt up 2% to £4.82m (2011/12: £4.75m)
 Gross margins excluding third party products up from 76% to 82%
 Operating loss £0.22m (2011/12: proﬁt £0.05m), EBITDA* of £0.60m (2011/12 £0.61m)
 Cash balance of £2.06m (2011/12: £1.55m)
 Loss per share 0.07pence (2011/12: earnings 0.01pence)
*  EBITDA is the loss from operations before the charge for depreciation and amortisation.
Operational highlights 
  Development, CE mark and commercial launch in EU of new LiDCOrapidv2 with Unity software non-invasive  
blood pressure and level of consciousness modules 
 UK surgical disposables revenue growth of 79% 
 Registration, reimbursement and market expansion into Japan with the appointment of Nihon Kohden
  Re-establishment of direct sales operation in US & purchase of US monitor installed base –  
discussions with potential US distribution partners ongoing
  Fundraising of £2.21m (net) in November 2012 strengthening the balance sheet to be better able to pursue 
growth opportunities
  276 monitors (2011/12: 364) sold/placed. Rolling seven year total of monitors sold/placed is  
2,312 (2011/12: 2,189)
Post year end
 Patent granted in Japan for LiDCOrapid monitor graphical user interface
  US FDA clears for sale LiDCOrapidv2 with level of consciousness display – with non-invasive module 
registration expected mid-year 2
LiDCO Annual Report
2012/13
Market shift to multi parameter monitors
LiDCOplus
2002
A computer-based platform monitor used in the Intensive Care Unit 
for real-time continuous display of hemodynamic parameters 
including cardiac output, oxygen delivery and ﬂuid-volume 
responsiveness (PPV% and SVV%).
LiDCOrapid
2008
A cardiac output monitor designed speciﬁcally for use in the 
operating theatre for ﬂuid and drug management. 
However, LiDCOrapid requires an arterial line to be inserted.
The hemodynamic monitoring market   
is maturing and projected  
to grow from  
$200m to $2bn per annum in surgery.  
To fully address this market a multi parameter monitor is required. 
LiDCOrapidv2 with Unity software  
is the ﬁrst such monitor. 3
LiDCO Annual Report
2012/13
LiDCOrapidv2 with Unity software
2013
First monitor in the world to be designed speciﬁcally for multi parameter monitoring of both  
depth of anesthesia and ﬂuids.
Currently allows the connection of two modules to the LiDCOrapidv2 to co-display Covidien’s  
depth of anesthesia parameter (BIS™) and CNSystems’ continuous non-invasive blood pressure 
monitoring (CNAP™).
Applicable to the needs of a broad range of surgery patients without the need for an arterial line.
*  BIS and Bispectral Index are trademarks of Covidien LP registered in the US and foreign countries.  
CNAP is a trademark of CNSystems.
Parameter convergence
LiDCOrapid plus BIS
TM
 depth of anesthesia plus CNAP
TM
 continuous non-invasive BP 
equals the new LiDCOrapidv2 with Unity software.
>
> 4
LiDCO Annual Report
2012/13
Market opportunities and strategy for growth
Total market for disposables 
addressed by LiDCOrapidv2 is 
$2,071m
UK
  NHS England drive for hemodynamic 
monitoring of up to a further 760,000 
surgery patients 
  Market set to double over the next  
12-24 months
  Payment incentives in place from  
April 2013
  LiDCO grew surgical disposables revenue 
by 79% over the prior year
US
  World’s largest existing market for 
minimally invasive hemodynamic 
monitoring 
  LiDCO has mutli parameter surgical platform
  Largest existing market for BIS
TM
  
