Last close As at 22/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Healthcare
Respiri has announced a three-year distribution and marketing agreement (non-exclusive) with Fi-Med Management, a US-based company providing healthcare support and management solutions to large healthcare organisations. Under this revenue-share arrangement, Respiri will receive $30 per patient per month for active patients enrolled as wheezo RPM users. Although the initial Fi-Med customer review suggests an immediate opportunity to address 5,000 patients, the collaboration is anticipated to enable Respiri to access a wider patient base. The development closely aligns with management’s strategic focus to expand into other indications and generate incremental top-line growth.
Written by
Respiri |
wheezo to access a larger addressable market |
Distribution update |
Healthcare equipment |
17 July 2023 |
Share price performance
Business description
Analysts
Respiri is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||||
Respiri has announced a three-year distribution and marketing agreement (non-exclusive) with Fi-Med Management, a US-based company providing healthcare support and management solutions to large healthcare organisations. Under this revenue-share arrangement, Respiri will receive $30 per patient per month for active patients enrolled as wheezo RPM users. Although the initial Fi-Med customer review suggests an immediate opportunity to address 5,000 patients, the collaboration is anticipated to enable Respiri to access a wider patient base. The development closely aligns with management’s strategic focus to expand into other indications and generate incremental top-line growth.
Year end |
Revenue (A$m) |
EBITDA* (A$m) |
PBT* |
EPS* |
P/revenue |
P/E |
06/21 |
1.4 |
(8.4) |
(8.5) |
(1.22) |
16.1 |
N/A |
06/22 |
0.8 |
(6.2) |
(6.3) |
(0.87) |
31.1 |
N/A |
06/23e |
1.7 |
(4.2) |
(4.2) |
(0.51) |
15.9 |
N/A |
06/24e |
5.9 |
(1.1) |
(1.1) |
(0.13) |
4.7 |
N/A |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Fi-Med Management provides healthcare management solutions across a wide customer base including physician practices, hospitals, surgical centres, clinics and accountable care organisations. Its cloud-based platform offers subscription analytics, chronic care management, revenue cycle management, coding, compliance tools, predictive analytics and other related services. Some of its key customers include CommonSpirit Health (one of the largest non-profit health systems in the US with 142 hospitals, 2.2k care sites and over 25k physician and clinicians across 21 US states), Mount Sinai (an integrated health system with 400 ambulatory practice locations across New York City, Westchester and Long Island) and Essentia Health (caters to 14 hospitals and 120 health facilities in Minnesota, Wisconsin and North Dakota). We believe this opportunity, if it materialises, could provide significant uptake for the wheezo customer base.
Under the terms of the agreement, Respiri will receive $30 per patient per month for active and enrolled patients on wheezo RPM programme. As per the initial review, both companies have identified an addressable target of 29 healthcare organisations, providing an immediate access to patient base of 5,000 patients and the potential for a larger customer network in the medium term. This 5,000 patient base seems to be in addition to the company’s previously stated break-even target of 9,000 patients by end-CY24, post Respiri’s acquisition of Access Telehealth. With its commercialisation focus on the US, Respiri has c 10 healthcare clients for its wheezo RPM programme, with over 200 patients onboarded and 3,500 additional prospects in the pipeline. We note that the US RPM market is highly fragmented. Therefore, it makes strategic sense to collaborate with multiple telehealth partners to reach a wider portion of the market.
Respiri recently announced the proposed acquisition of Access Managed Services, its US RPM and chronic care management partner, which we believe will provide further impetus to Respiri’s US commercialisation plans for wheezo, diversify the company’s operations and expand the addressable market.
|
|
Research: Investment Companies
Henderson Far East Income (HFEL) is managed by Mike Kerley and Sat Duhra, who are genuine income investors. This is evidenced by the trust’s very attractive double-digit dividend yield, which is well above its peer group, and is a ‘natural’ distribution as it is fully paid out of income. HFEL’s managers have been increasing the trust’s allocation to Chinese-listed companies in anticipation of a post-COVID economic recovery in the country; China now makes up around a quarter of the fund. Meanwhile, they have retained an underweight position in Taiwanese and technology stocks, given the limited yields and more demanding valuations.