Medical technology company Rhinomed Limited (ASX: RNO) held its Annual General Meeting (AGM) on 14 December 2018. All the resolutions at the AGM were passed. In total, there were 10 resolutions which included 2 special resolutions which required 75% approval to be passed. “Adoption of Remuneration Report” and “Approval of 10% Placement Facility” were the two special resolutions which were passed at the AGM. Following the AGM, the share price of the company increased by 5.128 percent as on 14 December 2018.
The company’s Chairman Mr. Ron Dewhurst addressed the shareholders at the AGM. While addressing the shareholders, he talked about the strategy of the company which is clear and create compelling solutions that resolve the specific customer, patient and clinician needs that exist throughout the sleep continuum. He also informed about the company’s patented technology platform which provides a unique opportunity to deliver solutions that have the potential to radically change the global sleep industry.
Currently, the company is selling its product Mute through 9,000 stores in the USA. The company’s success in Walgreens has resulted in both 1,300 CVS stores and over 3,000 Rite Aid stores being added to this impressive roster. He informed that Rhinomed Limited is one of the very few Australian based companies which have not only developed their own technology but also managed to have it core ranged by these iconic American drug store pharmacy retailers. The management of the company believes that that Mute can be the gateway product for the sleep category.
He further added that the steady global growth in customers using Mute, the increase in stores stocking Mute and the steady growth in Doctors and dentists adopting, accepting and recommending Mute is growing proof of the success of company’s strategy. It is also reflected in the company’s steady growth with recognized revenues in FY 2018 reaching $2.1 million due to the significant jump in units shipped year on year.
In the CEO’s Presentation, the company reported that in the first quarter of FY 2019, the company earned a revenue of $1.14 million. The company is entering 2019 with over 11,000 premium pharmacies which will be selling Mute. Currently, the company is having its retail network in three continents namely Australia, UK, North America. In FY 2018, the company shipped around 2,29,000 units and reported recognized revenue of approximately $2.1 million. At the AGM the CEO discussed about the Nasal technology platform which is capable of delivering multiple solutions from simple dilation through to complex applications such as vapour or drug delivery. This platform has been already adopted and used by clincians and patients in nasal obstruction, sleep, snoring and as a companion therapy for Obstructive Sleep Apnea. In FY 2019, the company will be benefited from the growing number of distributors and retailers, 2019 Product launches and further progress in medical cannabis market.
In the last six months, the share price of RNO increased by 62.50 percent as on 13 December 2018. RNO’s shares traded at $0.205 with a market capitalization of circa $27.54 million as on 14 December 2018 (AEST 4:00 PM).
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