(depth of anesthesia)
Japan
  Second largest market in the world
  LiDCO are second in the Japanese market 
after Edwards LifeSciences
  Focus for LiDCO’s distributors is $420 per 
patient reimbursement 
Japan $571m
UK $69m
US $663m
Europe and rest of world $768m
We expect  
signiﬁcant  
sales growth in 2013,  
driven by higher levels of sales in the UK,  
our stronger position in the US,  
and our ﬁrst full year of sales in Japan 5
LiDCO Annual Report
2012/13
Poised for growth of installed base and 
increased frequency of use
 Grow domestic and international sales 
 Non-invasive option will increase disposable  
use in existing monitor installed base
 Potential to broaden applications to  
non-surgical patients
 Continue to integrate more parameters  
to maintain technology lead 6
LiDCO Annual Report
2012/13
Chairman’s statement
During the year, LiDCO made 
signiﬁcant progress, marked  
in particular by strong sales  
growth in the UK. We also  
gained access to the Japanese 
market and successfully completed 
the development of our new 
generation hemodynamic monitor. 
Overall the Group made a small loss 
after tax of £117,000, although 
EBITDA remained positive.
Theresa Wallis  
Chairman
Products
The completion of the LiDCOrapidv2  
with Unity software, both on time and on 
budget, was a key milestone. The product – 
including the continuous non-invasive 
blood pressure module – achieved  
a CE mark within a week of the year-end, 
allowing sales in Europe to commence.  
In March the FDA cleared the LiDCOrapidv2 
with Unity software and depth of 
anesthesia display for sale in the US. 
This new generation monitor platform  
is instrumental to full realisation of the 
hemodynamic monitoring opportunity.  
It enables completely non-invasive patient 
monitoring, with integration and co-display 
of complementary parameters supplied by 
third parties. As a result, usability of LiDCO’s 
monitors is extended to a wider spectrum 
of surgery patients. This development 
enables improved quality of care while 
reducing the number of monitors required 
and lowering costs for care providers. 
The ﬁrst of the third party parameters  
to have been incorporated is depth of 
anesthesia and we are working to integrate 
additional complementary parameters. 
Importantly, the existing installed base of 
LiDCOrapid monitors can be upgraded to 
provide the new functionality. 
Access
Our strategy is to sell to – and service –  
our UK customers directly. We operate 
predominantly via distributors overseas; in 
the smaller territories through independent 
distributors and in the major markets such 
as USA and Japan, through larger medical 
device corporations. 
During the year, we ﬁnalised the 
arrangements necessary to access  
the Japanese market. These included 
registration and reimbursement approval 
and signing an exclusive distribution 
arrangement with Nihon Kohden  
and Argon Medical. Our partnership 
arrangements in Japan now give our 
LiDCOrapid monitor and disposables access 
to the world’s second biggest market for 
hemodynamic monitoring.
We have taken back direct responsibility  
for sales in the US, following the negotiated 
termination of our distribution partnership 
with Covidien. Discussions are ongoing 
with a number of potential partners in  
this market.  7
LiDCO Annual Report
2012/13
Evidence and awareness
Hemodynamic monitoring is a part of an 
eﬀective and standardised clinical pathway 
to optimise high risk surgery patients. 
During the year, the NHS published  
its Intraoperative Fluid Management 
Technologies Adoption Pack. In the UK, 
demand for our surgery product is 
increasingly being driven by the NHS’s 
promotion of advanced ﬂuid management 
in up to a further 760,000 surgery patients 
per annum. 
Governance
John Barry, Sales & Marketing Director, left 
the Company in August. We are grateful for 
his contribution to the Company over his 
11 years of service, during which he helped 
establish our technology in the critical care 
and high-risk surgery arenas. Terry O’Brien 
has taken over direct responsibility for the 
management of the Company’s sales and 
marketing activities. 
Prospects
In 2013 we expect sales to be driven by  
the increased appreciation of the clinical 
and economic beneﬁts of hemodynamic 
monitoring, particularly in the UK where it 
is estimated that full adoption could save 
the NHS £400 million per annum. 
The extension of LiDCO’s product oﬀering 
to include non-invasive monitoring will 
further increase the number and range of 
accessible surgery patients, initially in the 
UK and Europe. 
We expect sales of both monitors and 
disposables to be driven increasingly by 
their use in measuring complementary 
parameters sourced from third party 
sensors – and from a broader population  
of patients requiring non-invasive access.  
In addition, we expect sales to be further 
driven by the opening up of the Japanese 
market, estimated at US$285 million for 
arterial line patients. In the US, the outcome 
of current discussions with potential 
partners will inform the nature of our 
approach to this market over the longer 
term. In the meantime, selling directly in 
the US will generate higher margins. 
The fundraising in November enabled us to 
acquire the US installed base of LiDCOrapid 
surgery monitors following the changes to 
our US distribution arrangements. It also 
facilitates faster access to the non-invasive 
opportunity in the UK and other territories 
and the Company’s overdraft was repaid. 
Cash at the year-end was £2 million.
I would like to thank our shareholders  
for their continued support, my fellow 
directors and the staﬀ at LiDCO for their 
hard work and our Clinical Advisory Group 
for their valuable insights and feedback. 
2012/13 was a challenging year, but the 
Company ﬁnished the year in a position  
of strength. 
Theresa Wallis
Chairman
22 April 2013 8
LiDCO Annual Report
2012/13
Chief Executive Officer’s statement
Dr Terence O’Brien  
Chief Executive Oﬃcer
I am pleased to report the results of a very productive twelve months 
where we have grown revenues, launched a new product that 
doubles our addressable market to a $2 billion recurring revenue 
opportunity, and commenced sales of LiDCOrapid into the Japanese 
market. We reinforced our position in the US through acquiring the 
installed base of 230 monitors; raised £2.21 million (net), part of 
which funded the US purchases; saw further clinical data published 
showing that LiDCOrapid improves patient outcomes; and have been 
active in further securing a global intellectual property portfolio  
to protect our technology. We are also seeing in the  
UK strong commitment and progress towards an NHS  
objective of doubling the number of surgical patients  
receiving ﬂuid monitoring. 
Overview
Our new product development has been 
achieved at considerable pace – we have 
completed this project on budget, within 
twelve months and produced a product 
that is truly innovative. LiDCO believe that 
the LiDCOrapidv2 with Unity software is 
game-changing in that now all surgery 
patients can be non-invasively monitored, 
allowing the user to achieve optimal blood 
pressure and ﬂuid management, while 
simultaneously ﬁnely titrating the level  
of anesthesia. We will initially market our 
new integrated monitor to address the  
10 million high-risk surgical patients 
worldwide that would beneﬁt most.  
Our customers are already energised about 
both the surgical use and the potential 
utility of the product beyond surgery, into 
what could prove to be widespread use in 
non-surgical settings. We will explore these 
additional applications and expect in time 
these could add considerably to what we 
see as the current market opportunity. 
In February of this year we announced  
the registration and launch in Europe  
of the new LiDCOrapidv2 monitor with 
Unity software. This is the world’s ﬁrst 
non-invasive multi parameter monitor 
speciﬁcally designed for continuous 
non-invasive blood pressure, ﬂuid and 
consciousness monitoring of high-risk 
surgery patients. We believe our innovative 
monitor sets a new standard through 
displaying in an integrated fashion a 
number of the more recent advances in 
peri-operative care monitoring. Through 
the addition of the non-invasive option  
our technology can now be used in many 
more locations within the hospital. Initial 
customer response to the product has 
been extremely encouraging and sales 
have been made to both UK and European 
hospitals. First generation LiDCOrapid 
customers can access the technology 
through a software upgrade and  
addition of the non-invasive and level of 
consciousness modules. Our expectation  
is that the additional utility that the 
LiDCOrapidv2 brings will signiﬁcantly 
increase disposable revenues from both 
existing and new customers. 
During the period we have achieved 
registration, reimbursement and the ﬁrst 
monitor sales into the world’s second 
biggest market for hemodynamic 
monitoring – Japan – for the LiDCOrapid. 
We are only the second technology to 
achieve cardiac output reimbursement in 
Japan and also announced during the year 
that we had signed a strong Japanese 
distribution partner, Nihon Kohden. 
Furthermore, in protecting our intellectual 
property, we were delighted to report last 
month that the Japanese Patent Oﬃce had 
granted a patent protecting the Graphical 
User Interface (“GUI”) of the LiDCOrapid 
monitor in Japan. The distinctive display of 
hemodynamic parameters by LiDCO’s GUI 
makes the touch-screen monitor unique 
and easier to interpret than traditional 
displays. This GUI forms the structure of the 
screen displayed by the new LiDCOrapidv2 
with Unity software. A patent protecting 
our LiDCOrapid GUI was granted in the  
EU in September 2011 and is currently 
pending in the US. We vigorously pursue 
patent protection and have a number  
of other patents pending that we believe 
cover both core aspects of our signal 
processing technology and the integration 
and display of additional parameters in  
the LiDCOrapidv2. 
The US is our largest export territory and 
represents our second largest installed  
base of monitors and disposable sales  
(after the UK). Having reviewed sales 
progress in the US, we felt that although 
our distribution partner, Covidien, had 
made some progress, they were unwilling 
to give the LiDCO products suﬃcient 
dedicated sales time to achieve their 
contractual minimum purchase obligations. 
After discussion, we agreed to continue 
working collaboratively with Covidien  
on an OEM licensing relationship, with 
LiDCO integrating Covidien’s level of 
consciousness technology into the 
LiDCOrapidv2.  9
LiDCO Annual Report
2012/13
During the period  
we have achieved registration, 
reimbursement and the ﬁrst  
monitor sales into the world’s  
second biggest market  
for hemodynamic monitoring –  
Japan – for the LiDCOrapid.
LiDCO re-assumed direct responsibility  
for LiDCOrapid sales and subsequently 
purchased back the remaining inventory, 
the US monitor installed base, and their 
associated high margin disposable sales 
income. These distribution changes 
inevitably negatively aﬀected US sales in  
the second half. We are now growing our 
own direct US sales force to drive sales 
growth through increasing disposable  
use and establishing additional accounts. 
Our expectation is that we will further 
improve our market access for US sales of 
the LiDCOrapidv2 through the appointment 
of one or more distribution partners, and 
we are progressing discussions with a 
number of parties.
In the UK, the surgical monitoring market 
continues to grow strongly. We are 
delighted to report excellent progress  
with surgical disposables revenue growth  
of 79% over the prior year. This growth  
is expected to continue as, over the next 
twelve months, the NHS in England is 
committed to driving adoption and is 
providing payment incentives aimed to 
double the numbers of surgery patients 
receiving ﬂuid monitoring. 
Furthermore, in November new guidance 
from the UK’s National Institute for  
Health and Clinical Excellence (“NICE”) 
recommended the use of level of 
consciousness monitors during general 
surgery for higher risk surgery patients.  
Such technology is now accessible through 
the new LiDCOrapidv2 monitor, which uses 
Covidien’s Bispectral Index (“BIS™”). BIS was 
highlighted in the NICE report as showing 
the strongest evidence of clinical beneﬁt. 
This recommendation built on the  
previous guidance from NICE and the 
Commissioning for Quality and Innovation 
(“CQUIN”) payment framework, both  
of which support intra-operative ﬂuid 
management monitoring for high risk 
surgery patients. The LiDCOrapidv2 with 
Unity software is therefore a single  
monitor solution that satisﬁes both  
NICE recommendations and CQUIN 
requirements for high risk surgery patients. 
Combining these features into a single 
monitor makes use of the LiDCOrapidv2 
highly appealing compared to our 
competitors’ older, single parameter 
technologies. 
The main territories for us are the UK,  
which we believe is the fastest growing 
market for surgical monitoring in Europe, 
and the major export markets of the  
US and Japan. The global market for 
hemodynamic monitoring disposable  
sales into the high risk surgery patient 
population represents a potential recurring 
revenue stream of $2 billion per annum.  
We believe that our technology is now 
best-in-class and capable of taking a very 
signiﬁcant share of this growing surgical 
monitoring market. 
Worldwide, hospitals are coming under 
increasing pressure to adopt ﬂuid 
management monitoring, as it both 
increases the quality of healthcare provision, 
and reduces the costs of post-operative 
care. As LiDCO’s technology can now be 
used completely non-invasively, it has 
become a more broadly applicable and  
easy way of delivering such care. 
The last 20 years have seen the emergence 
of a number of other complementary 
monitoring parameters that are increasingly 
used in surgical and intensive care settings. 
Going forward LiDCO strongly believes the 
convergence of all of these parameters  
into an integrated monitor capable of 
simultaneous and integrated display is a fast 
developing and key customer requirement. 
As such it is our intention to continue  
with our strategy of converging additional 
parameters into the LiDCOrapidv2 platform 
- thus allowing other important modalities 
to be monitored through a common 
hardware platform and co-displayed for 
greater impact. Our next target parameters 
are those that when integrated should 
enhance the utility of our monitor in both 
cardiac surgery and for the monitoring of 
shock and sepsis patients. 
Alongside the integration of multiple 
parameters, the use of less invasive 
hemodynamic monitoring has generated  
a hard-to-refute body of clinical evidence 
regarding cost eﬀectiveness that underpins 
ever wider non-invasive clinical usage. Now 
available with a simple to use non-invasive 
option, we believe that LiDCOrapidv2 will 
ﬁnd ever wider applications, both in and 
outside of surgery, and we hope will 
become commonplace in the management 
of any patient requiring acute care. 
The introduction of LiDCOrapidv2 providing 
a non-invasive, multi parameter monitoring 
platform is a signiﬁcant technological 
advance. We expect this will result in these 
measurements taking an increasingly strong 
role in the anesthetic management of a 
much larger population of high-risk general 
surgical patients. Even wider scale adoption 
of LiDCO’s technology will, we believe, 
signiﬁcantly improve clinical outcomes for 
high risk patients undergoing surgery, while 
providing major cost savings to hospitals.  10
LiDCO Annual Report
2012/13
Chief Executive Officer’s statement continued
Revenue and trading
Revenues for the full year were £7.21 million 
(2011/12 £7.12 million). LiDCO received  
no license fees during this ﬁnancial year 
(2011/12: £540,000) therefore excluding 
license fees, product revenues increased  
by approximately 9% – driven by a strong 
performance in the UK. Top line revenue 
growth was negatively aﬀected by the 
disruption around the distribution changes 
in the US (referred to above). We also had  
to see out a degree of destocking by 
distributors in the EU. Both the US and EU 
territories are expected to return to growth 
in 2013 together with increasing revenue 
contribution from Japan. Sales in the UK  
are expected to continue to grow strongly, 
particularly in high risk surgical monitoring 
as more hospitals comply with NICE and 
CQUIN requirements for ﬂuid and level of 
consciousness monitoring. 
Markets breakdown
Global markets
The priority markets for LiDCO at this time 
are the UK, US and Japan. The latter two are 
the world’s ﬁrst and second largest markets 
by size (estimated at $650m and $420m 
respectively) representing a total of  
around 5 million high risk surgery patients 
per annum. 
UK markets
In our domestic UK market sales continued 
to grow strongly, up by 33% to £4.93 
million (2011/12: £3.70 million). This was 
the result of increases in both our third 
party distributed revenues (up £520,000) 
and excellent growth in both LiDCO 
monitors and disposables sales (up 
£651,000). Total (surgery and critical care) 
UK disposable unit sales increased 29% 
from 21,045 to 27,155 units and sold/
placed LiDCOrapid monitors were up  
57% at 77 (2011/12: 49 units). Growth  
of unit sales of surgical disposables was 
particularly signiﬁcant at 70% up on the 
prior year, a reﬂection of both the increased 
installed base and average use up from  
4.7 to 5.1 disposables per month. LiDCOplus 
monitor sales/placements of 14 units  
were marginally lower than the prior year 
(2011/12: 17 units), however disposables 
units were stable at 12,300 with sales  
value up 10% to £1.47 million (2011/12: 
£1.33 million).
through providing more in-service support 
to existing customers. In order to do so  
we are increasing our own US sales and 
nurse educator presence and expect to  
see signiﬁcant sales growth in 2013 both 
through increasing monthly disposable use 
rates and also incrementing the installed 
base. We continue to have discussions with 
potential distribution partners for the US 
market, who are appropriately positioned 
and resourced to implement the sales 
model developed in the UK, which is 
focused on increased and wider adoption 
of the LiDCOrapid monitors, to drive 
disposables consumption. 
Continental Europe 
The Company also has an active sales and 
marketing program in Europe. Sales were 
down 27% in this territory to £622,000 
(2011/12: £853,000). This was anticipated  
as European states, especially those in 
southern Europe, have cut back healthcare 
expenditure at the governmental level.  
In detail, this was reﬂected as lower monitor 
unit sales (19 vs. 60 in 2011/12) coupled  
to a lower average transfer price for 
disposables. Despite the ﬁnancial pressures, 
total unit disposable sales were down only 
slightly to 9,350 (2011/12: 9,445) due to  
a fall-oﬀ in critical care sensor disposable 
sales. Encouragingly, surgery disposable 
units were up 14%. Although this was not  
a growing market last year, we do expect 
growth going forward starting this year. 
Our distributors have substantially 
destocked during the year and have shown 
strong interest in committing to upgrading 
to the new LiDCOrapidv2 monitor. 
Japan and Rest of World
The LiDCOrapid monitor and associated 
disposable products were launched in 
Japan in August 2012 after obtaining 
registration and reimbursement. Japan  
is the second biggest market after the  
US for minimally-invasive hemodynamic 
monitoring and has the highest disposable 
pricing with a reimbursement of $420 per 
patient monitored. After Edward’s Vigileo/
FloTrac, LiDCOrapid is the second product 
to be granted reimbursement. LiDCO’s 
commercial partners in Japan are Argon 
and Nihon Kohden. Nihon Kohden has  
120 branch oﬃces and around 1,000 sales 
representatives and is a potent sales 
organization in Japan. Nihon Kohden  
UK market dynamics
The NHS drive for adoption of ﬂuid 
monitoring looks set to continue to 
underpin growth in our surgery monitoring 
business. In the UK around 40,000 patients 
a year currently undergo surgery with the 
guidance of hemodynamic and ﬂuid 
monitoring technologies. Under its latest 
initiatives, the NHS is seeking to increase 
this ﬁgure to 80,000 patients per year 
starting in April 2013, with the eventual aim 
of managing up to 800,000 patients a year. 
The Company expects to see signiﬁcant 
growth in the UK in 2013 for the 
LiDCOrapid and the LiDCOrapidv2 product 
range, with our intensive care LiDCOplus 
business showing more modest increases. 
US markets
In the US LiDCO has now acquired the 
existing LiDCOrapid customer base from 
Covidien and has taken back direct 
responsibility for the sales and marketing  
of all LiDCOrapid products. Product sales of 
£1.10 million were down from £1.49 million 
in 2011/12; this was predominantly as a 
consequence of the previously announced 
change in distribution arrangements  
to direct sales. LiDCOrapid sales were 
disrupted for several months in the latter 
part of the year. Revenue comparisons 
between the periods are further 
complicated by greater stocking orders 
taken into inventory by the distributor  
in the prior year. However, the underlying 
sales into hospitals across the period shows 
a better and clearer picture. Disposable unit 
sales of Smartcards increased by 8% to 
6,095 (2011/12: 5,630). Prior to the change 
to direct sales the monthly run rate was 
growing and standing at 550 per month 
compared to 480 per month in the same 
period in 2011. 
US market dynamics
The installed base of LiDCOrapid monitors 
in the US now stands at 230 units in 70 
hospitals. This is a substantial installed base 
and one that is equivalent to our installed 
base in the UK into which we sold 14,855 
disposables last year. The disposables sold 
in the US as noted above were 6,095.
Having assessed the US LiDCOrapid 
business, we believe there is an immediate 
opportunity to grow use rates and 
revenues in the existing installed base  11
LiDCO Annual Report
2012/13
Business review – summary table
 Year to Year to Increase/ Increase/
 31 Jan 2013 31 Jan 2012 (decrease) (decrease) %
Revenue by type (£’000)    
– Monitors 1,337 1,501 (164) (11%)
– LiDCO disposables 3,881 3,651 230 6%
– Third party disposables 1,726 1,206 520 43%
– License fees – 540 (540) –
– Other income 269 224 45 20%
– Total revenues 7,213 7,122 91 1%
Monitors (units)  276 364 (88) (24%)
Sold 244 353 (109) (31%)
Placed 32 11 21 191%
Sensors and Smartcards (units) 49,413 50,595 (1,182) (2%)
Rolling 7 year total of monitors sold/placed 2,312 2,189 123 6%
Regional sales performance summary
UK
  Total revenue up 33% to £4,928,000 (2011/12: £3,701,000)
  Monitor units sold: 59 with revenue of £527,000 (2011/12: 55 units; £438,000) 
  Sensor and Smartcard revenue £2,441,000 up 30% (2011/12: £1,879,000)
  Sensor (12,300) and Smartcard (14,855) unit sales up 0% and 70% respectively
  Third party disposable sales up 43% to £1,726,000 (2011/12: £1,206,000)
  Other income up 31% to £234,000 (2011/12: £178,000)
  LiDCO disposables as a percentage of LiDCO product sales: 82% (2011/12: 81%)
US
  Product revenue down 27% to £1,087,000 (2011/12: £1,491,000) 
  Revenue fall predominantly due to disruption stemming from termination and transition  
of the Covidien distribution back to LiDCO
  Monitor revenue down 25% to £430,000 (2011/12: £571,000)
  Sensor and Smartcard sales down 29% to £657,000 (2011/12: £920,000)
  Licence fee income of £nil (2011/12: £290,000)
Continental Europe
  Total revenue down 27% to £622,000 (2011/12: £853,000)
  Monitor units sold: 19 with revenue of £115,000 (2011/12: 60 units: £256,000)
  Sensor/Smartcard sales revenue down 14% at £484,000 (2011/12: £565,000)
  Sensors/Smartcard units 9,350 (2011/12: 9,445) down 1%, sensors down 14%,  
Smartcards up 14%
  Other income up 28% to £23,000 (2011/12: £32,000)
Japan and Rest of World
  Total revenue up 7% to £567,000 (2011/12: £530,000)
  Monitor units sold 99 (2011/12: 50) with revenue up 6% £239,000 (2011/12: £226,000)
  Sensor/Smartcard sales revenue up by 4% to £299,000 (2011/12: £287,000)
  Sensors/Smartcard units 5,870 (2011/12: 5,700) up 3%, sensors up 18%,  
Smartcards down 1%
  License fee income of £nil (2011/12: £250,000)
  Other income up 71% at £29,000 (2011/12: £17,000)
also sells BIS™ (level of consciousness 
monitoring) for Covidien and has rights to 
sell the combined monitor (LiDCOrapidv2 
with Unity software) when registered. 
Eighty LiDCOrapid monitors and 2,000 
disposables were sold during the period. 
This year will mark our ﬁrst full year of 
trading and we expect good commercial 
progress will be made. We hope to be 
submitting the LiDCOrapidv2 with Unity 
software and BIS™ option for Japanese 
registration later this year. Approval is 
anticipated in the second half of 2014. 
During the year a patent was granted in 
Japan for the LiDCOrapid monitor graphical 
user interface. This is important as the 
structure of the monitor screen is novel  
and is used in our multi parameter 
LiDCOrapidv2 monitor. Product sales  
to Japan in the year were £330,000 
(2011/12: £44,000). 
Product sales to the ROW territories 
including Japan were up 8% to £564,000 
(2011/12: £523,000). Monitor sales units 
were strong with 99 units sold (2011/12:  
50 units) and monitor revenue up 12% 
£265,000 (2011/12: £236,000) – reﬂecting 
higher sales of the lower priced LiDCOrapid 
monitors (97 compared with 35 in the prior 
year). Sensor/Smartcard sales revenue was 
up by 4% to £299,000 (2011/12: £287,000). 
No license fees were paid during the 
period. Moving forward we are building 
sales capability through distribution 
partnerships in the Middle East and we 
recently signed a distributor for China.  12
LiDCO Annual Report
2012/13
Chief Executive Officer’s statement continued
FINANCIAL REVIEW
Operating results 
Overall turnover increased by 1% to £7.21m (2011/12: £7.12m) with  
an excellent performance in the UK more than mitigating the £390,000 
reduction in US product sales caused by the change in sales and marketing 
arrangements in that region. Details of sales performance by region are 
provided above. The Group made a loss after tax of £117,000 (2011/12:  
proﬁt £15,000) but remained comfortably EBITDA positive at £595,000 
(2011/12: £609,000) The loss per share was 0.07 pence (2011/12: earnings 
0.01 pence). Cash at the year-end was £2.06m. 
high. The margin across all LiDCO products 
(i.e. excluding third party product sales) 
increased during the period from 80% to 
82%. Future proﬁtability will signiﬁcantly 
depend on margins achieved on 
disposables and these have remained  
high during the year. Margins achieved  
on LiDCOplus sensors remained steady at 
86% and LiDCOrapid Smartcards increased 
slightly to 95% (2011/12: 94%).
The overall gross proﬁt increased by 
£74,000 to £4.82 million. The loss of margin 
resulting from the lack of license fees and 
the reduction in LiDCO based product 
sales, was oﬀset by the margin from 
additional third party product sales and 
negligible Med One cost of sales compared 
with £227,000 in the comparative period. 
The overall gross margin remained static  
at 67%. 
Total overheads increased by £242,000  
(5%) to £5.04m (2011/12: £4.80m). Sales 
and marketing costs increased by £198,000 
including the costs of re-engaging direct 
sales representation for the LiDCOrapid  
in the US. During the year there was a  
write back of £123,000 of share-based 
payment charges as a result of the lapse  
of share warrants granted to the former  
US distributor.
The operating loss increased by £168,000  
to £217,000. As a result of a three year sale 
and leaseback arrangement taken out in 
January 2012, the Group incurred net 
interest costs of £42,000 (2011/12: income 
£4,000). After net tax credits of £142,000 
(2011/12: £60,000) the Group made  
a small loss after tax of £117,000 (2011/12: 
proﬁt £15,000). 
Taxation
The Group continues to beneﬁt from 
research and development tax credits 
which may be recovered in cash while the 
Group makes an operating loss. The Group 
has a deferred tax asset of £4.8m although 
this has not been recognised in the 
accounts as it is not considered to meet  
the criteria laid down in IAS 12.
Cash, ﬁnancing and working capital
The net cash outﬂow before ﬁnancing 
activities in the period was £1.56 million 
(2011/12: £582,000) compared with  
a loss after tax of £117,000. As noted  
in the annual report to 31 January 2012, 
expenditure on intangible assets increased 
signiﬁcantly as a result of the continuous 
non-invasive blood pressure module and 
Unity software development. External 
expenditure including technology  
licenses for this development in the  
year was £564,000. The product was 
launched in February 2013 and residual 
development and licensing costs in the 
year to January 2014 are expected to be 
circa £200,000.
Revenues from the sales of LiDCO 
disposables increased by 6% to £3.88m 
(2011/12: £3.65m) with a notable increase 
of 79% in revenue from UK surgery 
disposables and excluding license fees, 
overall revenues increased by 10%. License 
fees are normally received in respect of 
signiﬁcant corporate distribution  
or licensing arrangements and are  
irregular. No such fees were received  
in the year (2011/12: £540,000).
During the year a total of 276 monitors 
(2011/12: 364 monitors) were sold or 
placed including 91 (2011/12: 66) sold or 
placed in the UK. The 7 year rolling base  
of sold/placed monitors at the year-end 
was 2,312 (2011/12: 2,189). Some of  
the monitors sold to distributors are for 
demonstration use and evaluation purposes. 
Unit sales of LiDCOrapid Smartcards rose  
by 1% overall with a 70% increase in the  
UK oﬀset by a 57% drop in US sales. In the  
UK total disposable unit sales of sensors  
and Smartcards increased by 29%. In the  
UK where the Group has detailed usage 
information, the average use rates for 
surgery disposables increased to 5.1 
(2011/12: 4.7) uses per monitor per month 
with individual hospital use as high as  
19 Smartcards per monitor per month.
Gross proﬁt margins (which are calculated 
before any allocation of overheads) remain  13
LiDCO Annual Report
2012/13
79% 
Growth in revenue  
from UK surgery disposables
As also noted in the results to 31 January 
2012, larger than normal forward orders  
of monitors had to be placed in order to 
mitigate against the eﬀect of end of life 
notices issued by the manufacturers on 
some monitor components. The Group’s 
software is written speciﬁcally to work with 
the existing hardware platform, allowing 
back integration into the installed base.  
It was therefore considered necessary to 
ensure that the Group had an unchanged 
hardware platform for the next few years. 
As a result of these forward orders and  
the buy-back of the customer base and 
inventory from its former US distributor, 
inventories increased in the year by 
£922,000. Remaining outstanding forward 
orders for monitors amount to £220,000 
and will be received in the year to January 
2014. Inventory levels should thus fall in the 
current ﬁnancial year. 
In November 2012 the Group issued 
17,423,000 new ordinary shares at  
13.5 pence per share in a placing and 
subscription to both new and existing 
investors, including management raising 
£2.21 million net of costs. Some of the 
proceeds have been used to buy back 
inventory and the installed base of 
monitors from the former US distributor. 
The additional funds will also allow the 
Group to accelerate the retro-ﬁt of its UK 
installed base of LiDCOrapid monitors with 
the new product, to strengthen the Group’s 
balance sheet and position the Group so  
as to be able to better pursue other growth 
opportunities as and when they arise.  
In addition, a further 1,997,000 shares were 
issued in respect of share options exercised 
during the year for a total of £225,000.
Net cash balances at 31 January 2013 
amounted to £2.06 million (2011/12:  
£1.34 million).
 
