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HeraMED Limited (ASX:HMD), headquartered in Netanya, Israel, is a technology start-up which got listed on ASX on 12 December 2018. The company is engaged in developing an innovative connected pregnancy monitoring solution which is medically accurate, affordable, scientifically optimised, and safe for home use. Its HeraBEAT is the first medically accurate, smartphone-based, and scientifically optimised fetal heartbeat monitor which helps expected mothers to monitor their fetusâ heartbeat anywhere. Further, it has two products in its pipeline, EchoBEAT and Orion. EchoBEAT is a next-gen device which will help mothers in detecting fetal movement whereas Orion is an AI-powered pregnancy monitor.
On 31 January 2019, HMD announced the quarterly activity report along with the cash flow statement for the quarter ending 31 December 2018.
After the completion of manufacturing unit in Israel, HMD focussed on manufacturing its first batch of 2,000 HeraBEAT units. It is investing in developing a cloud-based infrastructure, HeraCARE service, which will allow the third party to integrate HeraBEAT services over the cloud and will open additional market opportunities in many verticals. It is also investing a considerable amount of money in R&D for EchoBEAT to demonstrate superior technology advantages. During the quarter, HMD got its maiden order for 1,000 units of HeraBEAT from Teva Pharmaceutical Industries Limited (Teva), an Israel-based pharma company.
HMD got the approval from the Therapeutic Goods Administration (TGA) in Australia, which helped HeraMED to enter into a distribution agreement with Dale Group International (Dale) for New Zealand and Australia. Dale is a leading private supplier of toddler and baby products to Baby Bunting and other players in the Australian market. Under the agreement, Dale has promised to distribute a minimum of 9,000 units over the first three years which will generate total revenue of A$1.3 million. It also covers collaboration in digital as well as offline marketing and comprehensive customer support.
It has also obtained the British Standards Institute (BSI) updated certification including the new medical quality standard ISO13485:2016. HMD has also supplied 100 units of HeraBEAT for pilots and evaluation to an Indian agent, Consultus Group.
In FY19, HeraMED will work with existing distribution channels in Israel and Australia to boost up its sales and will focus on adding new distribution channels in EU starting with the UK and Germany with a strong outlook for CY19.
For the latest quarter, it reported net cash used in operating activities of US$563 K majorly contributed by the staff cost of US$326 K and administration and corporate cost of US$214 K. The net cash provided by investing activities was reported at US$4 K and net cash provided by financing activities was reported at US$3.615 million. This was majorly on account of proceeds of US$4.228 million from the issuance of shares. US$31 K was reported as the effect of movement in exchange rates on cash held which led to the cash and cash equivalents of US$4.034 million as at 31 December 2018.
For the next quarter, it estimates an outflow of US$1.381 million majorly on account of product manufacturing and operating costs of US$505 K which includes estimated advanced payments for production, staff cost of US$394 million, and administration and corporate cost of US$233 K.
Looking at HeraMED Limitedâs stock performance, it has generated a positive return of 13.33% during the last month. It is currently trading at A$0.170 (at the close of the market on 06 February 2019) with no change in the price during the dayâs performance. HMD has approx. 95.81 million shares outstanding with a market cap of circa A$16.29 million.
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