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Oventus Medical Limited (ASX: OVN), incorporated in 2015 and based out of Indooroopilly, is a medical device company which develops and markets oral appliances to treat the problem of obstructive sleep apnoea and snoring in patients across Australia. It offers a variety of patented products such as O2Vent W to stabilise the jaw; O2Vent Mono, a device that aligns the lower jaw to a fixed position; O2Vent T devices that titrate lower jaw forward; and O2Vent nylon and O2Vent ONEPAP appliances.
The company recently released its report for the Half Year ended December 31st, 2018. As per the figures posted, the revenues from ordinary activities were recorded at $ 151,757, up 12% on the previous Half Year ended December 31st, 2017. The loss from ordinary activities after tax attributable to the owners of the company was also up by 32% to around $ 3.663 million relative to $2.77 million in the prior period. Besides, the basic loss per share stood at 3.46 cents, and the net tangible assets per ordinary security were at 7.45 cents. There were no dividends paid out during this period.
Over the concerned half year, the company was primarily focussed on the commercialisation and distribution in key geographical locations including Canada, the US and Australia. It has also worked on executing a strategy to reach cash flow breakeven as well as restructure operations to diminish fixed costs, eliminate inefficiencies and drive the most lucrative market segment.
According to the consolidated statement of cash flows, Half Year ended December 31st, 2018, there were massive outflows recorded from the operating activities at around $ 2.14 million arising mainly from payments to suppliers and employees. Also, the expenditure related to building out the operational, sales and marketing capability in North America to implement the Modern Dental distribution arrangement and the introduction of products into the Sleep channel also contributed largely to the operating expenses.
The investing activities also resulted in cash outflows of $ 733,883, due to payments for property, plant, equipment as well as intangible assets during the period. There were no financing activities as such. Thus, the value of the cash and cash equivalents at the end of the period stood at around $7 million.
Prior to the half-year report, the company had also released its Quarterly Business Review for Q2 FY2019, highlighting that the business achieved a decline in fixed costs by 15-20% by outsourcing all manufacturing.
In February 2019, Oventus launched O2Vent® Optima device in the Canadian market following the launch in the Australian market in January 2019. The product is scheduled for launch in the US as well upon receiving approval from US 510(k) FDA. The strategy exhibits a controlled market release as the patients demonstrated gradual acceptance. As reported, the second new product to be released in Australia in Q1 CY2019 is the ExVentT, developed in collaboration with the CSIRO and Neuroscience Research Australia. It is designed to support the success rates of traditional mouthguard devices for sleep apnoea sufferers by improving airflow and airway stability.
Oventus has a market capitalisation of 28.6 million with approximately 105.94 million outstanding shares. With the close of the trading session on February 18th, 2019, the OVN stock last traded at a market price of AUD 0.270 with no intra-day change. Around 75,139 volume of shares were traded.
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