PRODUCT DEVELOPMENT 
We are very excited about the distributor 
and customer reception for our  
recently developed and launched  
new LiDCOrapidv2 with Unity software.  
This is the ﬁrst monitor in the world to be 
designed speciﬁcally for multi parameter 
monitoring of both depth of anesthesia 
and ﬂuids for patients undergoing high  
risk surgery. This development allows  
the connection of two modules to the 
LiDCOrapidv2 allowing the co-display  
of Covidiens’ depth of anesthesia parameter 
(BIS™) and CNSystems’ continuous 
non-invasive blood pressure monitoring 
(CNAP™). We have registered this product 
for sale in Europe and have FDA approval 
for sale of the new Unity software and 
depth of anesthesia module option. We 
expect the non-invasive blood pressure 
option (LiDCO CNAP™ module) to also be 
available for sale in the US market around 
the summer of 2013. 
New development activities for 2013 
include the language localization of the 
new Unity software and clinical evaluation 
of additional parameters for integration 
into the LiDCOrapidv2 monitor. The new 
Unity software has been structured in such 
a way that more measurements can be 
added quickly and cost eﬀectively. We are 
particularly interested in parameters whose 
addition will give enhanced utility not only 
in the high risk surgery market but also  
in the cardiac surgery arena and shock/
sepsis patients. We will keep investors 
appraised on progress and expect to be 
able to announce more details of further 
parameter integration later this year. 
Looking to other development projects 
these will include an update to the 
LiDCOplus software that will bring the 
operating system up to date and will 
improve ease of use and connection  
to third party monitors. LiDCOview, our 
easy-to-use graphical display of historical 
LiDCOplus and LiDCOrapid hemodynamic 
data, is a unique research tool that is used 
for the review of historical data for research 
and education purposes. This will also  
be updated with the addition of BIS™  
(depth of anesthesia) to the download, 
analysis and display. Both projects will  
be completed and released in the next  
few months. 
Outlook
We expect signiﬁcant sales growth in 2013, 
driven by higher direct sales revenues in 
both the US and the UK, a full year of sales 
in Japan and a return of sales growth  
in the EU. Our new widely applicable 
LiDCOrapidv2 monitor with non-invasive 
and level of consciousness options will 
contribute signiﬁcantly to our revenues. 
Costs and margins will be kept under 
control. The Board anticipates further 
growth in 2013 and expects to be both 
cash generative and proﬁtable.
Terry O’Brien
Chief Executive Oﬃcer
22 April 2013 14
LiDCO Annual Report
2012/13
Board of Directors
Theresa Wallis
Non-Executive Chairman
Dr Terence O’Brien
Chief Executive Oﬃcer 
Paul Cliﬀord
Finance Director
Ian Brown
Non-Executive Director 15
LiDCO Annual Report
2012/13
Theresa Wallis
Non-Executive Chairman
Ms Wallis was appointed in December 
2002. She has worked most of her career  
in ﬁnancial services, moving into the 
technology commercialisation sector  
in 2001. She worked for the London  
Stock Exchange for 13 years, where from 
1995 she was chief operating oﬃcer of  
AIM, the market for smaller growing 
companies, having managed the market’s 
development and launch in 1994/5.  
From 2001 to end 2006 she was a principal 
executive of ANGLE plc, a venture 
management and consulting business 
focusing on the commercialisation of 
technology. Since 2001 she has held a 
number of non-executive directorships  
and she is currently a non-executive 
director of Special Products Limited  
and the Quoted Companies Alliance.
Ian Brown
Non-Executive Director
Mr Brown was appointed in October 2005. 
He has over 25 years’ experience in the 
medical devices industry and has extensive 
experience of developing and introducing 
new medical devices to the market in the 
UK and overseas. Between 1986 and  
2003, he was an executive director and 
shareholder in a medical device start-up 
company (Novamedix Group), initially  
as sales and marketing director and later  
as managing director. The company was 
progressively sold to a major US healthcare 
group (Oﬁx). In his early career, Mr Brown 
worked in a number of UK and international 
sales and marketing positions for  
Johnson & Johnson, Smiths Industries  
and Pharmacia AB.
Dr Terence O’Brien
Chief Executive Oﬃcer 
Dr O’Brien co-founded the Group in 1991 
and has led the Group since its inception. 
Prior to that, he held senior positions with 
biomedical companies including Sandoz 
SA, Pharmacia AB, Meadox Medical Inc, 
Novamedix Ltd, Enzymatix Ltd and 
Surgicraft Ltd. Dr O’Brien was associate 
commercial director at Enzymatix, which 
subsequently listed on the London Stock 
Exchange as ChiroScience Plc. Over the  
last 25 years Dr O’Brien has been involved 
in the research and development and 
subsequent marketing of a number of 
medical device technologies that are now 
standards of care in the anesthesia, critical 
care and surgery markets.
Paul Cliﬀord
Finance Director
Mr Cliﬀord was appointed in April 2008.  
He qualiﬁed as a chartered accountant  
with Touche Ross (now Deloitte) in 1975. 
He joined the Group in April 2008 having 
spent 28 years in ﬁnance positions in 
technology companies. In 1991 he 
co-founded BCS Computing Limited,  
a venture capital backed concern  
investing in computer software companies. 
He became ﬁnance director of software 
group, Comino in 1996, prior to its ﬂotation 
on AIM in 1997. In 2006, Comino was 
acquired by AIM quoted Civica plc and  
Mr Cliﬀord became ﬁnance director of 
Civica UK Limited, its main operating 
subsidiary, leaving in 2008. Mr Cliﬀord was  
a non-executive director of AIM quoted 
Prologic plc until its takeover in 2012.
Dr Max Jonas
Dr Jonas is a Consultant Intensivist and Senior 
Lecturer in critical care working at Southampton 
University Hospitals. He is currently the Director 
of the 28 bed general intensive care unit and  
has speciﬁc interests in hemodynamics and the 
assessment of monitoring equipment. He is an 
elected member of the Council of the Intensive 
Care Society and has completed a six year term 
of the technology assessment section of the 
European Society of Intensive Care Medicine.  
He is the ex-president of the Society of Critical 
Care Technologists.
Professor Michael Pinsky
Professor Pinsky is Professor of Critical Care 
Medicine, Bioengineering, Cardiovascular 
Diseases and Anesthesiology at the University  
of Pittsburgh School of Medicine, USA and is  
a member of the editorial board of the Journal  
of Critical Care and Critical Care Forum. He is 
editor-in-chief of the eMedicine WebMD’s 
textbook Critical Care Medicine. He was awarded 
Docteur honoris causa from the Université de 
Paris V (Le Sorbonne). He has a wide range of 
research interests – among them being the  
study of heart-lung interactions, hemodynamic 
monitoring, cardiovascular physiology, sepsis 
and outcomes research. He is a world leading 
authority on the application of both existing 
invasive, and the more recent introduced 
minimally invasive, monitoring technologies.
Dr Christopher Wolﬀ
Dr Wolﬀ holds the post of senior research fellow 
at The Centre for Clinical Pharmacology, The 
William Harvey Research Institute, Bart’s and 
Queen Mary School of Medicine and Dentistry, 
London. He is a clinician, physiologist and 
mathematician and has major research interests 
in respiratory and cardiovascular physiology.
Dr David Band
Dr Band was appointed to the Clinical Advisory 
Group in April 2011. He co-founded LiDCO in 
1991, is the co-inventor of the LiDCO system  
and until April 2011 was the Group’s Scientiﬁc 
Director. He is a specialist in the ﬁeld of 
respiratory physiology, electrochemistry  
and ion-selective electrodes. He has a degree  
in medicine and was a reader in applied 
physiology in the Division of Physiology,  
GKT School of Biomedical Sciences,  
St Thomas’ campus.
Clinical Advisory 
Group 16
LiDCO Annual Report
2012/13
The UK Corporate Governance Code
Companies that have shares traded on AIM, the London Stock Exchange’s market for smaller growing companies, are not required to comply 
with the UK Corporate Governance Code. However, the Board is committed to maintaining the highest standards of corporate governance, 
where appropriate for a company of its size.
The Board of Directors
The Board currently consists of two executive and two non-executive directors. Biographies of the directors are provided on page 15. 
There is a clear division of responsibilities between the Chairman and the Chief Executive Oﬃcer and their roles have been set out in writing 
and agreed by the Board.
The non-executive directors are Theresa Wallis (Chairman) and Ian Brown (Senior Independent Director). The non-executive directors bring 
a wide range of skills and experience to the Board. The Board considers that the non-executive directors are independent although Ms Wallis‘s 
term now exceeds ten years and therefore does not comply with independence criterion regarding length of service speciﬁed in section B 1.1 
of the UK Corporate Governance Code (she was appointed in December 2002). Nevertheless following a performance review the rest of the 
Board believes that she remains both independent in character and judgement and that she continues to be eﬀective and demonstrate 
commitment to her role as Chairman of the Board and its three committees. Further, no institutional investor has raised concerns over her 
independence. Ms Wallis will be standing for re-election at the next AGM and thereafter annually for so long as she remains on the Board.
During the year, the Board reviewed the organisational structure of the business. This review is ongoing and is expected to be inﬂuenced 
by the outcome of the discussions relating to US partners. In addition the Board reviewed its composition and concluded that having 
considered the skills, experience and attributes of the directors, the Board’s composition should continue unchanged. The Board will 
continue to review its composition annually.
The Group normally conducts eight Regular Board Meetings a year. In addition the Board meets to approve ﬁnancial statements, the allotment 
of shares and to approve signiﬁcant commercial agreements. The attendance of the individual directors at the Regular Board Meetings and the 
Audit and Remuneration Committee Meetings were as follows:
Attendance record at Board Meetings and Committees
  Board Audit Remuneration Nomination
Name Position Meetings Committee Committee Committee
Ms T A Wallis Non-executive Chairman 8(8) 2(2) 6(6) n/a
Dr T K O’Brien Chief Executive Oﬃcer 8(8) n/a n/a n/a
Mr P L Cliﬀord  Finance Director 8(8) n/a n/a n/a
Mr I G Brown Non-executive Director 8(8) 2(2) 6(6) n/a
Mr J G Barry* Sales and Marketing Director 5(5) n/a n/a n/a
*Mr Barry resigned as Sales and Marketing Director on 24 August 2012.
Numbers in brackets denote the total number of meetings during the year.
All the directors have access to the advice and services of the Company Secretary, whose appointment and removal is a matter for the Board 
as a whole. All directors are able to take independent advice in the furtherance of their duties, if necessary, at the Company’s expense. 
The Company Secretary supports both the Board and the Committees. 
Under the Company’s Articles of Association, all new directors are required to resign and seek re-election at the ﬁrst Annual General Meeting 
following their appointment. All directors are required to seek re-election at intervals of no more than three years. 
Board evaluation and performance
In February 2013, the Board carried out an evaluation of the performance, functioning and composition of the Board and its Committees. 
This involved each director reviewing information and completing an evaluation questionnaire, the results of which were collated and discussed 
by the Board and actions were agreed. It is the Board’s intention to continue to review annually its performance and that of its Committees.
Corporate Governance report 17
LiDCO Annual Report
2012/13
Committees of the Board
Audit Committee
The members of the Committee are Ms Wallis (Chairman) and Mr Brown. The executive directors and the external auditors attend the meetings 
by invitation. The Committee considers ﬁnancial reporting and internal controls. It also reviews the scope and results of the external audit and 
the independence and objectivity of the auditors. It meets at least twice a year and reviews the interim and annual ﬁnancial statements before 
they are submitted for approval by the Board. The Committee met twice during the year. The Committee considers annually whether the 
auditors remain independent for the purposes of the audit. This year the fee for non-audit work is £10,000 against an audit fee of £44,000.  
The Committee is satisﬁed that the auditors remain independent for the purposes of the annual audit. The Committee considers that given  
the size of the Company and its current stage of development a separate internal audit function is not required, but the matter is reconsidered 
annually by the Committee. 
Remuneration Committee
The members of the Committee are Ms Wallis (Chairman) and Mr Brown. The Committee reviews and sets the remuneration of the executive 
directors. The Board considers overall annual pay awards for all staﬀ as part of the budgeting process. The Committee advises on share 
schemes and approves the granting of share options. The Committee met six times during the year.
Nomination Committee
The members of the Committee are Ms Wallis (Chairman), Mr Brown and Dr O’Brien. The Committee considers, at the request of the Board, 
candidates for new appointments to the Board and advises on all matters relating to Board appointments. The Committee did not meet 
during the year.
Relations with shareholders
The Company seeks to maintain and enhance good relations with its shareholders. The Company’s interim and annual reports are supplemented 
by public announcements to the market on technological and commercial progress. All investors have access to up-to-date information on the 
Company via its website, www.lidco.com, which also provides contact details for investor relations enquiries. All shareholders are invited 
to make use of the Company’s Annual General Meeting to raise any questions regarding the management or performance of the Company.
The Chief Executive Oﬃcer and the Finance Director meet regularly with shareholders and the investing community and report to the Board 
feedback from those meetings. Both non-executive directors have the opportunity to attend shareholder meetings. The Board is kept informed 
on market views about the Company.  18
LiDCO Annual Report
2012/13
Corporate Social Responsibility statement
The Company recognises the importance of Corporate Social Responsibility. 
At the core of LiDCO are its medical products for hemodynamic monitoring which have been developed over a number of years and continue 
to be developed. The original objective of the design of these products was to translate specialist physiological parameters and principles into 
useable information and tangible protocols to improve clinical outcomes. The Company has been successful in achieving this objective and  
its products, which are used in hospitals in many parts of the world and help surgeons to improve the outcome of clinical operations for the 
beneﬁt of the patient both during and after surgery and help hospitals to reduce their costs.
LiDCO works with its employees, customers and suppliers to conduct its business in an ethical way. The Company is of a relatively small size 
but growing and thus the Company’s commitment to Corporate Social Responsibility is dynamic and is reviewed when considered appropriate. 
Employees 
The Company recognises that an essential part of its continued success is the support and involvement of its employees.
 regularly throughout the year as a forum to discuss business progress and interdepartmental issues and line managers update employees 
on Company progress and objectives.



