Cardiex shares climb 15% on news the company is set to surpass its FY24 revenue projections
Company is on track to double FY23 revenue amid a pipeline of new products and strategic partnerships
The company has also announced its first global physician partnership and a new National telehealth partnership
Special Report: Cardiex Limited (ASX:CDX) shares closed up 15% on Tuesday on news the medtech is set to surpass FY24 revenue projections.
Cardiex is on track to exceed $12 million in revenue for FY24, doubling last year’s $6.01 million. The growth is attributed to strong performances in both the pharma sales group and traditional research and clinician markets.
Sales to the research sector hit a six-month high in May, and with June typically being a peak sales month, the company is confident of closing the financial year with strong research sales figures.
CEO Craig Cooper said recent leadership changes in the pharma team have sparked active dialogues around new clinical trial opportunities, ensuring sustained growth into FY25.
Innovative Product Launches and Pre-Sales Success
Cardiex’s much anticipated Conneqt Pulse, which represents a significant advancement in home health monitoring, is set to debut in July, with initial units being distributed to pilot partners, key opinion leaders and members of Cardiex’s clinician network.
The first full production run of 3,000 units is scheduled for later in Q1FY25, with the company well-prepared for demand thanks to a robust chip inventory.
The Conneqt Pulse has generated significant pre-launch interest. Craig Cooper said the relaunched ConneqtHealth.com features a “waitlist” campaign that has already attracted substantial attention.
“We’re expecting more than 20,000 waitlist signups by the time orders commence, driven by targeted marketing efforts focused on the consumer and patient segments,” he said.
Cardiex anticipates submitting its over-the-counter (OTC) FDA clearance for the Conneqt Pulse early in Q2 FY25, alongside FDA clearance submissions for its Conneqt Band wearable technology.
Additional regulatory applications, including TGA submission for the Pulse and clearances for the Company’s XCEL SphygmoCor device in new Asian markets, are also in progress.
Strategic Partnerships and Telehealth Integration
Cardiex has also secured its first global physician partnership with PhysioAge, a network specialising in naturopathic, functional, and longevity medicine.
The collaboration will see the Conneqt Pulse integrated across PhysioAge’s global clinician network, enhancing patient care through advanced arterial health monitoring.
Additionally, a newly announced partnership with Heartbeat Health, the largest decentralised cardiology practice in the US, promises to enhance the Conneqt Pulse user experience.
Heartbeat Health will offer telehealth services, including virtual consultations for initial device prescriptions and quarterly cardiology reports.
This article was developed in collaboration with Cardiex, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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