Medibio’s Ilumen™ Successfully Completes Its First Commercial Program.

Medibio Limited (ASX:MEB), a healthcare company engaged into the development of diagnostic heart rate variability technology for mental health diagnosis, has announced the results of the latest release of ilumen™, which is a corporate health product, with a large Australian employer.

ilumen™ is unique in the corporate health market as it combines proprietary objective biometrics with subjective assessments. The users of ilumen™ would be able to keep track of their mental well-being data through their personal devices. They would be able to measure and also track biometrics through the use of wearable technology over a period of time.

Over the period of 6 weeks starting from October 2018, as per the terms of the contract, ilumen™ was offered to 7,500 personnel throughout Australia voluntarily. This program was the ilumen™ first commercial implementation and is the second corporate Health product of the company. Amongst those 7,500 users, ilumen™ was able to identify that 26% of the participants had experienced the symptoms of moderate to severe range of depression or anxiety. Based on this data, it was found that there is a loss of 40,000 hours of productivity lost per year due to depression in the cohort.

The benefits of ilumen™ would help in the timely treatment of the patient suffering from the moderate to severe level of depression.

The Senior Vice President of the Corporate Health, Jennifer Solitario also highlighted the changing attitude of the employers and employees to mental health and well-being as they are showing awareness and have certain desire to do something about it. The de-identified aggregate results of ilumen™ will enable the employer to support their employee in terms of the well-being and productivity of their employees. The company is into the discussion with the employers in terms of the ongoing utilization of ilumen™.

On 28 February 2019, Medibio Limited declared its half-yearly results for the period ended 31 December 2018. The period reported an increase in the revenue from ordinary activities by 11% to $3,415,770. However, the company made a loss of $4,018,145 by the end of 1H FY2019. The loss in the period was driven by the cost that was linked to various development of the company’s technology to assist in screening, diagnosing, monitoring, and management of depression as well as other mental health conditions. The other reason for loss during the period was the operating corporate and administrative overheads.

As compared to the previous corresponding period, there was an increase in the operating cash outflow which was majorly driven by increased payments to suppliers and employees. The net cash inflow from the investing activities was in the form of interest worth $18,231. During the period, the company generated revenue from the issue of shares/convertible notes. By the end of the 1H FY2019, the net cash and cash equivalents were worth $2,150,793.

Based on the efficiency of ilumen™, it can be said that there is a scope of future growth for the company which in turn might create value for the shareholders of the company. The announcement boosted investor sentiments, which perhaps resulted in the share price to increase by 17.647% on 7 March. Today, 8 March, the stock is trading flat at A$0.020 with market capitalization of A$4.05 million and approximately 202.63 million outstanding shares.

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