 Environment 
Whilst not of substantial impact compared with many other manufacturing industries, nevertheless the Company recognises its activities have 
an impact on the environment and acknowledges its responsibility to ensure this is minimised.
 
up to a compliance system to recycle and dispose of electrical equipment waste.

 environmentally friendly products commensurate with producing high quality products. 
Ethics and values
 of patients both during and after surgery and help hospitals to reduce their costs.

are recognised and an opportunity to develop their full potential.
 Health and safety
 of the Company where risks are apparent, and the Company provides a physically safe working environment and appropriate training, 
protective clothing and equipment to all employees who undertake their duties. 
 is completed every three years.
 Shareholders
The Company aims to treat its stakeholders in a responsible manner. It maintains regular contact with its major shareholders to explain 
developments in the business and all shareholders are invited to question management at the Annual General Meeting. See also ‘Relations 
with Shareholders’ in the Corporate Governance Report on page 17.  19
LiDCO Annual Report
2012/13
Directors’ remuneration report
Dear Shareholder
The remuneration of our Executive Directors and senior management is intended to motivate, retain and when necessary attract executives  
of the right calibre. 
Remuneration levels are set in order to ensure the future success of the business and to deliver shareholder value. This is achieved by  
a combination of base salary, bonuses and share options, which are oﬀered to executive directors and employees at all levels.
In respect of year 2012/13, the main decisions the Committee made were:
P L Cliﬀord
P L Cliﬀord increased his number of working days to four days per week and received a pro-rata increase in salary and beneﬁts.
Bonus
The bonuses for the year were 15% and 19% of salary respectively for T O’Brien and P Cliﬀord, which was below the maximum bonus 
opportunity of 50% of salary. 
Options
EMI share options over 76,833 shares in April 2012 and 145,448 shares in July 2012  were made to P Cliﬀord in line with Company policy.  
No options were awarded to T O’Brien. The awards made in May 2009, with an exercise price of 12.67p vested on 27 May 2012, when the share 
price was 18.9p.
 
In respect of future remuneration policy, the main decisions the Committee made were: 
Salaries
Executive Directors’ salaries were increased with eﬀect from 1 February 2013, by similar percentages to other employees in the Group.  
The new salaries are as follows:
Name Salary from 1 April 2013 % increase
T K O’Brien £201,497 2.5%
P L Cliﬀord £138,955 2.5%
Options
The Board have approved a new share option plan which is similar in structure and maximum award limits to the previous one, which expired  
in 2012. It is our intention to make awards this year over shares to the value of 300% salary to T K O’Brien and 100% salary to P L Cliﬀord, with 
performance conditions linked to future proﬁts targets.
We have changed the format of the Remuneration Report this year to reﬂect the new draft Directors Remuneration Reporting Regulations that 
were recently issued. The main changes we have included are this summary of key activities in the year and the table showing remuneration 
policy on page 21. We hope that this will meet shareholders’ requirements for information and demonstrate how our remuneration policies 
support the Group’s strategic objectives. 
We will be seeking approval to this Report at our Annual General Meeting on 12 June 2013.
If any shareholder wishes to contact me in relation to the Group’s director and senior executive remuneration arrangements they can  
do so via the Company Secretary at the Group’s head oﬃce address. 
Theresa Wallis
Chairman of the Remuneration Committee 
22 April 2013 20
LiDCO Annual Report
2012/13
Directors’ remuneration report
continued
The directors present below their Remuneration Report which covers the remuneration of both the executive and non-executive directors.  
The report will be subject to shareholder vote at the forthcoming Annual General Meeting in June 2013.
Committee membership
The membership of the Remuneration Committee is made up of the following non-executive directors:
T A Wallis (Chairman)
I G Brown 
Neither of the Committee members has any day-to-day involvement in the running of the Company, nor do they have any business or other 
relationship that could aﬀect, or appear to aﬀect, the exercise of their independent judgement, other than as shareholders. No director votes  
on any decision about his or her own remuneration.
The Committee met six times in the year.
Remuneration policy 
The Committee determines on behalf of the Board, the remuneration for the executive directors and such other members of the senior 
management as it is designated to consider and oversees any major changes in employee beneﬁt structures throughout the Company. 
Remuneration levels are set in order to attract high calibre recruits and to retain and motivate those directors and employees once they have 
joined the Company to ensure the future success of the business and to deliver shareholder value. This is achieved by a combination of base 
salary, bonuses and share options, which are oﬀered to executive directors and employees at all levels. 
The Company believes that the QCA Remuneration Committee Guide for Smaller Quoted Companies (the Guide) is more appropriate for the 
Company than the UK Corporate Governance Code (which is designed primarily for the largest listed companies). The Company has followed 
the Guide in determining its remuneration policy. 
Future remuneration policy table
The following table has been prepared in accordance with the guidance provided by the Government (BIS) for compliance with the new 
reporting regulations. 21
LiDCO Annual Report
2012/13
Purpose and 
link to strategy 
Help recruit  
and retain 
employees.
Reﬂects  
individual 
experience  
and role.
Help recruit and 
retain employees.
Rewards the 
achievement  
of annual  
targets, delivery of 
personal objectives 
and strategic 
business targets  
if appropriate.
Incentivises 
executive directors 
to achieve returns  
for shareholders 
over a longer  
time frame.
Operation 
All executive directors receive a base salary. The salary reﬂects the 
experience, level of competence and days worked of the individual  
to whom it applies, as judged by the Committee, taking into account  
salary levels in the market. 
Reviewed annually and ﬁxed for 12 months commencing 1 February. 
Decision inﬂuenced by:
– role, experience and performance
– average change in broader workforce salary
– total organisational salary budgets.
Salaries are benchmarked against companies of similar size and complexity 
in similar sectors.
Directors are entitled to permanent health insurance in common with all 
other employees. In addition directors are entitled to an allowance in lieu  
of pensions, car and other beneﬁts.
The executive directors who served during the year are members of the 
Company’s Senior Management Bonus Scheme. Under the terms of the 
Scheme, the Remuneration Committee assesses the directors’ individual 
performances soon after the end of the ﬁnancial year, judged against 
pre-determined targets.  
The criteria for awarding bonuses includes corporate and personal 
objectives. The principal corporate ﬁnancial objective on which the  
directors are currently judged is operating proﬁt/loss. 
Bonuses are capped at 50% of base salary. Targets are renewed annually  
and relate to trading performance. If appropriate, there are gate conditions 
that apply to the payment of bonuses. Bonus level is determined by the 
Committee after the year end, based on performance against targets. 
There is no deferral of bonus, nor any clawback provisions as the Committee 
thinks such complexity is unnecessary where the bonus maximum is 50%  
of salary in a business environment like LiDCO’s.
LiDCO has four share option plans including EMI, HMRC unapproved 
options and overseas plans.
Awards of share options are made annually with vesting dependent on the 
achievement of performance conditions over the three subsequent years.
 The Committee is of the opinion that clawback provisions are an 
unnecessary complication for a company of the size of LiDCO.
Opportunity
Beneﬁt allowance  
is 20% of base salary. 
Full cost of annual  
PHI policy: 
T O’Brien £1,770
P Cliﬀord £1,005
Target % of salary:
25%
Maximum % of salary:  
50%
Awards in 2012:
T O’Brien £nil
P Cliﬀord £40,563
Performance metrics
None
None
The majority of the bonus is based  
on achievement of speciﬁc targets of 
operating proﬁt as well as partly on as  
the achievement of other non-ﬁnancial 
objectives which may be relevant for  
the year in question:
–  maximum 40% salary judged  
by performance of Group  
operating proﬁt
–  maximum 10% salary for  
personal objectives.
The release of an award is dependent  
upon the individual’s continued 
employment for a three-year holding 
period from the date of grant. 
Executives only beneﬁt when the  
share price increases. Awards will  
have performance conditions linked  
to proﬁt targets.
Changes in policy
for 2013/14
Directors salaries 
increased on  
1 February 2013:
–  T K O’Brien  
£201,497 (2.5%)
–  P L Cliﬀord 
£138,955(2.5%)
None
No change has been 
made to weighting of  
the measures or to the 
policy of setting targets.
Policy for 2013/14:  
awards over shares  
to the value of 300%  
of salary to T O’Brien  
and 100% of salary  
to P Cliﬀord. 
Note re 2014/15 awards: 
future award levels will 
depend on headroom 
capacity under the  
10% dilution rule.
Base
salary
Beneﬁts
and 
pension
Annual 
bonus
Share 
options
Future remuneration policy for Executive Directors – key elements of remuneration 22
LiDCO Annual Report
2012/13
Directors’ remuneration report
continued
Remuneration policy of the non-executive directors
The Board determines the remuneration of the Chairman and non-executive directors. The non-executive directors do not participate in the 
Group’s share option schemes and are not eligible for annual incentive payments or beneﬁts in kind.
Remuneration of directors
 Year ended 31 January 2013 
  Allowance
 Salary in lieu of
 and fees beneﬁts Beneﬁts Bonus Total 2012
 £’000 £’000 £’000 £’000 £’000 £’000
T A Wallis 46 – – – 46 44
T K O’Brien 197 39 2 29 267 264
P L Cliﬀord 133 27 1 25 186 147
I G Brown 29 – – – 29 29
J G Barry* 105 21 2 – 128 253
D M Band – – – – – 29
Total 510 87 5 54 656 766 
* Mr Barry resigned as Sales and Marketing Director on 24 August 2012.
Contracts of service
Details of the service contracts for the directors are as follows:
Executive directors
The service contract of Dr O’Brien is dated 29 June 2001 and is not set for a speciﬁc term but includes a rolling 12 months’ notice period.  
Mr Cliﬀord has a service contract with the Company dated 21 April 2008 which is not for a speciﬁc term but includes a rolling six months’  
notice period.
 
