Ellex Releases H1 FY19 Investor Conference Call Details

ELX

Ellex Medical Lasers Limited (ASX: ELX) manufactures and develops solid-state medical laser systems for use in the ophthalmic laser market. The Company’s laser systems are primarily distributed to international markets, and users are specializing in cataract surgery.

As per the recent release on the exchange, the company has disclosed that the investor conference call to discuss the Company’s First Half FY19 financial results, which are expected to be released on Friday 22 February 2019 at 9 A.M (Australian Eastern Daylight Time). 

Earlier the company had reported its sales numbers for the four months, which ended on the 31 October 2018. The company’s sales had risen by 27% to reach the levels of the $24.7 million. The company’s flagship product the Ellex iTrack™ witnessed a sales growth of 38% (26% in constant currency) in the USA, which was the result of the expansion in sales and various marketing initiatives taken by the company. This is a surgical canal-based, restorative minimally invasive glaucoma surgery (MIGS) device, which has been shown to effectively reduce intraocular pressure in cases of both mild-moderate and severe glaucoma.

The company’s patented Ellex 2RT® Retinal Rejuvenation Therapy sales grew to $0.6 million this year compared with $0.1 million last year. This growth was on account of the positive results of the LEAD multi-centre clinical trial. 2RT® is a world-first treatment which enables physicians to intervene during the early stage of age-related macular degeneration (AMD), before vision has been compromised.

The company’s CEO Mr. Tom Spurling said that the company’s significant investment in sales and marketing has led to this record sales growth. The management expects that this growth shall be significantly augmented in the medium term by the company’s offerings such as the Ellex 2RT® nanopulse laser for intermediate AMD.

For the FY ended June 30, 2018, the group had net assets of $75.2 million which witnessed an increase of $18.3 million from 30 June 2017. The firm reported an operating loss before income tax of A$5.3 million for the year ended 30 June 2018, vis-a-vis an operating loss before income tax of A$2.0 million for the previous financial year, which ended on 30 June 2017. This incremental loss was predominantly on account of the investment the company had made in the sales and marketing.

Even after incurring material growth investment, cash flow from operating activities rose by A$4 million to reach to a positive $0.5 million for the year ended 30 June 2018. This was on account of the good working capital management policies implemented by the management. This positive result is evidence that the glaucoma growth strategy is self-funding, with cash generated by the wider business.

Now, let us have a quick look at Ellex Medical Lasers Limited’s stock performance and the return it has posted over the last few months. At the time of writing (12 February 2019, AEST 03:04 PM), the stock is trading at a price of $0.60, down 0.826% during the day’s trade with a market capitalization of ~$86.88 Million. The counter opened the day at $0.615, reached a day’s high of $0.625 & touched a day’s low of $0.600 with a daily volume of ~67,044. The stock has provided a YTD return of -9.70% & also posted returns of -11.03%, -12.32% & -0.82% over the past six months, three months, and one-month period, respectively. It had a 52-week high price of $0.910 and touched 52 weeks low of $0.545, with an average volume of 81,147 approximately.


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