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Rhinomed Limited (ASX: RNO) is an ASX listed healthcare company based in Australia. The company is primarily focused on healthcare technology and aims to provide people with better devices for looking after their health. Some of the popular products of the company are the Turbine®, which is a nasal dilator and helps in easier breathing during aerobic exercise. Mute® is another nasal technology product which improves quality of sleep by helping to breath more and snore less.
Operational Update
On 29th April 2019, the company announced its quarterly report for the quarter ended March 2019. The revenue for the quarter has increased by 64% to $1.012 million. The shipments of units had a responsive demand across three continents, increasing to 71,554 units, up 39% over Q2. The primary reason for the demand was growing product awareness as the company kept investing in promotional activities.
However, the receipts from customers remained modest at $611k, and YTD receipts stand at $1,590k as a larger number of sales have been closed through larger retail channel partners on trading terms. The company is also working on incentive-based trading terms with its large customers.
Pronto product launch
The company will be displaying its latest offering in the Pronto⢠range at the 32nd Annual American Sleep Medicine Meeting in San Antonio, Texas in June 2019. The meeting will be attended by many of the worldâs leading sleep specialists and researchers which will provide the ideal opportunity to introduce the product.
Miscellaneous Updates
- The company commenced the production of rechargeable Pronto⢠vapour release technology for which it has already received orders.
- It has completed licensing deal for the nasal drug delivery with Columbia Care will see the company Columbia Care to deliver nasal medical cannabis formulations.
- During the quarter the company has received prestigious Drug Store News Retail Excellence (REX) Award and became the first Australian owned company.
- The company was recently awarded with âRetail Excellence Awardâ in the OTC category.
Cashflow report
The company used a total of A$1.43 million for the operating activities, highest expense being incurred on advertising and marketing to build brand awareness both in the USA and Australia, which led to the cash outflow of A$630,000. Other major expenses were incurred on staff costs, administration and corporate costs.
No cash has been used for the investing activities, and financing activities have led a total cash inflow of A$83,000, out of which A$110,000 was received from the issue of shares, and A$27,000 has been paid towards transaction costs related to issues of shares. At the end of the quarter, the company had net cash of A$2.47 million in the balance sheet.
The company also estimated the future cash flow for the next quarter which stood at A$1.55 million. It estimates the staff cost to decrease to A$450,000 from the current quarter staff cost of A$559,000.
Business Development and Outlook
The company is continuously growing its interest technologies from the global Over the Counter (OTC) consumer health and sleep medicine community which denotes the growing recognition of the importance of respiratory devices.
Technical Outlook
The market capitalisation of the company is A$26.97 million. The 52 week high and low of the stock is A$0.41 and A$0.11 respectively. The stock closed the dayâs trading at A$0.220, up by 15.79% as of 29th April 2019. In the last six months, the stock has given a negative return of 26.9%.
Disclaimer
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