On November 26, 2018, Admedus Limited (ASX: AHZ) came forward and made an announcement regarding the appointment of its new interim CFO or chief financial officer named Matthew McDonnell who happens to be the former partner of one of the big four accounting firms named KPMG. The man has worked with the company for more than 24 years which includes a period of 10 years where he was running the firm as a partner. He has a strong experience of the industry, and he has delivered the services related to advisory, audit as well as accounting in different sectors. While he was working at KPMG, he got an opportunity to work in the United States or the US as well as Australia and was handling industrial markets, transport, financial services, energy, childcare as well as health.
The new interim CFO had also worked in the areas which focus on the privatizations as well as restructures of the Queensland Government. His contribution towards the re-listing of the Linc Energy on an exchange which is based in Singapore as well as towards the acquisition of Skywest by Virgin Australia was appreciable. The chief executive officer or CEO of Admedus Limited reflected positive views regarding this appointment. He stated that the appointment would be very much beneficial for strategic finance process. He also believes that strong experience of the range of industries would also be beneficial in regard to the strategy of capital management as the company has plans to work towards further development as well as growth.
Since Matthew has strong capabilities as well as skills related to the managerial finance, governance, management of risk as well as technical accounting matters, the company as well as shareholders would be able to highly benefited. The company has plans to increase the sales of the ADAPT portfolio and is also working towards the product development program. The new interim CFO of the company also has an impressive educational background. The man holds a degree of CA or chartered accountant and has studied the course of Bachelor of Economics which was from the Macquarie University based in New South Wales or NSW. On November 23, 2018, the new interim CFO had started working for Admedus Limited.
Recently, the company reported its quarterly results ending September 30, 2018 in which it managed to deliver $6.3 million. The company stated that its ADAPT sales witnessed a rise of 63% in the September 2018 quarter on PCP or prior corresponding period thanks to the favourable momentum in the EU, United States, favourable fluctuations related to the foreign exchange as well as positive momentum in the emerging markets or EMs. The ADAPT business of North America witnessed robust momentum in sales.
The company’s stock price has been delivering negative returns from the past few months. Within the span of previous six months, the company delivered -43.75%, and in the period of one month, it has given -42.55% return. However, within the span of three months, the company delivered -61.43%. Admedus’s shares were lastly traded on August 01, 2018 at the price of $0.135, implying a market capitalization of $352.89 Mn.
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