CardieX anticipates 'historical' 5-year high revenue growth in FY2021 to continue into FY22 and beyond
- CardieX expands chronic kidney disease clinical trial agreement with Bayer
- CardieX rounds off June quarter with strong sales, $3.67 million cash balance
- CardieX releases first-half results as company achieves 5-year record high revenue
Quick facts: CardieX Ltd
Price: 0.061 AUD
Market Cap: $56.49 m
About the company
Cardiex Ltd (ASX:CDX) is a global health technology company focused on hypertension, cardiovascular disease, and other vascular health disorders.
The company’s ATCOR division is the world leader in medical devices for measuring arterial stiffness and central blood pressure waveforms based on its unique FDA-cleared and patented SphygmoCor technology.
The company’s digital platform, ArtyNet, is a connected SaaS ecosystem providing physicians with a complete telehealth solution for remotely managing patients’ health.
How it is doing
Via subsidiary ATCOR, the ASX-listed health technology company inked amendments with Bayer to add 15 sites and two countries to the CONCORD clinical trial, a study into patients with chronic kidney disease who also have diabetes and/or hypertension.
It means the clinical trial, which harnesses ATCOR’s blood pressure management technology, is now taking place across 84 sites and 13 countries under the existing contract.
The trial expansion adds US$495,000 in revenue to CardieX’s bottom line, while total contracted revenues have surpassed the US$2 million mark.
CardieX Ltd's (ASX:CDX) subsidiary ATCOR has completed a world-first algorithm for a wearable optical sensor, which provides a unique range of cardiovascular health parameters based around ATCOR’s patented SphygmoCor® technology.
This major milestone cements the technology algorithm foundation for its CONNEQT Band and other wearables partnerships and signals the commercial readiness of ATCOR’s wearable health analytics platform, Arty™, into consumer wearable devices.
CardieX Ltd’s (ASX:CDX) subsidiary ATCOR’s SphygmoCor® XCEL device will be used by Yale University for conducting clinical trials aimed at studying the impact of aspirin in preventing preeclampsia in women with elevated blood pressure and stage 1 hypertension.
The SphygmoCor® XCEL device will be used for non-invasively measuring central blood pressure, central arterial pressure waveform, and pulse wave velocity, as well as other heart health parameters of participants.
Insight: CardieX rounds off June quarter with strong sales, $3.67 million cash balance
CardieX Ltd has capped off the 2021 financial year with more than $3 million in the bank following a quarter characterised by a major corporate restructure, strategic collaborations and robust sales growth.
The healthtech stock detailed its June quarterly activities in a market announcement on Monday, with commentary on the highlights provided by managing director and CEO Craig Cooper.
What management says
CardieX Ltd (ASX:CDX) CEO Craig Cooper joined Steve Darling from Proactive to share details about their half-yearly report. That report showed strong growth numbers as 2021 is looking to be a transformational year for the company. Half-year sales were up 30% for the first six months of FY2021 compared to the same period in 2020.
Cooper also shared details with Proactive about some of the product offerings they're planning this year as well as an update on plans for a new wearable.
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