reports
- Sean Conroy
Respiri - Termination of coverage
Edison Investment Research is terminating coverage on Respiri (RSH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Sean Conroy
Respiri - Access platform-led growth prospects ahead
Respiri had a very active FY23, including the recent close of the Access Managed Services (Access) acquisition and the signing of several commercial contracts. These represent stepping stones to the company’s commercialisation phase, further supported by a strong client pipeline of ongoing contractual discussions, including with two US-based insurers and three accountable care organisations. As a result, management expects to break even by H2 CY24 (revised from end-CY24). Pro forma cash at 30 Ju...
- Sean Conroy
Respiri - Early onset of synergies from Access acquisition
Leveraging the expanded scope of operations from its recent acquisition of Access Managed Services (AMS), Respiri has announced the signing of new remote patient monitoring (RPM) contracts with VDO Cardiology and Angelic Health Partners, along with an extended contract with Minnesota Lung Center (existing client) for a sponsored remote therapeutic monitoring (RTM) pilot study in patients with obstructive sleep apnea (OSA). These contracts will add a total of 600 patients to Respiri’s customer ba...
- Sean Conroy
Respiri - Raise anticipated to fund the Access acquisition
Following the proposed acquisition of Access Managed Services in May 2023, Respiri announced that it has raised the A$3m as planned as part of the share purchase plan (SPP), which we believe are the funds needed to close the acquisition (10 August scheduled closing date). The company has raised a total of A$4.35m (including a convertible note with Obsidian Global) to cover the upfront payment (US$1.25m) for the acquisition, working capital to accelerate US commercialisation and the US$0.25m acqu...
- Sean Conroy
Respiri - wheezo to access a larger addressable market
Respiri has announced a three-year distribution and marketing agreement (non-exclusive) with Fi-Med Management, a US-based company providing healthcare support and management solutions to large healthcare organisations. Under this revenue-share arrangement, Respiri will receive $30 per patient per month for active patients enrolled as wheezo RPM users. Although the initial Fi-Med customer review suggests an immediate opportunity to address 5,000 patients, the collaboration is anticipated to enab...
- Sean Conroy
Respiri - Investor recap of Respiri’s strategic focus
Respiri’s recent investor presentation recapped management’s strategic rationale for and the merits of the company’s proposed acquisition of Access Managed Services, its US remote patient monitoring (RPM) and chronic care management partner. We maintain that the acquisition will provide further impetus to Respiri’s US commercialisation plans for wheezo, diversify the company’s operations and expand the addressable market. Importantly, the post-acquisition RPM monthly annuity will rise to US$70–1...
- Sean Conroy
Respiri - Telehealth acquisition to bolster US roll-out
In a strategic push of its US commercialisation strategy, Respiri has announced the proposed acquisition of Access Managed Services, its US remote patient monitoring (RPM) and chronic care management partner, for a cash consideration of up to US$3m (A$4.5m). We expect the acquisition to afford Respiri greater oversight of operations and sales and marketing efforts, potentially reducing sales cycles and expediting patient onboarding. The acquisition will also result in the RPM recurring revenue i...
- Sean Conroy
Respiri - Commercialisation at the forefront
Respiri released its Q323 activity report, updating investors on key highlights during the quarter. The period was marked by continued expansion of the company’s commercial footprint in the US, which included the signing of three additional contracts (taking the total client count to nine) and the appointment of a US-domiciled chief commercial officer to spearhead its growth strategy for the country. In addition, Respiri disclosed that it is in ongoing negotiations with two large insurers and fo...
- Sean Conroy
Respiri - Wheezo commercialization picking up pace
In a recent business update, Respiri recapped its commercialisation efforts for the wheezo device and associated remote patient monitoring (RPM) programme. Towards the end of Q323, the company has onboarded roughly 100 patients across eight clients, including two client wins during the quarter. We understand that Respiri is also in advanced RPM discussions with two private health insurers and four clinical services companies. Patient onboarding commenced earlier this month at Arkansas Heart Hosp...
- Sean Conroy
Respiri - Strong momentum heading into FY24
Respiri’s H123 report summarised an eventful period, marked by commercial traction (six client wins; patient onboarding commenced at four centres) and recognition of the first remote patient monitoring (RPM) revenue from the Centers for Medicare & Medicaid Services (CMS). H123 revenues were A$0.6m (primarily R&D tax credits), lower than A$0.7m in H122, but we expect (wheezo-related) product sales to ramp up with increased patient onboarding and associated annuity income. The partnership-based US...
