Research Part 1
Thought it would be a good idea to summarise Cardiex Limitedpotential and value proposition. In my opinion one of the best value biotechplay on the ASX given the current sector strength.
Profile
CardieX Ltd. Is a global health technology company designingand developing products for the management of cardiovascular diseases (CVDs).Its XCEL device is the world leader in measuring central blood pressure (cBP),which is considered essential for the management of hypertension and relatedcardiovascular disorders. CardieX’s cBP technology and patents are owned,developed, and marketed under the 100% owned subsidiary, ATCOR brand.
Corporate Snapshot
Shares onIssue: 754,368,092 million
Market Cap: $20.36 million
Current Share Price: 0.027
52 weeks high: 0.037
52 weeks low: 0.014
Top 20 (as of 24 Sep 2019): 51.17%
Board and MGT shareholding: 20.4 million
2 Substantial shareholders: C2 Ventures Pty ltd 21.10% and Paul Cozzi 14.54%
Quoted share options: 106.5 million with exercise price of0.05 expiring on 30/11/2021
Unquoted shareoptions: Approx. 100 million mostly with exercise prices of 0.05Funding Status
·In December 2019 we raised $1.5 million, (including acommitment from major shareholder C2 Ventures for $0.5 million, which issubject to shareholder approval); and
·In March 2020 we completed a $1.5 million R&D loanfacility with Mitchell Asset Management.
·A US$0.5m repayment in favour of CardieX of the US$3mConvertible Note reducing the principal investment to US$2.5m (Announced on 6July 2020)
Current Directors:
Mr. Niall Cairns (Chairman)
Mr. King Nelson
Mr. Craig Cooper
Mr Jarrod White (appointed on 21 May 2020)
Revenue
FY 2018 – $4,006,091
FY2019 – $4,062,091
HY 2020 – $2,302,757 (Company is expecting record sales yearin FY 2020)
Valuation
According to MST Access research report released on 12 May 2020, ’Our base-case valuation remains unchangedat 8.2 cents per share using DCF methodology (full details in our initiationreport dated 19 September 2019).’
Here is the link to the research report
https://mcusercontent.com/337b20aabb1cad60ba2cecccf/files/f8358eda-0f7d-4f99-8d46-26c44cb065d3/MST_Access_CDX_Update_Report_2020_05_12.pdf?fbclid=IwAR3GuN-PM3XXIAbj2tgiBOd5GUJjrhUykXdKVtYZqTr3gYuFvL_nlovlrcM
Corporate History
Business Overview
Exposure to 3 of the fastest growing global healthcare market opportunities.
AtCor
AtCor Medical and its proprietary XCEL system is the world leader in noninvasive measurement of arterial stiffness and central blood pressure (cBP) which is considered essential for the management of hypertension and related cardiovascular disorders.
Blumio
CardieX Labs has a 50/50 joint venture partnership with Silicon Valley-based Blumio, for the development of a radar-based blood pressure sensor incorporating CardieX cBP technology. CardieX is also partnering with leading global wearable and smart device companies to incorporate AtCor’s sensor and diagnostic technology into next generation wearable diagnostic technologies.
InHealth
InHealth Medical Services, is a leading provider of telehealth solutions in the US, providing digital, e-commerce and mobile tools for patients to connect online with health coaches as part of a patient care program. inHealth’s patient care programs are based on long-term clinical trials that demonstrate superior patient outcomes through the use of telehealth coaching services. inHealth has partnerships with some of the leading healthcare institutions in the USA including Anthem, American Well, and Kaiser Permanente.
Opportunity in China
End of Research Part 1. I will write and share Research part 2 over the weekend with everyone.
All in my opinion and research. Good luck and please do your own research.
(20min delay)