Non-executive directors
The non-executive directors do not have service contracts with the Company. The letter of appointment for each non-executive director  
states that they are appointed for an initial period of three years. At the end of the initial period, the appointment may be renewed for a further 
period if the Company and the director agree. In keeping with best practice, these appointments are terminable without notice by either party.  
The Chairman’s appointment is for a term ending 19 December 2013 and Mr Brown’s appointment for a term ending 11 October 2013.
Directors’ interests in share options
Options were granted to the executive directors as follows: 
    Options      
  Options  granted Exercised Lapsed Options at   
  at 31 Jan Date of during during during 31 Jan Exercise Exercisable Expiry
Name Option type 2012 grant 2012 2012 the year 2013 price (p) from date 
T K O’Brien EMI  750,000 Dec-2002   (750,000)  Nil 13.00 Dec-2005 Dec-2012
 EMI  11,627  Apr-2005     11,627 21.50 Apr-2008  Apr-2015
 Unapproved  265,768  Apr-2005    265,768 21.50 Apr-2008  Apr-2015
 EMI  150,000 May-2009     150,000 12.67 May-2012 May-2019
  1,177,395   Nil Nil (750,000) 427,395   
          
P L Cliﬀord Approved 66,000  Apr-2008     66,000  7.50 Apr-2011 Apr-2018
 Approved 75,000 May-2009      75,000 12.67 May-2012 May-2019
 EMI 100,000  Jun-2010      100,000 19.92 Jun-2013  Jun-2020
 EMI 478,650  Apr-2011       478,650 15.00 Apr-2014  Apr-2021
 EMI   Apr-2012 76,833     76,833 18.00 Apr-2015  Apr-2022
 EMI   Jul-2012  145,448     145,448 18.38 Jul-2015  Jul-2022
  719,650  222,281 Nil Nil  941,931   
Totals  1,897,045  222,281 Nil (750,000) 1,369,326   
The share price was 14.00p on 1 February 2012 and 13.88p on 31 January 2013, with high and low during the year of 21.00p and 13.38p respectively. 23
LiDCO Annual Report
2012/13
Pensions
No pension contributions were payable by the Group during the year. (2011/12: £nil).
Shareholder return
The graph below shows the share price performance since January 2007, using the FTSE TechMARK Mediscience Index as a comparator,  
which the directors consider to be a suitable benchmark index.
Theresa Wallis
Chairman of the Remuneration Committee
22 April 2013
30
25
20
15
10
5
0
LiDCO Ord 0.5p
TechMARK
MediScience 
Index rebased
31 Jan
2008
31 Jan
2009
31 Jan
2010
31 Jan
2011
31 Jan
2012
31 Jan
2013 24
LiDCO Annual Report
2012/13
Directors’ report
The directors of LiDCO Group Plc present their annual report and audited ﬁnancial statements (Annual Report) for the year ended  
31 January 2013.
Principal activities, business review and business risks
The principal activity of the Group is the development, manufacture and sale of cardiac monitoring equipment.
The Chairman’s statement, the Chief Executive Oﬃcer’s Statement and Corporate Social Responsibility Statement form part of this 
business review.
The directors consider the key commercial risks and uncertainties associated with the business are: 
Employees and performance
The Group relies on a small number of senior management with a wide range of relevant skills and specialist sector knowledge. The Group 
employs about 40 people and recognises that its success depends on the calibre of all its employees and ensuring that their productivity 
is maximised. The Group therefore maintains programmes for recruiting, appraising, incentivising and training employees. The risk of 
underperformance is mitigated by adopting systems and processes to develop realistic plans and budgets and then closely monitoring 
performance against those plans. Such systems and processes provide a level of resilience. 
Intellectual property
The Group has generated a valuable portfolio of proprietary intellectual property and its success and value depend to a signiﬁcant extent 
on this. The Company mitigates the risk of a weakening of its intellectual property position through securing and maintaining patents for 
its products, maintaining conﬁdentiality agreements regarding its know-how and regularly reviewing where opportunities might exist to ﬁle 
new patent applications. 
Supply chain management
The manufacture of the Group’s products relies on the supply of components from third parties; therefore the failure of suppliers or 
subcontractors to continue in business or meet their commitments constitutes a risk to continuity of supply. This is mitigated by maintaining 
good relationships with key suppliers in order to understand their capabilities and maintaining contracts and technical agreements as 
appropriate. Where possible, but with regard to cost, each type of component is obtained from multiple sources. The amount of critical 
components and materials held in stock is determined according to risk-based lead times which are regularly reviewed. Particular attention 
is paid to component availability where new products are introduced and the scale of demand is uncertain.
Distributors
The Group relies on distributors for its sales and marketing activities outside the UK. The Company mitigates the risk of distributor 
underperformance by selecting distributors with the requisite resources, skills, access to customers and creditworthiness. In addition, 
the Group provides ongoing training programmes and support and closely monitors distributor activity. 
Liquidity
The key ﬁnancial risk is the management and maintenance of suﬃcient cash balances to support the ongoing development, supply and 
marketing of the LiDCO products. The Group mitigates this risk by the use of shareholders’ funds, overdrafts and ﬁnance facilities. In addition 
the Group seeks to maintain a high level of disposable income which reduces its reliance on the sale of capital equipment to its customers.
Health service budgets
The Group’s performance is aﬀected by hospitals’ expenditure and any, or developing, capital budgetary constraints. The Group mitigates this 
risk by targeting a wide geographical area for its products where the Group has committed and eﬀective distribution partners and by targeting 
sales opportunities where budgets are likely to be available.
 
Product use
As noted above the Group relies on a high level of disposable income. The Group therefore seeks to ensure that customers are familiar with 
the use of the Group’s products, their current beneﬁts, potential enhancements arising from the ongoing product development activities 
and are properly trained in their use.
Results and dividends
The Group’s revenue for the year was £7,213,000 (2011/12: £7,122,000). The Group made a consolidated loss after taxation of £117,000 
(2011/12: proﬁt £15,000). The directors do not recommend the payment of a dividend (2011/12: £nil). 25
LiDCO Annual Report
2012/13
Research and development
The Group continued to develop the LiDCO products during the year. Details of the costs expended on research and development are set 
out in notes 3 and 8 to the ﬁnancial statements. 
Share capital and share premium account
Full details of the authorised and issued share capital of the Company, together with details of the movements in the Company’s issued share 
capital and the share premium accounts during the year, are shown in note 14 on page 47 and note 4 on page 52. 
Directors
The directors of the Company who served during the year are set out below; short biographies are set out on page 15.
T A Wallis Non-Executive Chairman
T K O’Brien Chief Executive Oﬃcer
P L Cliﬀord  Finance Director
I G Brown Non-Executive Director
J G Barry (resigned 24/08/2012) Sales and Marketing Director
Dr O’Brien retires by rotation and Ms Wallis having served more than nine years retires in line with section B 7.1 of the UK Corporate Governance 
Code. Both directors, being eligible, oﬀer themselves for re-election at the forthcoming Annual General Meeting.
Directors’ remuneration
The Remuneration Report, which includes information regarding directors’ service contracts, appointment arrangements and interests in share 
options, can be found on page 19.
Directors’ interests in shares
The directors who held oﬃce at 31 January 2013 had beneﬁcial interests in the ordinary shares of the Group as shown below:
Directors’ shareholdings
 Ordinary shares of 0.5p each
 31 January 31 January
 2013 2012
 Number Number
T A Wallis  331,037 331,037
T K O’Brien 11,516,563 11,516,563
P L Cliﬀord 659,660 600,000
I G Brown  200,000 200,000
The directors have no interests in the shares of the Company’s subsidiary undertakings.
Directors’ indemnities and Directors’ and Oﬃcers’ insurance
The Company has exercised the power given by shareholders at the 2006 Annual General Meeting to extend the indemnities to directors and 
oﬃcers against liability to third parties. The directors also have Directors’ and Oﬃcers’ insurance cover in place in respect of personal liabilities 
which may be incurred by directors and oﬃcers in the course of their service with the Group. 
Employment policy
Equal opportunity is given to all employees regardless of their gender, race or ethnic origin, religion, age, disability or sexual orientation.
The Company’s policy is to encourage the involvement of all employees in the development and performance of the Group. Employees are 
briefed on the Group’s activities through meetings and discussions with management and all employees are encouraged to give their views 
on matters of common concern through the line management. A signiﬁcant number of employees have share options. 
Supplier payment policy
It is and will continue to be the policy of the Group to pay its suppliers in line with agreed credit terms. The Group’s average creditor payment 
period as at 31 January 2013 was 45 days. (2012: 30 days).  26
LiDCO Annual Report
2012/13
Directors’ report
continued
Signiﬁcant shareholdings
As at the date of this Annual Report the Company is aware of the following shareholdings in excess of 3% of the Company’s ordinary  
share capital:
 Number of shares
 in which there Percentage
Shareholder is an interest notiﬁed*
Ingalls & Snyder LLC 27,469,262 14.19%
H J Leitch 14,481,183 7.48%
Liontrust Intellectual Capital Trust 14,456,803 7.47%
Octopus Investments Limited 14,239,993 7.35%
Cheviot Asset Management Limited 13,649,930 7.05%
P A Brewer 13,884,747 6.65%
R M Greenshields 9,042,407 4.67%
D M Band 7,160,832 3.70%
Hargreave Hale & Co 5,849,924 3.02%
* The percentages shown are based on the issued share capital at that date.
Directors’ responsibilities for the ﬁnancial statements accounts
The directors are responsible for preparing the Annual Report and Group ﬁnancial statements in accordance with applicable law and 
International Financial Reporting Standards as adopted by the European Union. The parent company ﬁnancial statements have been prepared 
in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year which give a true and fair view of the state of aﬀairs 
of the Company and the Group and of the proﬁt or loss of the Group for that period. In preparing those ﬁnancial statements, the directors are 
required to:
 ﬁnancial statements; and

Insofar as the directors are aware:
 that the auditors are aware of that information.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial position 
of the Company and enable them to ensure that the ﬁnancial statements comply with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the Group’s website. 
Legislation in the United Kingdom governing the preparation and dissemination of ﬁnancial statements may diﬀer from legislation 
in other jurisdictions. 27
LiDCO Annual Report
2012/13
Going concern
The Group’s business activities, together with a review of the market and the Group’s distribution channels are set out in the Chief Executive 
Oﬃcer’s Statement on pages 8 to 13. In addition, note 13 to the ﬁnancial statements include the Group’s policies for managing its capital; 
its ﬁnancial risk; details of its ﬁnancial instruments; and its exposures to credit risk and liquidity risk.
The Group has a number of customers across diﬀerent geographic areas and considerable recurring revenue streams through the sales 
of its disposable sensors and Smartcards which represented 56% of its total revenues in the year to 31 January 2013. 
The Group ﬁnances its operations through shareholders’ funds, short term borrowings such as overdrafts and medium term borrowings such 
as ﬁnance leases. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence 
for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual ﬁnancial statements.
Financial Risk Management
The Financial Risk Management objectives and policies of the Group, including the exposure to interest rate risk, liquidity risk and currency 
risk are set out in note 13 to the ﬁnancial statements on pages 44 to 46.
Key Performance Indicators (KPIs) 
The Board monitors progress against the Group’s strategy and by reference to the KPIs, speciﬁcally revenue growth, gross margin and working 
capital levels. These KPIs have been addressed in the Chief Executive Oﬃcer’s Review and the Financial Review.
Internal controls, regulation and risk management
The composition of the Board and the senior management team provides a suitable range of knowledge and experience to enable adequate 
risk monitoring. The Company has implemented an organisational structure with clearly-deﬁned responsibilities and lines of accountability.
Detailed budgets are prepared annually and progress against budget is reviewed monthly. Underpinning the monthly ﬁnancial reporting 
is a system of internal control, based on authorisation procedures.
The adequacy of internal controls and the internal control structures was reviewed by the Board in April 2013.
As a medical device Company, LiDCO also has a system of regulatory controls, to ensure compliance with all requirements of the Medicines 
and Healthcare products Regulatory Agency (MHRA), the US Food & Drug Administration (FDA) and other medical bodies. During the year the 
Company was compliant with ISO13485 (Medical Devices – Quality Management Systems) and ISO 9001 (Quality Management Systems). 
The Board has established a process involving all departments for the comprehensive assessment of key risks to the business. The risk register 
is regularly updated and reviewed by the Board. Actions to mitigate risk are identiﬁed and agreed.
Auditors
A resolution to re-appoint Grant Thornton UK LLP as auditors and to authorise the directors to set their remuneration will be proposed at the 
forthcoming Annual General Meeting.
Annual General Meeting
The Notice to convene the Annual General Meeting of the Company to be held on Wednesday 12 June 2013 is set out on page 3 of the 
separate circular including an explanation of each resolution.
By order of the Board
Douglas Armour
Company Secretary
22 April 2013
Company registration number: 2659005 28
LiDCO Annual Report
2012/13
Independent auditor’s report to the members of LiDCO Group Plc
We have audited the Group ﬁnancial statements of LiDCO Group plc for the year ended 31 January 2013 which comprise the consolidated 
comprehensive income statement, the consolidated balance sheet, the consolidated cash ﬂow statement, the consolidated statement 
of changes in shareholders equity and the related notes. The ﬁnancial reporting framework that has been applied in their preparation 
is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit 
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement on page 26, the directors are responsible for the preparation of the group 
ﬁnancial statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit and express an opinion on the 
group ﬁnancial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the ﬁnancial statements
A description of the scope of an audit of ﬁnancial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on ﬁnancial statements
In our opinion the group ﬁnancial statements:

 Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁnancial year for which the group ﬁnancial statements are prepared 
is consistent with the Group ﬁnancial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:
 Other matter
We have reported separately on the parent company ﬁnancial statements of LiDCO Group plc for the year ended 31 January 2013. 
Christopher Smith
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
22 April 2013 29
LiDCO Annual Report
2012/13
  Year Year
  ended ended
  31 January 31 January
  2013 2012
 Note £’000 £’000
Revenue 2 7,213 7,122
Cost of sales  (2,389) (2,372)
Gross proﬁt  4,824 4,750
Administrative expenses  (5,041) (4,799)
Loss from operations 3 (217) (49)
Finance income  4 4
Finance expense  (46) –
Loss before tax  (259) (45)
Income tax 5 142 60
(Loss)/proﬁt and total comprehensive (expense)/income for the year
attributable to equity holders of the parent  (117) 15
(Loss)/earnings per share (basic and diluted) (p) 6 (0.07) 0.01
All transactions arise from continuing operations.
There were no items of other comprehensive income for the ﬁnancial year.
Consolidated comprehensive income statement
For the year ended 31 January 2013
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 30
LiDCO Annual Report
2012/13
Consolidated balance sheet
At 31 January 2013
  2013 2012
 Note £’000 £’000
Non-current assets
Property, plant and equipment 7 1,055 1,055
Intangible assets 8 1,338 775
  2,393 1,830
Current assets
Inventory 9 2,271 1,349
Trade and other receivables 10 2,360 2,367
Current tax  146 60
Cash and cash equivalents  2,060 1,553
  6,837 5,329
Current liabilities
Trade and other payables 11 (1,573) (1,210)
Deferred income 11 (263) (266)
Borrowings 11 (183) (388)
  (2,019) (1,864)
Net current assets  4,818 3,465
Long term liabilities
Finance lease liabilities 12 (183) (346)
Deferred income 12 (158) (317)
  (341) (663)
Net assets  6,870 4,632
Equity attributable to equity holders of the parent
Share capital 14 968 871
Share premium  27,741 25,403
Merger reserve  8,513 8,513
Retained earnings  (30,352) (30,155)
Total equity  6,870 4,632
The ﬁnancial statements were approved by the Board of Directors on 22 April 2013.
Theresa Wallis Terence O’Brien
Director Director
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 31
LiDCO Annual Report
2012/13
Consolidated cash ﬂow statement
For the year ended 31 January 2013
 Year  Year
 ended  ended
 31 January 31 January
 2013 2012
 £’000 £’000
Loss before tax (259)  (45)
Net ﬁnance expense/(income) 42 (4)
Depreciation and amortisation charges 812 658
Share based payments (80) 26
Increase in inventories (922) (302)
Decrease/(increase) in receivables 7 (760)
Increase in payables 363 443
(Decrease)/increase in deferred income (162) 34
Income tax credit received 56 109
Net cash (outﬂow)/inﬂow from operating activities (143) 159
Cash ﬂows from investing activities
Purchase of property, plant and equipment (360) (292)
Purchase of intangible assets (1,015) (453)
Net interest (paid)/received (42) 4
Net cash used in investing activities (1,417) (741)
Net cash outﬂow before ﬁnancing (1,560) (582)
Cash ﬂows from ﬁnancing activities
Repayment of ﬁnance lease (156) (10)
Issue of ordinary share capital 2,435 11
Cash inﬂow from sale and leaseback – 518
Net cash inﬂow from ﬁnancing activities 2,279 519
Net increase/(decrease) in cash and cash equivalents 719 (63)
Opening cash and cash equivalents 1,341 1,404
Closing cash and cash equivalents 2,060 1,341
Closing cash and cash equivalents comprises:
Cash balances 2,060 1,553
Overdraft – (212)
Closing cash and cash equivalents 2,060 1,341
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 32
LiDCO Annual Report
2012/13
Consolidated statement of changes in shareholders’ equity
For the year ended 31 January 2013
 Share Share Merger Retained Total 
 capital premium reserve earnings equity 
 £’000 £’000 £’000 £’000 £’000
      
