Currency in AUD
Last close As at 02/06/2023
AUD0.04
— 0.00 (8.57%)
Market capitalisation
AUD32m
Research: Healthcare
Respiri has announced the successful completion of the Michigan Children’s Hospital’s pilot programme assessing the wheezo SAAS (Respiri and partner Access Telehealth) platform. The initial March 2022 agreement enabled pulmonologists to employ wheezo to increase the engagement of paediatric patients with asthma. The hospital will include the wheezo RPM programme in its current standard of care for eligible asthma patients. We expect the paediatric population to be one of the cohorts to find the most utility from the wheezo monitoring protocol (given this population is not always able to self-identify and flag symptoms) and usage feedback from these patients is anticipated to be crucial for Respiri. We also note the Michigan Children’s Hospital is a part of the of the NYSE-listed Tenet Healthcare Corporation (over 60 hospitals across the US) and uptake, if encouraging, can support a broader roll out.
Respiri |
wheezo included in paediatric standard of care |
Commercialisation update |
Healthcare equipment |
21 February 2023 |
Share price performance Business description
Analysts
Respiri is a research client of Edison Investment Research Limited |
Respiri has announced the successful completion of the Michigan Children’s Hospital’s pilot programme assessing the wheezo SAAS (Respiri and partner Access Telehealth) platform. The initial March 2022 agreement enabled pulmonologists to employ wheezo to increase the engagement of paediatric patients with asthma. The hospital will include the wheezo RPM programme in its current standard of care for eligible asthma patients. We expect the paediatric population to be one of the cohorts to find the most utility from the wheezo monitoring protocol (given this population is not always able to self-identify and flag symptoms) and usage feedback from these patients is anticipated to be crucial for Respiri. We also note the Michigan Children’s Hospital is a part of the of the NYSE-listed Tenet Healthcare Corporation (over 60 hospitals across the US) and uptake, if encouraging, can support a broader roll out.
Year end |
Revenue |
EBITDA* (A$m) |
PBT* |
EPS* |
P/revenue |
P/E |
06/21 |
1.4 |
(8.4) |
(8.5) |
(1.22) |
27.0 |
N/A |
06/22 |
0.8 |
(6.2) |
(6.3) |
(0.87) |
50.2 |
N/A |
06/23e |
5.0 |
(2.3) |
(2.3) |
(0.28) |
7.7 |
N/A |
06/24e |
8.1 |
0.4 |
0.4 |
0.03 |
4.8 |
139.4 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. FY23 and FY24 EPS are adjusted for new shares.
The Michigan Children’s Hospital was the first RPM client Respiri signed back in March 2022, with systems integration undertaken in July 2022 and final internal systems pilot programme assessment now complete. Pulmonologists at the hospital have now started prescribing wheezo as part of the standard of care for all eligible children with asthma, without any cap on the prescribed numbers. The wheezo device needs to record just 30 seconds of normal breathing to provide objective physiological data (wheeze rate) and may be especially useful for the paediatric asthma population, who are unable to self-monitor their asthma symptoms. Respiri will also be providing an on-site clinical staff member to help accelerate patient onboarding.
We note that Detroit, the location of the children’s hospital, is home to over 70,000 children living with asthma and the hospital offers extensive asthma outpatient services, providing a sound launchpad for Respiri to release its device. As a reminder, the Michigan Children’s Hospital is part of the of the NYSE-listed Tenet Healthcare Corporation, which operates more than 60 hospitals and 110 outpatient centres across the US and recorded revenues of US$19.2bn in 2022. Successful uptake and feedback from the wheezo RPM programme at the Michigan Children’s Hospital should facilitate a broader roll out of the device to the group’s entities, in our opinion.
The RPM programme is eligible for reimbursement under the Centers for Medicare and Medicaid Services’ procedural terminology reimbursement codes for RPM (with a typical claim processing time of two months) and is mandated in the state of Michigan. Respiri has so far signed six commercial deals across six US states and recently recorded first inflows from RPM reimbursement claims.
|
|
Research: Metals & Mining
FY22 marked a record-breaking year for Agnico Eagle Mines (AEM) after its Kirkland Lake acquisition, achieving annual gold production of 3,281koz at a US$780/oz total cash cost and a US$1,090/oz all-in sustaining cost (AISC). In Q422, AEM delivered strong gold production of 799koz at a US$863/oz cash cost, despite inflationary pressure and reduced production at LaRonde, Kittila and Pinos Altos. AEM’s quarterly dividend was maintained at US$0.40/share and it expects its recently announced acquisition of Yamana’s Canadian assets to close in March.
Get access to the very latest content matched to your personal investment style.