Edison Investment Research Limited [GB00BD8GP619 / KEFI]

Respiri (RSH): Initiation — Objective measures for better outcomes


[23/09/2022 | 22:00]

Edison Investment Research Limited
Respiri (RSH): Initiation — Objective measures for better outcomes

23-Sep-2022 / 21:00 GMT/BST


London, UK, 23 September 2022


Respiri (RSH): Initiation — Objective measures for better outcomes

Respiri is an Australian medical device and software-as-a-service (SaaS) company, developing a novel remote patient monitoring approach to respiratory health management. Through its integrated wheezo platform (device, application and health portal) the company provides comprehensive (real-time) monitoring for irregular breathing patterns (wheeze), a key physiological variable in asthma and chronic obstructive pulmonary disease. Following its strategic pivot in 2021, Respiri has redirected its focus to the US market, which has a large inadequately treated patient population and a supportive environment for preventative RPM reimbursement. Employing a cost-effective partner-based strategy, management has recently onboarded its first two (US) hospital clients. We initiate coverage with a valuation of A$189.1m or A$0.24/share.


We value Respiri at A$189.1m or A$0.24/share based on the epidemiology approach focusing solely on the US market opportunity and assuming a conservative 2% peak target market penetration. With a pro-forma net cash balance of A$2.8m (including A$1.6m equity issue in September 2022), we estimate the need to raise another A$3m before reaching profitability in FY25.

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