Admedus Releases 2019 AGM Presentation; Agrees To Partly Sell Hospital Infusion Business

  • May 14, 2019 AEST
  • Team Kalkine
Admedus Releases 2019 AGM Presentation; Agrees To Partly Sell Hospital Infusion Business

The medical technology company Admedus Ltd (ASX: AHZ) offers clinically superior technological solutions that help healthcare professionals create life-changing outcomes for patients. Admedus focusses on investing in and developing next-generation technologies with world-class partners, acquiring strategic assets to grow product and service offerings, and expanding revenues from their existing medical sales and distribution business.

On 14th May 2019, Admedus released the 2019 Annual General Meeting Presentation comprising company’s overview, financial performance for CY2018, Medical & Reg Affairs update and 2019 strategy update. For the calendar year 2018, the financials are as follows:

Recently, the company also announced on 13th May 2019, that it had entered into an agreement with BTC Speciality Health Pty Ltd, a wholly owned subsidiary of the Pooled Development Fund, BTC health (ASX: BTC) whereby BTC Speciality would acquire part of its Hospital Infusion Business. The value consideration for the transaction is around $ 6.3 million, which includes $ 1.75 million of working capital upon completion. The sale is expected to complete on 31st May 2019 and is subject to certain conditions including BTC health completing a capital raise to finance the transaction.

The acquisition includes the novation of an eight-year exclusive distribution agreement with Summit Medical Products for the ambIT® range of infusion pumps in Australia and New Zealand, purchase of all saleable inventory and the transfer of certain key employees including Glenn Gilchrist, the current Infusion Business Unit Head. As per the terms, BTC health will not acquire the right to the Arcomed and Leventon range of infusion pumps which remain with Admedus.

The innovative ambIT® infusion pumps provide patients, doctors and hospitals with a portable, flexible and cost-effective alternative to traditional stationary pumps. Their design enables patients to receive drug infusions including pain management, chemotherapy and antibiotic infusions in the hospital or at home. The annual sales of the ambIT® infusion pumps for FY20 are forecast to be ~ $ 7 million with continuing growth of at least 14% per annum.

Also, on 8th May 2019, Admedus confirmed that it had entered into a facility agreement with SIO Partners, LP for a secured debt facility of AUD 1 million with key terms including- 12% interest rate compounded monthly; an 18-month term; and a one-off AUD 125,000 facility fee, which would be capitalised to the loan.

The proceeds of the SIO Facility are indicated to be directed towards funding general working capital, some restructuring of the business’ operations, operational costs, and a proposed divestment of the infusion business.

Admedus’ securities were suspended from quotation immediately under Listing Rule 17.2 on 17th April 2019 (post Trading Halt on 15th April), at the request of the company pending the release of an announcement regarding the Immunotherapies Transaction.

The voluntary suspension is expected to last until the earlier of the commencement of normal trading on 21st May 2019 or the release of an announcement by the Company in relation to the broader recapitalisation plan. The AHZ stock last traded on 12th April 2019 at AUD 0.060.


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