HYDRIX LIMITED (ASX: HYD)
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Hydrix Medical enters exclusive sub-distribution agreement with MK Trimedic for the Guardian heart attack alert device in Malaysia. Initial term of four years with potential renewal for two successive two-year periods. Malaysia has approximately 85,000 acute coronary syndrome events annually and the Guardian is approved for marketing and distribution in the country.
Hydrix Limited enters distribution agreement with Implicity to market and sell their smart cardiac remote monitoring platform in Australia, New Zealand, and Singapore. Implicity Solution remotely monitors Cardiac Implantable Electronic Devices (CIEDs) to improve patient outcomes and reduce mortality by 38% within a year. The platform enables all data and custom alerts to be managed on a single vendor-neutral platform, automates scheduling, and generates medical reports, making the workflow more efficient.
Avertix Medical lodges Registration Statement with the US SEC for a potential NASDAQ listing, following a business combination with BIOS Acquisition Corp. Upon listing at a share price of US$10.00, Hydrix Ventures' portfolio asset value is expected to increase approximately A$1.15m to A$6.0m. Hydrix Medical has an extended exclusive distribution agreement for the Guardian heart device until 30 June 2029, with an option for a further two-year renewal.
Hydrix Limited entered into a commercial agreement with Echo IQ to sell its EchoSolv™ platform in Australia, New Zealand, and Singapore. EchoSolv AI technology quickly analyzes echocardiographic measurements, improving detection and diagnosis of patients at high risk of structural heart disease. Exclusive distribution agreement to market and sell the EchoSolv™ platform has an initial term of three years, annually renewable by mutual agreement.
Hydrix Services Pty Ltd entered into a $1.5m revolving loan facility agreement with Tradeplus24 Australia Pty Ltd to support revenue growth and working capital requirements. The facility's key terms include a borrowing base percentage of 70% of Hydrix Services' eligible trade debtors, a variable interest rate, and an expiration date of 31 May 2024. Hydrix Executive Chairman, Gavin Coote, stated that the facility supports the growth of the Services business and is more capital efficient than using equity.
Hydrix Limited has been contracted by Cyban Pty Ltd to continue the development of their next-generation brain oxygen monitor. The $1.48 million contract includes detailed design, construction and testing of engineering prototypes for verification testing. Hydrix Services will leverage its product innovation capability to support a streamlined path for this product to achieve Class II medical device to FDA regulatory submission.
Hydrix Limited has withdrawn its current application to the Australian Therapeutic Goods Administration for approval of its Guardian device. The decision does not impact revenue and earnings of Hydrix or commercial sales of the Guardian in Singapore and Malaysia. Hydrix remains confident in the positive benefits the device could offer to high-risk Australian ACS patients.
Hydrix has exclusive rights to distribute the Angel Medical Systems Guardian in eight countries. The TGA has not accepted Hydrix's current application for regulatory approval to market and distribute the Guardian in Australia. Hydrix is seeking clarification from the TGA and considering alternate pathways and options to seek a TGA.
Hydrix Limited recorded strong first half revenue growth and a return to profitability for the core Services business. Revenues increased by 22%, customer receipts increased by 14% and net cash used in Group operating activities improved by 23%. As at 31 December 2022, Hydrix had a cash on hand of $3.2m.