Health: Resonance gets investor thumbs up after signing another US deal
Health & Biotech
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Resonance Health (ASX:RHT) has licensed its flagship liver iron concentration MRI service to another distributor in its biggest market, the US.
3DR has bought a non-exclusive licence to sell FerriSmart in the US.
The stock was up 24 per cent this morning.
3DR is the largest 3D medical post-processing laboratory in the United States, servicing 900 hospitals, and in October last year was acquired by Arizona-based technology firm Accumen.
Morgans analyst Scott Power says the financial details are confidential, but based on a pay-per-use arrangement which is the way these kinds of agreements are heading.
He says Resonance is generating some solid revenue and has a solid shareholder base, and is a company Morgans “like”.
FerriSmart is an AI tool that uses MRI data to measure how much iron is concentrating in the liver, a symptom that is indicative of illness such as sickle cell disease and thalassemia. According to Resonance, it’s the only regulator-cleared tool for liver iron assessment in the world.
In fiscal 2019, 76 per cent, or $2.8m, of sales revenue came from the US and Canada.
In the same year, Resonance signed with EnvoyAI and Blackford Analysis to distribute its software to over 5000 hospitals and MRI Centres worldwide, including 85 of the largest 100 hospitals in the US.
Late last year Resonance also secured a place in the Siemens Healthcare GmbH digital marketplace for the software.
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