At 1 February 2011 870 25,393 8,513 (30,196) 4,580
Issue of share capital 1 10 – – 11
Share based payment expense – – – 26 26
Transactions with owners 1 10 – 26 37
Proﬁt and total comprehensive income for the year – – – 15 15
At 31 January 2012 871 25,403 8,513 (30,155) 4,632
    
Issue of share capital 97 2,338 – – 2,435
Share based payment credit – – – (80) (80)
Transactions with owners 97 2,338 – (80) 2,355
Loss and total comprehensive expense for the year – – – (117) (117)
At 31 January 2013 968 27,741 8,513 (30,352) 6,870
The share premium account represents the excess over the nominal value for shares allotted. 
The merger reserve represents a non distributable reserve arising from historic acquisitions.
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 33
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
For the year ended 31 January 2013
1  Principal accounting policies
The Group’s principal activity is the development, manufacture and sale of cardiac monitoring equipment. LiDCO Group plc is the Group’s 
ultimate parent company. It is incorporated and domiciled in England & Wales and situated at the address shown on page 53. The Group’s 
shares are listed on the Alternative Investment Market of the London Stock Exchange.
Basis of preparation
These ﬁnancial statements have been prepared in accordance with the principal accounting policies adopted by the Group, International 
Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations (IFRIC) as adopted by the EU and those parts  
of the Companies Act 2006 applicable to companies reporting under IFRS. They are presented in Sterling, which is the functional currency  
of the parent company.
The preparation of ﬁnancial statements in accordance with IFRS requires the use of estimates and assumptions that aﬀect the reported 
amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the ﬁnancial statements and the reported 
amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge 
of current events and actions, actual results may ultimately diﬀer from those estimates.
The accounting policies have been applied consistently throughout all periods presented in these ﬁnancial statements. These accounting 
policies comply with each IFRS that is mandatory for accounting periods ending on 31 January 2013.
The following standards have been amended or implemented during the year. The Group’s consolidated ﬁnancial statements have been 
prepared in accordance with these changes where relevant.
 Application of these standards did not result in any impact on the ﬁnancial statements for 2013.
IFRS standards and interpretations not yet adopted
Standard issued but not yet eﬀective 
The following standards and interpretations are in issue but not yet eﬀective: 



In addition, the following is a list of standards that are in issue but were not eﬀective in 2012, and have not yet been endorsed for use  
in the EU, together with the eﬀective date of application to the group:


The directors do not anticipate that the adoption of these standards will have a material impact on the Group’s reported results.
The current endorsement status is listed on the EFRAG website under ‘Endorsement Status’: http://www.efrag.org/homepage.asp 34
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
Going concern
The Group’s business activities, together with a review of the market and the Group’s distribution channels are set out in the Chief Executive 
Oﬃcer’s Statement on pages 8 to 13. In addition, note 13 to the ﬁnancial statements include the Group’s policies for managing its capital; 
its ﬁnancial risk; details of its ﬁnancial instruments; and its exposures to credit risk and liquidity risk.
The Group has a number of customers across diﬀerent geographic areas and considerable recurring revenue streams through the sales 
of its disposable sensors and Smartcards which represented 54% of its total revenues in the year to 31 January 2013. 
The Group ﬁnances its operations through shareholders’ funds, short term borrowings such as overdrafts and medium term borrowings such 
as ﬁnance leases. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence 
for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual ﬁnancial statements.
Accounting convention
The ﬁnancial statements are prepared under the historic cost convention. The measurement basis and signiﬁcant accounting policies are 
set out below.
Basis of consolidation
The Group’s consolidated ﬁnancial statements consolidate those of the Company and of its subsidiary undertakings drawn up to 31 January 2013. 
Subsidiary undertakings are all entities over which the Group has the power to control the ﬁnancial and operating policies so as to obtain 
economic beneﬁts from its activities. The Group obtains and exercises control through voting rights.
Business combinations are dealt with by the acquisition method. The acquisition method involves the recognition at fair value of all 
identiﬁable assets and liabilities, including contingent liabilities of the subsidiary at the acquisition date whether or not they were recognised 
in the statements of the subsidiary prior to acquisition. On initial recognition the assets and liabilities of the subsidiary are included in the 
consolidated balance sheet at their fair values which are also used as the bases for subsequent measurement in accordance with the Group 
accounting policies. The results of any subsidiary undertakings acquired during the period, where applicable, are included from the date 
of acquisition. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Revenue recognition
Revenues are recognised at fair value of the consideration receivable net of the amount of value added taxes.
Sale of goods
Sales revenue comprises revenue earned (net of returns, discounts and allowances) from the provision of products and services to entities 
outside the consolidated entity. Product sales revenue is recognised when the risks and rewards of ownership of the goods passes to the 
customer, which is normally upon delivery, and when the amount of revenue can be measured reliably.
Where delivery is delayed at the buyer’s request, but the buyer takes title to the goods and accepts invoicing, the Group recognises the 
revenue as a capital Bill and Hold sale provided that it is probable that delivery will be made, the goods are on hand and ready for delivery, 
the buyer acknowledges the deferred delivery and usual payment terms apply.
The Group had an arrangement for the placing of monitors in hospitals with Med One Capital Funding, LLC, a US company that has trading 
relationships with the majority of US hospitals. When the Group sold monitors to Med One they were entitled to a portion of the monthly 
revenue from the sale of consumables relating to those monitors for a period of three years. The full revenue arising from the sale of such 
consumables was recognised as revenue by the Group and payments made to Med One in this way were included within cost of sales.  
These arrangements ceased in February 2012.
Licence fees
Licence fees are recognised in accordance with the substance of the relevant distribution agreement, provided that it is probable that the 
economic beneﬁt associated with the transaction will ﬂow to the Group and the amount of revenue can be reliably measured. Licence fees 
received in advance of the recognition of those fees is shown as deferred income.
Delivery of services
Revenue from rendering services is recognised in the period in which the service is provided.
Interest income
Interest income is brought to account as it accrues, using the eﬀective interest method.
Other income
Other income from support and maintenance is brought to account when the consolidated entity’s right to receive income is established and 
the amount can be reliably measured.  35
LiDCO Annual Report
2012/13
Research and development
Research expenditure is charged to the income statement in the period in which it is incurred. 
Development costs are capitalised when all the following conditions are satisﬁed:

