Please see below some random notes from the AGM. There was so much information it was hard to recall it all. It was great meeting Ron again and meeting Scott, Emma, Forough, Robert Tller and the BOD. I had so many questions!
Scott was excellent and gave us a tour of the whole site and we had special presentations from Robert Tiller and Forough talking us through what they do.
I throughly enjoyed the day and it was really great to finally meet @Michaelirish and his lovely partner after all these years on HC. With only 8 shareholders in attendance and sitting around the EMV boardroom it felt like we are very early in this story. We are still very much under the radar and I am grateful to have shares in this amazing company at this stage in its development.
* They have been discussing names for the Gen 1 and Gen 2 devices and agree they need to name them.
IDR research results were as expected. These results may mean they can aim for $200k US for Gen 1 and then discount from there for Gen 2. Gen 2 will be significantly cheaper than Gen 1. A ball park figure was 10’s of thousands and $30k was mentioned as an example for a defibrillator. Gen 2 will be a scaled down version of Gen 1 tech wise as it’s only purpose will be to distinguish type of stroke and localisation (not monitoring etc).
18 month shelf life established at present for coupling media.
EMV will aim to retain the consumable revenue in a distribution deal (learning from the NAN experience).
There will be challenges in initial sales but expect a good initial market take up with the trial hospitals being the first customers.
In the current trials Gen 1 will sit in a room next to CT scan and the EMV device wheeled in after the CT scan for the EMV scan.
Quote RW “We have a much bigger opportunity than Nanosonics in front of us”.
The coupling media is made in house (developed by one of the team) and has a main ingredient (from health and beauty industry) that is easily obtainable.
I questioned Keysight contract could be a risk, but they are in it to sell lots of VNA’s and so at least a good 5 years. Relationship is excellent.
Keysight are using EMV as a test bed for testing various components which is generating new IP that EMV will own. Looking at other options as back ups for risk mitigation purposes only. Will one day try to bring it in house.
Forough was amazing and took some time explaining areas where they had improved the tech and made the COG’s significantly less and more serviceable. Forough said she came to EMV because of the amazing prospects, brilliant science, brilliant people and fantastic boss. She had a safe and reliable job at NAN but EMV was too exciting.
Robert Tiller was impressive and took us through the design phases and we learned how the devices will sit in the Ambulance hub (station) and each ambulance and will pick up their device as they leave for the job (plus two batteries).
Ron and Scott have each been scanned and it took 5 minutes from start to the result and review of images.
”Don’t underestimate the market for Gen 1”.
“Rural opportunities bigger in the US.” Gen 1 won’t be used for initial diagnosis in big hospitals but could be used in rural applications where CT / MRI are not available.
Gen 2 will come with 3 size caps where as Gen 1 will be inflated to fit.
Breakthrough Device Designation well and truly on the cards and is super important for automatic reimbursement. Looks promising we just need more data.
Just recently received a patent approved in the US (first US patient). Patent protection strategies were discussed including “dummy patents” submitted to confuse those looking to copy. Protection is complex and multi layered.
Funds can buy on market as we don’t need to raise money at the moment.
“We had a discussion yesterday with a new potential commercial partner who was “very” interested in what we have.”
Gen 1 commercial sales expected in FY 25
Gen 2 commercial sales expected in FY27
Competition - Medfield Diagnostics have CE mark but use a “Bleed Scale” approach and really only for triage and moderate to larger bleeds > 20mm only. Most bleeds <15 mm
Recent patient tests on the Liver and Torso scanner in Brisbane showed good results.
Skin scanning and Burns and wounds a possible future use case.
Two large funds on the register, one under a nominee name, - Neweconomy com au Nominees.
Philip Debois said “We need to be careful not to compare our device to CT and MRI as we are a unique modality and it can be confusing.” This is a complete paradigm shift in imaging.
Good to note that CT and MRI are less than 100% accurate - our images will not be as good as ground truth but will show different things that they don’t.
The alteration to the headset on Gen 1 (from the clinical trial) will allow for a secondary position scan that is hoped to improve the localisation accuracy. As we are going via the Denovo pathway we set what we believe will be achieved and the pre validation phase will allow us to fine tune the AI and improve the results and determine what we set.
Coupling Media included as part of the membrane so once approved it’s part of the protection to prevent use by others (lesson learned from NAN)
Confirmed - 1 tech can assemble one device per day. Looks like Space for 2 to 4 at a time at present but other space is “easy” to add.
SK - “We will be back.” - Scott to the Medical Device Fund after receipt of the recent grant.
Colour code for Gen 2 device Red - bleed confirmed Green - clot confirmed and orange (take no action - get MRI or CT as it’s inconclusive).
RW - “Regulatory approval should have a significant impact on the SP - if not we have done something wrong!”
I hope you found this information interesting. I appreciate it is a bit random.
As an investor you just get to know your investment (and management team) so much better if you are lucky enough to attend an AGM. For me it was well worth taking the day off for.
DYOR and Not Advice .
EMV Price at posting:
$1.92 Sentiment: Buy Disclosure: Held
(20min delay)