Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Healthcare
Respiri has announced another client win, this time in a primary care setting for remote patient monitoring (RPM) services using its wheezo device. The latest commercial deal (the fifth for the Respiri Access Telehealth collaboration) is with the Medical Center of Conyers, a family practice based in Georgia, in the US, and will involve managing patients suffering from asthma and chronic obstructive pulmonary disease (COPD). The first patients have already been brought onboard, which takes Respiri closer to realising first reimbursement claims in early 2023, under the Centers for Medicare and Medicaid Services’ (CMS’s) current procedural terminology codes for RPM. This also marks the fifth US state to have wheezo available in the RPM setting and the third win in the last 20 days, indicating improving commercial traction.
Written by
Respiri |
First primary care setting client win |
Commercialisation update |
Healthcare equipment |
7 December 2022 |
Share price performance
Business description
Analysts
Respiri is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||||
Respiri has announced another client win, this time in a primary care setting for remote patient monitoring (RPM) services using its wheezo device. The latest commercial deal (the fifth for the Respiri Access Telehealth collaboration) is with the Medical Center of Conyers, a family practice based in Georgia, in the US, and will involve managing patients suffering from asthma and chronic obstructive pulmonary disease (COPD). The first patients have already been brought onboard, which takes Respiri closer to realising first reimbursement claims in early 2023, under the Centers for Medicare and Medicaid Services’ (CMS’s) current procedural terminology codes for RPM. This also marks the fifth US state to have wheezo available in the RPM setting and the third win in the last 20 days, indicating improving commercial traction.
Year end |
Revenue |
EBITDA* |
PBT* |
EPS* |
P/revenue |
P/E |
06/21 |
1.4 |
(8.4) |
(8.5) |
(1.22) |
21.2 |
N/A |
06/22 |
0.8 |
(6.2) |
(6.3) |
(0.87) |
37.1 |
N/A |
06/23e |
5.0 |
(2.3) |
(2.3) |
(0.29) |
5.9 |
N/A |
06/24e |
8.1 |
0.4 |
0.4 |
0.03 |
3.6 |
120 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. FY23 and FY24 EPS adjusted for new shares.
The latest in the series of client wins is with the Medical Center of Conyers, an Atlanta-based family practice. It employs three physicians and provides ongoing healthcare services to thousands of patients. In line with recent deals, this latest RPM contract will also include the full suite of RPM services delivered through Access Telehealth, including its cloud-based platform, Remotli, remote monitoring and patient engagement, and will be used to track and monitor the asthma and COPD patients that the clinic is servicing. Importantly, the programme has started patient recruitment, with at least three already onboard, as stated in the available information. The Centres for Disease Control and Prevention reports 7.8% of the US population suffers from asthma (c 25 million people) and there is still a lack of adequate tracking and monitoring, despite the large patient population.
We note that all five deals signed so far cater to diverse patient populations (ranging from pediatric to the elderly) and indications (asthma, COPD, cardiovascular disease patients with COPD comorbidities and other respiratory complications). This should allow Respiri to generate holistic real-world evidence on the effectiveness of using wheezo in an RPM setting.
We expect Respiri to begin realising first reimbursement claims in 2023 (the CMS typically takes 45–60 days to process claims). As a reminder, Respiri’s revenue in the US is made up of two distinct streams: devices, US$50–60 per unit based on device sales volumes, and monthly fees of US$10–20 per patient per month, based on the type of services subscribed for with partner Access Telehealth.
|
|
Research: Healthcare
Incannex Healthcare has announced a fund-raise of A$13m (US$8.7m) in gross proceeds through a private placement to a healthcare-focused group of institutional investors. It will issue 63.4m new shares of common stock at A$0.205/share (a c 10.9% discount to the 2 December closing price). Proceeds of the raise will primarily be used to develop Incannex’s clinical pipeline (including assets acquired as part of APIRx acquisition). After the private placement, Incannex is expected to have a pro-forma cash position of around A$45m (US$30.6m) that, according to management, should be adequate to fund its operations into CY25. As a result of rolling our model forward, including newly issued shares and updating the cash position, we value Incannex at US$736.6m or US$11.7 per ADR.