Capitalised development costs which comprise cost of materials, labour and attributable overheads are amortised over a period of three  
to seven years.
Development costs not meeting the criteria for capitalisation are expensed as incurred.
Intangible assets – development costs
Intangible assets represent costs relating to product registration in new countries, product development costs and clinical trials on the 
LiDCO system. Where the Directors are satisﬁed as to the technical, commercial and ﬁnancial viability of these projects, the expenditure 
has been capitalised and is amortised in equal amounts over the useful life, commencing when the asset is available for use.
The carrying values of intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value 
may not be recoverable. The amortisation periods generally applicable are:
Clinical trials Three years
Product registration costs Five years
Product development Three to seven years
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation. Depreciation is calculated to write down the cost less estimated 
residual value of these assets by equal annual instalments over their estimated useful economic lives which are reassessed annually. 
The periods/rates generally applicable are:
Leasehold improvements  Over the expected life of the lease
Plant and machinery  10% per annum
Fixtures and ﬁttings  12.5% per annum
Oﬃce equipment  20% per annum
Computer equipment  33% per annum
Medical monitors 20% to 33% per annum
Medical monitors include equipment on long term loan to hospitals for active use where the hospital pays for disposables. Also included 
in this category is equipment for demonstration purposes, clinical trials and testing.
Leases
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classiﬁed as ﬁnance 
leases. Assets held under ﬁnance leases are capitalised at the lower of fair value or present value of the minimum lease payments in the 
balance sheet and depreciated over their estimated useful economic lives. The interest element of leasing payments represents a constant 
proportion of the capital balance outstanding and is charged to the income statement over the period of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to the income statement on a straight-line 
basis over the lease term. Proﬁts generated on the sale and leaseback of ﬁxed assets are deferred and recognised over the period of the lease.
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course 
of business, less the estimated costs of selling expenses.
The cost of inventories is based on the ﬁrst-in ﬁrst-out principle and includes expenditure incurred in acquiring the inventories and bringing 
them to their existing locations and condition. 36
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
Income tax
Current tax is the tax currently payable/receivable based on the taxable result for the year.
Deferred income taxes are calculated using the liability method on temporary diﬀerences. Deferred tax is generally provided on the 
diﬀerence between the carrying amounts of assets and liabilities and their tax bases. In addition, tax losses available to be carried forward 
as well as other income tax credits to the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that 
the underlying deductible temporary diﬀerences will be able to be oﬀset against future taxable income. Current and deferred tax assets 
and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted 
or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate 
to items that are charged or credited directly to other comprehensive income or equity in which case the related deferred tax is also charged 
or credited directly to other comprehensive income or equity.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities 
in foreign currencies are translated at the rates of exchange ruling at the balance sheet. Any gain or loss arising from a change in exchange 
rates subsequent to the date of the transaction is included as an exchange gain or loss in the proﬁt and loss statement.
Trade and other receivables
Trade receivables, which generally have 30-90 day terms, are initially recognised at fair value and subsequently at amortised cost using the 
eﬀective interest method, less provisions for impairment. Provision against trade receivables is made when there is objective evidence that 
the Group will not be able to collect all amounts due to it in accordance with the original terms of those receivables. The amount of the 
write-down is determined as the diﬀerence between the asset’s carrying amount and the present value of estimated future cash ﬂows.
Cash and cash equivalents 
Cash and cash equivalents comprise cash at bank and in hand, bank overdrafts and demand deposits with an original maturity of three 
months or less, and which are subject to an insigniﬁcant risk of change in value.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Group are classiﬁed according to the substance of the contractual arrangements 
entered into and the deﬁnitions of a ﬁnancial liability and an equity instrument. Financial liabilities are obligations to pay cash or other 
ﬁnancial assets and are recognised when the Group becomes party to the contractual provisions of the instrument and are initially recorded 
at fair value net of issue costs. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting 
all of its liabilities. The accounting policies adopted for speciﬁc ﬁnancial liabilities and equity instruments are set out below.
Financial liabilities
The Group’s ﬁnancial liabilities include borrowings, trade and other creditors. Financial liabilities are measured initially at fair value net 
of transaction costs and thereafter at amortised cost using the eﬀective interest rate method.
Share-based payments
The Group has four equity-settled share-based remuneration schemes for employees. Where share options are awarded to employees, the fair 
value of the options at the date of grant is calculated using a pricing model and is charged to the income statement over the vesting period. 
Market-related performance conditions are factored into the fair value of the options granted and a charge is made irrespective of whether the 
market-related performance conditions are satisﬁed. In respect of awards with non market related performance conditions, an estimate of the 
proportion that will vest is made at the award date which is adjusted if the number of share options expected to vest diﬀers from the previous 
estimates. Any cumulative adjustment prior to vesting is recognised in the current period.
Where the Group issues share warrants in respect of distributor arrangements, the fair value of the options at the date of grant is calculated 
using a pricing model and is charged to the income statement over the vesting period.
Impairment
The carrying values of property, plant and equipment and intangible assets with ﬁnite lives are reviewed for impairment when events 
or changes in circumstances indicate the carrying value may be impaired. If any such indication exists the recoverable amount of the asset 
is estimated in order to determine the extent of impairment loss. 37
LiDCO Annual Report
2012/13
Key judgements in applying the entity’s accounting policies
The Group’s management makes estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based 
on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
In the future, actual experience may diﬀer from these estimates and assumptions. The estimates and assumptions that have a signiﬁcant risk 
of causing a material adjustment to the carrying amounts of assets and liabilities within the next ﬁnancial year are discussed below.
Estimates
Useful lives of intangible assets and property, plant and equipment
Intangible assets and property, plant and equipment are amortised or depreciated over their useful lives. Useful lives are based on the 
management’s estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. 
Changes to estimates can result in signiﬁcant variations in the carrying value and amounts charged to the income statement in speciﬁc 
periods (notes 7 and 8).
Inventory
The Group reviews the net realisable value of, and demand for, its inventory on a regular basis to provide assurance that recorded inventory 
is stated at the lower of cost or net realisable value. Factors that could impact estimated demand and selling prices include the timing and 
success of future technological innovations, competitor actions, supplier prices and economic trends (note 9).
Trade receivables
Trade receivables are primarily due from three groups: hospitals in the UK and USA where direct sales are made, global corporate distributors 
and independent distributors, predominantly in Europe and the Rest of the World. In making provision for overdue trade receivables, 
management consider the ﬁrst two groups to be generally of lower risk than those due from independent distributors and apply a lower level 
of provision. The size of the distributor together with its ﬁnancial credit rating and the length of relationship with the Group are also taken 
into account (note 10).
Judgements
Licence income
The Group may receive licence fees in connection with the granting of exclusive distribution rights for overseas territories. When recognising 
such licence fees management considers the substance of the relevant distribution agreement. Any work that the Group needs to undertake 
to fulﬁl its obligation is taken into consideration and the period over which the work is likely to be performed. Revenue is only recognised 
provided that it is probable that the economic beneﬁt associated with the transaction will ﬂow to the Group and the amount of revenue can 
be reliably measured. Normally such licence fees are received on signature of the distribution agreement.
Bill and Hold sales
The Group recognises Bill and Hold sales where delivery is delayed at the buyers request. The recognition of these sales require management’s 
judgement of certain criteria as detailed in the Accounting Policies under revenue recognition.
Capitalisation of development costs
The Group’s policy on the capitalisation of development costs of intangible assets are detailed in the accounting policies above. The inclusion 
of such costs requires management’s judgement on the technical, commercial and ﬁnancial viability of the projects. 38
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
2  Revenue and segmental information
The Group has one segment – the supply of monitors, consumables and support services associated with the use of the LiDCO’s cardiac 
monitoring equipment. Geographical and product type analysis is used by the chief operating decision maker to monitor sales activity and 
is presented below:
Revenue and result by geographical region
 Year ended  Year ended  
 31 January 31 January
 2013 2012
Group revenue £’000 £’000
UK 4,928 3,701
USA 1,096 1,788
Continental Europe 622 853
Rest of World 567 780
 7,213 7,122
Result
UK 1,504 842
USA 551 947
Continental Europe 313 492
Rest of World 276 485
Total 2,644 2,766
Unallocated costs (2,861) (2,815)
Loss from operations  (217) (49)
Products and services
 Year ended  Year ended  
 31 January 31 January
 2013 2012
 £’000 £’000
Monitor sales 1,337 1,501
Disposable sales 3,881 3,651
Distributed third party disposables 1,726 1,206
Total product revenue 6,944 6,358
Licence fees – 540
Other income including service contracts 269 224
 7,213 7,122
Payments to Med One as detailed in note 1 under revenue recognition relating to consumables and included within cost of sales amounted 
to £3,000 (2012: £227,000) during the year.
The Group can identify trade receivables and trade payables relating to the geographical areas. As noted above, the Group has one segment 
and other assets and liabilities together with non sales related overheads are not accounted for on a segment by segment basis. Accordingly, 
segment assets, liabilities and segment cash ﬂows are not provided.
All non-current assets are located in the United Kingdom.
Material customers
During the year a customer, based in the UK (2011/12: based in the USA), accounted for more than 10% of the Group’s total revenue.  
Revenue recognised during the year is as follows:
 2013 2013 2012 2012
 £’000 % revenue £’000 % revenue
Revenue recognised 870 12% 1,426 20% 39
LiDCO Annual Report
2012/13
3  Loss from operations
The loss on operations before taxation is stated after:
 Year ended  Year ended  
 31 January 31 January
 2013 2012
 £’000 £’000
Auditors’ remuneration:
– Fees payable to the Company auditors for the audit of the Group accounts: 18 18
Fees payable to the company auditors for other services:
– Audit of the Company’s subsidiaries 26 26
– Other services relating to the interim review* 10 8
Research and development expenditure 142 186
Depreciation of property, plant and equipment  360 226
Amortisation of intangible assets 452 433
Operating leases – rental of land and buildings 168 167
Share based payment charge in respect of distributor arrangements (123) (32)
Write down of inventories 70 42
Exchange rate (gains)/losses (20) 21
The cost of goods sold during the year amounted to £2,151,000 (2012: £1,889,000).
* Non-audit services comprise £10,000 for interim review services. The Board considers it cost eﬀective for the auditors to provide these services.
4  Staff costs
Staﬀ costs during the year were as follows:
  Year ended  Year ended
  31 January 31 January
  2013 2012
Group  £’000 £’000
Wages and salaries  2,370 2,154
Social security costs  258 216
Share based payments charge  43 26
  2,671 2,396
The average number of employees (including executive directors) of the Company during the year was:
  2013 2012
  Number Number
Production  11 11
Sales  18 17
Administration   13 13
  42 41
The remuneration of directors and key management personnel is set out below. Additional information on directors’ remuneration, share option, 
long-term incentive plans, pension contributions and entitlements can be found in the audited section of the Directors’ Remuneration Report 
on pages 19 to 23 and forms part of these accounts.
  2013 2012
  £’000 £’000
Short-term employee beneﬁts  744 856
Share-based payments  11 17
  755 873 40
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
5  Tax on loss on ordinary activities
The tax credit is based on the loss for the year and represents:
  Year ended Year ended
  31 January  31 January
  2013 2012
  £’000 £’000
United Kingdom corporation tax at 24.33% (2012: 26.32%) – –
United States income taxes  – –
Research and development expenditure tax credits – current year (146) (60)
Total tax  (146) (60)
United States tax has been calculated at the Federal/State tax rates applicable to proﬁts arising in the respective States.
The tax assessed for the year diﬀers from the standard rate of corporation tax applied to the trading results. The diﬀerences are explained below:
Loss on ordinary activities multiplied by standard rate of corporation tax in the  
United Kingdom of 24.33% (2012: 26.32%)  (63) (12)
Eﬀect of:
Expenses not deductible for tax purposes  10 13
Depreciation for the period in excess of capital allowances (3) (41)
Disposals of ﬁxed assets over cost  – 59
Other temporary diﬀerences  (42) 7
Additional deduction for research and development expenditure (218) (149)
Losses surrendered for research and development tax credit 316 123
Research and development expenditure tax credits  (146) (60)
Total tax income  (146) (60)
The above table reconciles the income tax credit with the accounting loss at the standard rate of UK corporation tax. 
The current year research and development tax credit of £146,000 (2012: £60,000) represents 11% (2012: 14%) of the Group’s qualifying 
research and development spend.
The amount of the unused tax losses and temporary diﬀerences for which no deferred tax asset was recognised at the balance sheet date was:
  Year ended Year ended
  31 January  31 January
  2013 2012
  £’000 £’000
Unused losses (available indeﬁnitely)  24,149 24,149
Temporary diﬀerences (available indeﬁnitely)  94 58
  24,243 24,207
The related deferred tax asset (calculated at 22%) of £4.8m (2012: £5.3m calculated at 22%) has not been recognised as it is not considered 
to meet criteria laid down in IAS 12. 41
LiDCO Annual Report
2012/13
6  Earnings per share
The calculation of basic earnings or loss per share is based on the earnings or loss attributable to ordinary shareholders divided by the weighted 
average number of shares in issue during the year. The calculation of diluted earnings per share is based on the calculation described above 
adjusted to allow for the issue of shares on the assumed conversion of all dilutive options. Share options are regarded as dilutive when, and only 
when, their conversion to ordinary shares would decrease earnings or increase the loss per share.
 Year ended Year ended
 31 January 31 January
 2013 2012
 £’000 £’000
(Loss)/proﬁt after tax for the ﬁnancial year (117) 15
 Number Number
 (’000) (’000)
Weighted average number of ordinary shares 179,434 174,084
(Loss)/earnings per share – basic and diluted (p) (0.07) 0.01
The dilutive eﬀect of share options in 2011/12 is considered immaterial for reporting purposes.
7  Property, plant and equipment
 Leasehold Plant and Fixtures Computer Medical
  improvements  machinery and ﬁttings  equipment monitors Total
 £’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 February 2011 556 442 173 497 587 2,255
Additions 2 8 1 71 686 768
Retirements – – – (28) (168) (196)
At 31 January 2012 558 450 174 540 1,105 2,827
Additions 3 40 4 67 246 360
Retirements – (27) (80) (25) – (132)
At 31 January 2013 561 463 98 582 1,351 3,055
Accumulated depreciation
At 1 February 2011 461 374 158 452 297 1,742
Charge for the year 54 34 5 38 95 226
Retirements – – – (28) (168) (196)
At 31 January 2012 515 408  163 462  224 1,772
Charge for the year 39 30 6 53 232 360
Retirements – (27) (80) (25) – (132)
At 31 January 2013 554 411 89 490 456 2,000
Carrying amount at 31 January 2013 7 52 9 92 895 1,055
Carrying amount at 31 January 2012 43 42 11 78  881 1,055
Plant and equipment is depreciated at various rates depending on the estimated life of the item of plant or equipment. The rates of depreciation 
are shown in note 1.
Medical monitors include equipment on long term loan to hospitals for active use where the hospital pays for disposables. Also included 
in this category is equipment for demonstration purposes, clinical trials and testing.
The carrying amount of the Group’s plant and equipment includes £nil (2012: £4,000) in respect of assets held under ﬁnance leases.
During the year to 31 January 2012, the Group sold a number of medical monitors and then leased back on a three year ﬁnancing lease basis. 
The net book value of the assets at the time of sale was £43,000 and are shown as a disposal. The monitors have been included as additions 
at their fair value of £518,000 and will be depreciated over three years. The depreciation charge for the year of the leased assets was £173,000 
(2012: nil), and the net book value at 31 January 2013 was £345,000. 42
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
8  Intangible assets
  Product  Product
 Clinical trials registration development Total
 £’000 £’000 £’000 £’000
Cost
At 1 February 2011 116 706 2,733 3,555
Additions 53 62 338 453
At 31 January 2012 169 768 3,071 4,008
Additions 74 93 848 1,015
At 31 January 2013 243 861 3,919 5,023
Accumulated amortisation
At 1 February 2011 116 467 2,217 2,800
Charge for the year 1 91 341 433
At 31 January 2012 117 558 2,558 3,233
Charge for the year 30 80 342 452
At 31 January 2013 147 638 2,900 3,685
Carrying amount at 31 January 2013 96 223 1,019 1,338
Carrying amount at 31 January 2012 52  210 513  775 
Intangible assets includes assets that are internally generated and amortised over their estimated useful lives. Amortisation costs are included 
in administrative expenses. The rates of amortisation are shown in note 1.
9  Inventory
 2013 2012
 £’000 £’000
Raw materials and consumables 821 450
Finished goods and goods for resale 1,450 899
 2,271 1,349
At 31 January 2013, inventories stated net of allowances for obsolete or slow moving items, was £13,000 (2012: £47,000). 43
LiDCO Annual Report
2012/13
10  Trade and other receivables
 2013 2012
 £’000 £’000
Trade receivables  2,106 2,093
Other receivables 70 99
Prepayments 184 175
 2,360 2,367
All amounts are short term and the directors consider that the carrying amount of trade and other receivables approximates to their fair value. 
All of the Group’s trade and other receivables have been reviewed for indicators of impairment. At 31 January 2013, trade receivables of £1.44m 
(2012: £1.56m) were materially within their agreed payment terms. In addition, some of the unimpaired trade receivables are past due as at the 
reporting date. The age of trade receivables past due but not impaired is as follows:
 2013 2012
 £’000 £’000
Not more than three months 468 230
More than three months but not more than six months 99 64
More than six months but not more than one year 70 78
More than one year 32 159
 669 531
Movements in Group provisions for impairment of trade receivables are as follows, which are included within administrative expenses in the 
income statement.
 2013 2012
 £’000 £’000
Opening balance 92 29
Provision for receivables impairment 48 63
Receivables written oﬀ in year (10) –
Closing balance 130 92
The other classes within trade and other receivables do not contain impaired assets.
11  Current liabilities
 2013 2012
 £’000 £’000
Trade payables 979 796
Social security and other taxes 276 155
Accruals 318 259
Bank overdraft – 212
Deferred income 263 266
Finance leases 183 176
 2,019 1,864
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
The lease is repayable in equal monthly instalments over three years, and is denominated in US dollars. 44
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
12  Non-current liabilities
 2013 2012
 £’000 £’000
Finance leases due within 2 to 5 years (see note 7) 183 346
Deferred Income 158 317
 341 663
The ﬁnance lease liability is repayable in equal monthly instalments over three years, and the lease is denominated in US dollars.
13  Financial instruments
Capital risk management
The Group manages its capital structure to ensure that it will be able to continue as a going concern. The capital structure of the Group 
consists of cash and cash equivalents (as disclosed in the cash ﬂow statement), borrowings (as disclosed in the note below) and equity 
(as disclosed in the consolidated statement of changes in shareholders’ equity) attributable to the shareholders of the parent as disclosed 
in the consolidated statement of changes in equity.
Financial risks
The Group’s ﬁnancial instruments comprise cash and liquid resources, ﬁnance lease liabilities, borrowings and items such as trade receivables 
and trade payables that arise from its operations.
The main risks that arise from the Group’s ﬁnancial instruments are credit, interest rate, liquidity and currency risk. The board reviews and agrees 
policies for managing each of these risks and they are summarised below.
Credit risk
The Group’s credit risk is primarily attributable to trade receivables. The amounts presented in the balance sheet are net of allowances 
for doubtful receivables, estimates by management based on prior experience of customers which is typiﬁed by a small number of high 
value accounts and their assessment of the current economic environment. The maximum exposure to trade receivables is £2,176,000 
(2012: £2,192,000).
The credit risk on liquid funds is limited because the counterparties are UK based clearing banks.
Liquidity risk
The Group seeks to manage this ﬁnancial risk by ensuring suﬃcient liquidity through the use of variable rate bank and overdraft facilities 
is available to meet foreseeable needs and by investing surplus cash assets safely and proﬁtably.
Liquidity risk analysis
The Group manages its liquidity needs by carefully monitoring scheduled ﬁnance lease payments for long term ﬁnancial liabilities as well 
as cash-outﬂows due in month-to-month business. Liquidity needs are monitored in various time bands, on a month-to-month basis.
The Group maintains cash and marketable securities to meet its liquidity requirements. Funding for long-term liquidity needs is additionally 
secured by an adequate amount of committed credit facilities. 
As at 31 January 2013, the Group’s ﬁnancial liabilities have contractual maturities which are summarised below:
 Current Non Current
 Within 6 to 12 1 to 5 Over 5
 6 months months years years 
31 January 2013 £’000 £’000 £’000 £’000
Bank overdraft – – – –
Trade payables 1,573 – – –
Finance lease liabilities 92 91 183 –
 1,665 91 183 – 45
LiDCO Annual Report
2012/13
This compares to the maturity of the Group’s ﬁnancial liabilities in the previous reporting period as follows:
 Current Non Current
 Within 6 to 12 1 to 5 Over 5
 6 months months years years 
31 January 2012 £’000 £’000 £’000 £’000
Bank overdraft 212 – – –
Trade payables 1,210 – – –
Finance lease liabilities 90 86 346 –
 1,512 86 346 –
Market risks
Interest rate risk
The Group ﬁnances its operations through a mixture of shareholder funds, variable rate bank facilities and long term loans. The Group accepts 
the risk attached to interest rate ﬂuctuations as interest rates have been relatively stable or declined over the last three years and the interest 
expense is a small proportion of total administrative expenses.
Currency risk
The Group manages currency risk by assessing the net exposure in each non-sterling currency in which exposure arises. The only signiﬁcant 
exposure relates to US dollars. The Group accepts the risk attached to ﬂuctuations in the US dollar exchange rate as US dollar payables are 
partly mitigated by US dollar receivables from sales. 
Group interest rate proﬁle
 Floating rate
 Cash current Deposit and
 bank accounts reserve account Total
Financial assets at 31 January 2013 £’000 £’000 £’000
Currency
Sterling 104 1,874 1,978
US dollars 72 – 72
Euro 10 – 10
 186 1,874 2,060
Summary of ﬁnancial assets and liabilities by category
The carrying amounts of the Group’s ﬁnancial assets and liabilities as recognised at the balance sheet date of the reporting periods under 
review may also be categorised as follows. See note 1, principal accounting policies, covering ﬁnancial assets and ﬁnancial liabilities for 
explanations about how the category of instruments aﬀects their subsequent measurement.
 2013 2012
Current assets £’000 £’000
Loans and receivables:
– Trade and other receivables 2,176 2,192
– Cash and cash equivalents 2,060 1,553
 4,236 3,745
 2013 2012
Current liabilities £’000 £’000
Trade payables and other short term ﬁnancial liabilities 1,480 1,443
 1,480 1,443 46
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
continued
Capital risk management
The group is exposed to translation and transaction foreign exchange risk. The currency where the group is most exposed to foreign currency 
volatility is US dollars. The Group had the following balances denominated in US dollars:
 US dollars
 2013 2012
 £’000 £’000
Trade and other receivables 196 37
Cash and cash equivalents 72 528
Trade and other payables (400) (33)
 (132) 532
No hedging instruments are used. The Group keeps under review the extent of its exposure to currency ﬂuctuations, which relate entirely 
to trading transactions.
The following table illustrates the sensitivity of the net result for the year and equity in regards to the Group’s ﬁnancial assets and ﬁnancial 
liabilities and the Sterling to US dollar exchange rates. It assumes a percentage change in the exchange rate based on the foreign currency 
ﬁnancial instruments held at each balance sheet date. Both of these percentages have been determined based on the average market 
volatility in exchange rates in the previous 12 months.
 US dollars
 2013 2012
 £’000 £’000
Currency ﬂuctuation 5% 8%
If Sterling had strengthened against the US dollar by the percentage above retrospectively, then this would have had the following impact:
 US dollars
 2013 2012
 £’000 £’000
Net result for the year (80) (30)
Equity (80) (30)
If Sterling had weakened against the US dollar by the percentage above retrospectively, then this would have had the following impact:
 US dollars
 2013 2012
 £’000 £’000
Net result for the year 80 30
Equity 80 30
Exposure to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above 
is considered to be representative of the Group’s exposure to currency risk.
Fair values of ﬁnancial assets and liabilities
There was no diﬀerence between the fair value and the book value of ﬁnancial assets and liabilities.  47
LiDCO Annual Report
2012/13
14  Share capital
 2013 2012
 Number of Number of
 shares  shares
Issued and fully paid – ordinary shares of 0.5 pence each 000 000
At the beginning of the year 174,220 173,984
Issued for cash 19,420 236
At the end of the year 193,640 174,220
 £’000 £’000
At the beginning of the year 871 870
Issued for cash 97 1
At the end of the year 968 871
On 16 November 2012, 17,423,000 shares were issued by share placing and subscription agreements at 13.5p per share. In addition during the 
year a further 1,997,000 shares were issued on the exercise of share options.
15  Share-based payments
Equity-settled share option scheme
The Group has four equity-settled share option schemes for employees. Where share options are awarded to employees, the fair value of the 
options at the date of grant is calculated using a pricing model and is charged to the income statement over the vesting period. Market related 
performance conditions are factored into the fair value of the options granted and a charge is made irrespective of whether the market related 
performance conditions are satisﬁed. In respect of awards with non market related performance conditions, an estimate of the proportion that 
will vest is made at the award date and this is trued up or down at each accounting period.
  2013  2012
  Weighted   Weighted
  average  average
  exercise  exercise
 Number price (p) Number price (p)
Outstanding at the beginning of the year 12,747,329 16.7 11,002,579 17.7
Issued in the year 1,422,847 18.0 2,070,500 15.0
Forfeited during the year (5,464,758) 18.3 (104,500) 3.3
Exercised during the year (1,997,000) 11.3 (221,250) 4.6
Outstanding at the end of the year 6,708,418 15.7 12,747,329 16.9
Exercisable at the end of the year 3,114,526 14.4 8,785,329 16.7
Fair value is determined by reference to the fair value of the instrument granted to the employee. The expected life used in the model has been 
adjusted, based on management’s best estimate, for the eﬀects of non-transferability, exercise restrictions and behavioural considerations.  
These fair values were calculated using a Black-Scholes option pricing model with the following assumptions:
 2013 2012
Weighted average shares price (p) 18.0 15.0
Weighted average exercise price (p) 18.0 15.0
Expected volatility 40% 40%
Expected life (years) 3.5 3.5
Risk free rate 0.5% 2%
Expected dividend yield – –
The weighted average share price for options exercised during the year was 11.3p (2012: 4.55p)
The expected volatility is based on the Group’s historical share price averaged over a period equal to the expected life. The expected life is the 
average expected period to exercise. The risk free rate of return is based on UK Government gilts. The share options outstanding at the end 
of the year have exercise prices of between 0.5p and 28.25p per share and a weighted average remaining contractual life of 4.6 years. 48
LiDCO Annual Report
2012/13
Share warrants in respect of distributor arrangements
On 28 July 2009 the Group issued share warrants in respect of an arrangement with a distributor. These warrants all lapsed during the year 
and the fair value of the warrants previously charged to the income statement has been written back during the year.
16  Capital commitments
At 31 January 2013 the Company had placed forward orders for the purchase of monitors and monitor components to the value of £251,000 
(2012: £1,015,000). Delivery of these orders is scheduled between February 2013 and June 2013.
17  Contingent liabilities
There were no contingent liabilities at 31 January 2013 or 31 January 2012.
18  Leasing commitments
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
 2013  2012
 Land and  Land and
  buildings Other buildings Other
Group £’000 £’000 £’000 £’000
In one year or less 168 88 168 84
Between one and ﬁve years 930 58 1,098 106
 1,098 146 1,266 190
19  Related party transactions
During the year, no contracts of signiﬁcance other than those disclosed within the directors’ remuneration report were existing or entered into 
by the Group or its subsidiaries in which the directors had a material interest.
Key management compensation
Compensation for directors who are the only employees with responsibility for planning, directing and controlling the Group is disclosed in the 
directors’ remuneration report.
Transactions between the Company and its subsidiaries which are related parties are eliminated on consolidation. There were no transactions 
between the Company and its subsidiaries. 
Notes to the ﬁnancial statements
continued 49
LiDCO Annual Report
2012/13
Independent auditor’s report to the members of LiDCO Group Plc
We have audited the parent company ﬁnancial statements of LiDCO Group plc for the year ended 31 January 2013 which comprise the parent 
company balance sheet, and the related notes. The ﬁnancial reporting framework that has been applied in their preparation is applicable law 
and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement on page 26, the directors are responsible for the preparation of the parent 
company ﬁnancial statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit and express an opinion 
on the parent company ﬁnancial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the ﬁnancial statements
A description of the scope of an audit of ﬁnancial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on ﬁnancial statements
In our opinion the parent company ﬁnancial statements:

 Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁnancial year for which the ﬁnancial statements are prepared is consistent 
with the parent company ﬁnancial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
 branches not visited by us; or
 Other matter
We have reported separately on the Group ﬁnancial statements of LiDCO Group plc for the year ended 31 January 2013.
Christopher Smith
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
22 April 2013 50
LiDCO Annual Report
2012/13
Company balance sheet
At 31 January 2013
  2013 2012
 Note £’000 £’000
Fixed assets
Investments 2 65 65
  65 65
Current assets
Debtors: amount due from subsidiary undertakings 3 16,784 14,344
Cash at bank  71 75
  16,855 14,419
Current liabilities
Creditors: Amounts falling due within one year  – –
Net current assets  16,855 14,419
Total assets less current liabilities  16,920 14,484
Net assets  16,920 14,484
Capital and reserves
Called up share capital 4 968 871
Share premium account 5 27,741 25,403
Proﬁt and loss account 5 (11,789) (11,790)
Shareholders’ funds  16,920 14,484
The ﬁnancial statements were approved by the Board of Directors on 22 April 2013.
Theresa Wallis Terence O’Brien
Director Director
The accompanying accounting policies and notes form an integral part of these ﬁnancial statements. 51
LiDCO Annual Report
2012/13
Notes to the ﬁnancial statements
For the year ended 31 January 2012
1  Principal accounting policies
Basis of preparation
The separate ﬁnancial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the 
separate ﬁnancial statements have been prepared in accordance with all applicable United Kingdom accounting standards. The principal 
accounting policies of the Company are set out below.
The ﬁnancial statements have been prepared on the historical cost basis.
Going concern
The Company’s business activities, together with a review of the market and the Company’s distribution channels are set out in the  
Chief Executive Oﬃcer’s Statement on pages 8 to 13. In addition, note 13 to the ﬁnancial statements includes the Company’s policies  
for managing its capital; its ﬁnancial risk; details of its ﬁnancial instruments; and its exposures to credit risk and liquidity risk.
The Company has a number of customers across diﬀerent geographic areas and considerable recurring revenue streams through the sales 
of its disposable sensors and Smartcards which represented 54% of its total revenues in the year to 31 January 2013. 
The Company ﬁnances its operations through shareholder’s funds, short term borrowings such as overdrafts and medium term borrowings such 
as ﬁnance leases. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence 
for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual ﬁnancial statements.
Investments
Investments in subsidiary undertakings are stated at cost less provision for impairment.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities 
in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Any gain or loss arising from a change 
in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the proﬁt and loss account.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the Company are classiﬁed according to the substance of the contractual arrangements 
entered into and the deﬁnitions of a ﬁnancial liability and an equity instrument. An equity instrument is any contract that evidences a residual 
interest in the assets of the Company after deducting all of its liabilities.
Share-based payment charges
The Company has four equity-settled share-based remuneration schemes for employees. Where share options are awarded to employees, the fair 
value of the options at the date of grant is calculated using a pricing model and is charged to the income statement over the vesting period. 
Market related performance conditions are factored into the fair value of the options granted and a charge is made irrespective of whether the 
market related performance conditions are satisﬁed. In respect of awards with non market related performance conditions, an estimate of the 
proportion that will vest is made at the award date which is adjusted if the number of share options expected to vest diﬀers from the previous 
estimates. Any cumulative adjustment prior to vesting is recognised in the current period.
Where the Company issues share warrants in respect of distributor arrangements, the fair value of the options at the date of grant is calculated 
using a pricing model and is charged to the income statement over the vesting period. 
2  Investments
 Shares in subsidiary
  undertakings
Company £’000
Cost and net book value
At 1 February 2012 and at 31 January 2013 65
The Company’s beneﬁcial interest in subsidiary undertakings consists of:
 Country of registration Beneﬁcial holding Nature of business
LiDCO Limited England and Wales 100% Medical instruments and appliances
Cassette Analytical Systems Limited England and Wales 100% Dormant 52
LiDCO Annual Report
2012/13
3  Debtors
 2013 2012
 £’000 £’000
Amount due from subsidiary 16,784 14,344
The amount due from subsidiary relates to the ongoing funding provided to the principal trading subsidiary, LiDCO Limited, whilst it continues 
to be loss-making. The directors made a provision for impairment of £12m in the year to 31 January 2008, and consider that no further 
impairment provision is necessary at 31 January 2013. The timing of the repayment of this debt is uncertain and unlikely to be within one year.
4  Share capital
 2013 2012
 £’000 £’000
Allotted, called up and fully paid 193,640,304 ordinary shares of 0.5p each 968 871
On 16 November 2012, 17,423,000 shares were issued by share placing and subscription agreements at 13.5p per share. In addition during  
the year a further 1,997,000 shares were issued on the exercise of share options.
5  Reserves
 Share Other Equity Proﬁt and loss
 premium reserve reserve account
 £’000 £’000 £’000 £’000
At 1 February 2012 25,403 – – (11,790)
Proﬁt for the year – – – 1
Shares Issued 2,338 – – –
At 31 January 2013 27,741 – – (11,789)
6  Reconciliation of shareholders’ funds
 2013 2012
 £’000 £’000
Proﬁt/(loss) for the year 1 (2)
Shares issued 97 2
Share premium account 2,338 9
 2,436 9
Opening shareholders’ funds 14,484 14,475
Closing shareholders’ funds 16,920 14,484
7  Loss for the ﬁnancial year
In accordance with the exemption given by section 408 of the Companies Act 2006, the holding company has not presented its own proﬁt 
and loss account. The proﬁt for the year of the Company was £1,000 (2011/12: £2,000 loss). 
8  Related party transactions
There were no transactions between the Company and its subsidiary, which are related parties. The Company has taken advantage of the 
exemption in Financial Reporting Standard 8 ‘Related party disclosures’ as it transacts only with it’s wholly owned subsidiary, not to disclose 
details of related party transactions required by the standard.
Notes to the ﬁnancial statements
continued 53
LiDCO Annual Report
2012/13
Solicitor:
Hewitsons
Shakespeare House
42 Newmarket Road
Cambridge
CB5 8EP
Auditor:
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Grant Thornton House
Melton Street
Euston Square
London
NW1 2EP
Registrar:
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Nominated adviser 
and stockbroker:
FinnCap
60 New Broad Street
London
EC2M 1JJ
Banker:
NatWest Bank Plc
63-65 Piccadilly
London
W1J 0AJ
Advisers to the Company
Company information
Company registration number: 
2659005
Registered oﬃce:
16 Orsman Road
London
N1 5QJ
Company website:
www.lidco.com
Directors and Secretary:
Ms T A Wallis Non-Executive Chairman
Dr T K O’Brien Chief Executive Oﬃcer
Mr I G Brown Non-Executive Director
Mr P L Cliﬀord Finance Director
Mr D W Armour Company Secretary LiDCO Group Plc
Head Oﬃce:
16 Orsman Road
London  
N1 5QJ
T: + 44 (0)20 7749 1500
F: + 44 (0)20 7749 1501
Sales and Marketing Oﬃce:
Unit M
South Cambridgeshire Business Park
Babraham Road
Sawston
Cambridge 
CB22 3JH
T: + 44 (0)1223 830666
F: + 44 (0)1223 837241
www.lidco.com
Designed by www.randallwilkinson.co.uk
Printed by CPI Colour