Respiri (ASX: RSH)

Currency in AUD

Last close As at 25/09/2023

AUD0.03

0.00 (−5.88%)

Market capitalisation

AUD33m

Respiri is an Australia-based medical device and SaaS company focused on respiratory health management through its integrated wheezo platform. Its technology records data such as wheeze rates, breath recordings and other environmental factors and medication usage. Wheezo was launched in the US in December 2021.

Despite the relatively large target patient population (asthma and chronic obstructive pulmonary disease), the key consideration for Respiri’s US push is the established reimbursement infrastructure. The Centers for Medicare and Medicaid Services has established current procedural terminology codes for RPM reimbursement coverage. With key technology patents, two telehealth partners and reimbursement arrangements in place, Respiri is well positioned and has a first-mover advantage.

Latest Insights

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Healthcare | Update

Respiri — Access platform-led growth prospects ahead

Healthcare | Flash note

Respiri — Early onset of synergies from Access acquisition

Healthcare | Flash note

Respiri — Raise anticipated to fund the Access acquisition

Healthcare | Flash note

Respiri — wheezo to access a larger addressable market

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Marjan Mikel

    CEO

  • Nicholas Smedley

    Chairman

  • William Sigsbee

    Chief commercial officer

Balance Sheet

Forecast net debt (A$m)

0.7

Forecast gearing ratio (%)

26

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 (15.8) (17.9)
Relative 0.1 (13.7) (21.6)
52 week high/low A$0.1/A$0.0

Financials

Respiri had a very active FY23, including the recent close of the Access Managed Services (Access) acquisition and the signing of several commercial contracts. These represent stepping stones to the company’s commercialisation phase, further supported by a strong client pipeline of ongoing contractual discussions, including with two US-based insurers and three accountable care organisations. As a result, management expects to break even by H2 CY24 (revised from end-CY24). Pro forma cash at 30 June 2023 was A$2.2m, bolstered by the A$3.9m fund raise in August 2023, which we estimate should support operations into Q424. We have adjusted our estimates to reflect FY23 results and Respiri’s recent activities, tempered for timing considerations (client onboarding and patient enrolment). Our valuation adjusts to A$164.6m or A$0.17/share (from A$164.2m or A$0.20/share, previously).

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 0.8 (6.2) (6.3) (0.87) N/A N/A
2023A 0.7 (5.4) (5.4) (0.67) N/A N/A
2024E 6.6 (1.7) (1.8) (0.20) N/A N/A
2025E 11.9 0.5 0.4 0.03 106.7 10386.1

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