Respiri (ASX: RSH)

Currency in AUD

Last close As at 09/06/2023


0.00 (−5.26%)

Market capitalisation


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 CPT 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.

Happy children launch a kite in the field at sunset. Little boy and girl on summer vacation



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Marjan Mikel


  • Nicholas Smedley


  • William Sigsbee

    Chief commercial officer

Balance Sheet

Forecast net cash (A$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.0) (44.6) 0.0
Relative (18.0) (43.0) 0.8
52 week high/low A$0.1/A$0.0


Respiri’s recent investor presentation recapped management’s strategic rationale for and the merits of the company’s proposed acquisition of Access Managed Services, its US remote patient monitoring (RPM) and chronic care management partner. We maintain that the acquisition will provide further impetus to Respiri’s US commercialisation plans for wheezo, diversify the company’s operations and expand the addressable market. Importantly, the post-acquisition RPM monthly annuity will rise to US$70–100 from US$10–20 per patient, allowing break-even to be reached at 9,000 patients (by end-CY24) versus 30,000 patients previously, a target we see as more achievable. The decision to pay out the US$3m deal consideration over three milestone-linked tranches is also sound, tempering the financing risk, in our opinion. We will present our revised estimates and valuation following the deal closure, which we expect by early July 2023.

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 1.4 (8.4) (8.5) (1.22) N/A N/A
2022A 0.8 (6.2) (6.3) (0.87) N/A N/A
2023E 1.7 (4.2) (4.2) (0.51) N/A N/A
2024E 5.9 (1.1) (1.1) (0.13) N/A N/A

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