Trading Statement
DXS INTERNATIONAL PLC
Trading Update to 31 October 2020
DXS International plc ("DXS", the "Company"),
the digital clinical decision support Company, is pleased to update
shareholders with the following statement in respect of trading
since the last update in April 2020.
DXS’s revenues are holding up well and are
marginally up on those for the same period in the previous
financial year. The company has maintained a healthy balance sheet
with approximately £1 million in cash and continues to trade
profitably.
However during these unprecedented CoVid-19
times our GP user base are facing numerous challenges including
dramatically adapting the way that they interact with patients,
managing the sickness absence of colleagues and staff and dealing
with the increased mental health pressures of the current stressful
environment impacting the GPs themselves as well as their
patients.
While these COVID circumstances have not
materially impacted DXS’s traditional business, they continue to
slow down the planned market launches of our new solutions. The
impact of the virus continues to be felt in our attempts to gain
NHS approvals for our new solutions due to delays in NHS
accreditation processes, namely for our ExpertCare and MyVytalCare
products.
As a result of the current environment, we are
engaging with GP practices more directly as the benefits to be
gained by the practices relative to the investment are significant.
For example complex hypertension medicine reviews currently consume
the equivalent of approximately 2,700 full time GPs each year at an
annual cost of £300 million. These time and financial costs can be
mitigated by using DXS products to empower nurses and pharmacists
to undertake tasks normally done by GPs. The current crisis serves
to reinforce the urgent market need for our solutions and
strengthens our resolve to get the solutions to market as soon as
possible.
Our CompleteCare templates initiative – while
also impacted by the effects of the virus - remains another point
of focus and feedback from users in our pilot groups is
positive.
The concepts around our comprehensive end-to-end
Hypertension solution, that combines the features and
functionalities of our ExpertCare and MyVytalCare products, are
being tested with potential clinical end-users. In this regard, we
have been successful in recruiting a full range of pilots. However,
due to the CoVid-19 resurgence getting these pilots deployed and
operating is slow and therefore we are expanding our pilot net in
an effort to mitigate possible delays.
In summary, our assessment of the market needs
and the ROI our solutions offer are on target. We continue to
remain focused and are more convinced than ever that our solutions
will provide exciting returns for our shareholders, although this
may take longer than expected. Just as with vaccines, our unique
ExpertCare solution requires successful pilots, and this is where
our primary focus with this solution remains.
We will keep you updated on progress as we go.
In this regard, we look forward to announcing our half year results
before the end of November.
David Immelman, Chief Executive of DXS said: “We
are exceptionally proud of our team, and that despite all the
pressures that the NHS is facing, our services are still being
utilised. Understandably our plans to roll out new products have
been delayed, but conversations with the NHS continue and are
testament to the quality of our products and depth of relationships
between DXS team members and key people we speak with in the NHS.
It is a direct result of how long we have worked with the NHS that
the dialogue even continues during the headwinds that the NHS has
been facing daily.”
The Directors of DXS International plc accept
responsibility for this announcement
Enquiries:
David
Immelman (Chief
Executive)DXS International plc |
01252 719800david@dxs-systems.com |
Wrecclesham
HouseWrecclesham RoadFarnhamSurreyGU10 4PS |
|
www.dxs-systems.co.uk |
|
Corporate
Advisor |
|
David
PapworthCity & Merchant |
0207 101 7676 |
Corporate
Broker |
|
Hybridan
LLPClaire Louise Noyce |
020 3764 2341 |
Note to Editors:
DXS International presents up to date treatment
guidelines and recommendations, from Clinical Commissioning Groups
and other trusted NHS sources, to doctors, nurses and pharmacists
in their workflow and during the patient consultation. This
effective clinical decision support ultimately translates to
improved healthcare outcomes delivered more cost effectively which
should significantly contribute towards the NHS achieving its
projected efficiency savings.
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