- Sean Conroy
Respiri - wheezo included in paediatric standard of care
Respiri has announced the successful completion of the Michigan Children’s Hospital’s pilot programme assessing the wheezo SAAS (Respiri and partner Access Telehealth) platform. The initial March 2022 agreement enabled pulmonologists to employ wheezo to increase the engagement of paediatric patients with asthma. The hospital will include the wheezo RPM programme in its current standard of care for eligible asthma patients. We expect the paediatric population to be one of the cohorts to find the ...
- Sean Conroy
Respiri - Dollars in the bank with CMS reimbursement
In a positive development for its US commercial strategy, Respiri has announced receipt of its first reimbursement claims from the Centers for Medicare and Medicaid Services (CMS) for its wheezo remote patient monitoring (RPM) programme (through one of its partners, Access Telehealth), making it the first Australian company to receive RPM reimbursement. As a reminder, a key component of Respiri’s revenue model is a monthly annuity (US$10–20/patient) derived from the CMS reimbursement to prescrib...
- Sean Conroy
Respiri - Trading recap highlights continued market traction
Respiri has released its Q223 quarterly activity report and provided a business update for the quarter. The second quarter was characterised by improving commercial traction for Respiri, with the company signing three new contracts for wheezo (including Minnesota Lung Center and Arkansas Heart Hospital), taking the total client count to six at the end of the period. Respiri’s wearable device Sorfe also continues to make progress with clinical studies anticipated to commence by March/April 2023. ...
- Sean Conroy
Respiri - NC rollout to expand wheezo market potential
Respiri has started patient onboarding for a major North Carolina (NC)-based healthcare organisation (the initial contract was signed in August 2022). The agreement applies to chronic obstructive pulmonary disease (COPD) patients for the full service wheezo remote patient monitoring (RPM) programme. We believe positive feedback or a strong display of utility from initial patients will generate an opportunity to accelerate wheezo’s adoption across broader healthcare groups, in line with commercia...
- Sean Conroy
Respiri - Sixth in spate of new client wins
Respiri has signed its sixth contract for remote monitoring – Hand Family Healthcare, a New Mexico-based primary care practice, has signed up for the full-service wheezo remote patient monitoring (RPM) programme. System integration formalities have been completed and the first patients (with either asthma or chronic obstructive pulmonary disease) are expected to join the programme shortly. The deal, signed in collaboration with Access Telehealth, indicates growing traction and acceptance of whee...
- Sean Conroy
Respiri - Shorter pilot study, potentially faster roll-out
Respiri continues to advance its commercialisation plans for wheezo with the recent initiation of patient onboarding for the Minnesota Lung Center’s (MLC’s) pilot programme. We note that the shortened timeline for the pilot study (reduced from three to two months) bodes well for the broader roll-out of wheezo as part of MLC’s standard solutions for management of asthma and chronic obstructive pulmonary disease (COPD) patients. We believe this engagement to be particularly meaningful for Respiri,...
- Sean Conroy
Respiri - First primary care setting client win
Respiri has announced another client win, this time in a primary care setting for remote patient monitoring (RPM) services using its wheezo device. The latest commercial deal (the fifth for the Respiri Access Telehealth collaboration) is with the Medical Center of Conyers, a family practice based in Georgia, in the US, and will involve managing patients suffering from asthma and chronic obstructive pulmonary disease (COPD). The first patients have already been brought onboard, which takes Respir...
- Sean Conroy
Respiri - Commercialization efforts gathering steam
The Respiri/Access Telehealth collaboration continues to make steady gains in the US with the partners announcing their fourth commercial deal to date, with Arkansas Heart Hospital (AHH), a healthcare facility focussed on cardiovascular health. The program will focus on assessing the utility of Respiri’s wheezo device in a remote patient monitoring (RPM) setting using Access Telehealth’s cloud-based RPM solution, Remotli. The target population will include cardiovascular patients also suffering ...
- Sean Conroy
Respiri - Wheezo bags third client win in the US
Respiri continues to expand its commercial footprint in the United States with the signing of another client account, with Minnesota Lung Center (MLC), for an initial three-month pilot study assessing the utility of its wheezo device in a remote patient monitoring (RPM) setting. The pilot study will recruit and monitor 20 patients with asthma and chronic obstructive pulmonary disease over three months, and, if successful, should result in a broader rollout. The deal is the third signed by Respir...
- Sean Conroy
Respiri - First patient enrolled in the US RPM programme
Respiri has announced that the first patients have been enrolled in its wheezo remote patient monitoring (RPM) programme in the United States. Respiri also expects the two signed US clients, Children’s Hospital of Michigan and the unnamed North Carolina-based health organisation, to start patient onboarding in December 2022. This marks a key milestone in Respiri’s US commercial roll-out efforts for its wheezo device, taking it a step closer to becoming the first Australian medtech to realise rei...
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