Respiri links up with BNPL rocket Zip Co
Health & Biotech
Health & Biotech
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Special Report: Respiratory health company Respiri has signed on to Zip Money, a move it expects to boost revenue by 10 per cent.
Chief Marjan Mikel says his experience working for Australia’s largest provider of remote home-based diagnostic and treatment services for sleep apnoea, Healthy Sleep Solutions, showed that buy now, pay later services added over 11 per cent to sales.
He expects a similar, if not better, result for Respiri.
The deal will allow Respiri’s customer to buy its wheezo respiratory management device and pay over six interest-free monthly instalments.
The availability of this payment plan option removes a potential barrier for a portion of Respiri’s target customer base, the ehealth software-as-a-service (SaaS) company said.
About one in 10 Australians use buy now, pay later services and Respiri expects the deal will deliver a higher customer uptake, resulting in higher forecast revenues.
By taking advantage of the Zip agreement customers will pay $14 per week (including their SaaS subscription) for a period of six months rather than an upfront price for device-only of $299.
Respiri has signed a series of big deals for the company in recent months, culminating in a transformational five-year sales and distribution deal with Cipla, a multinational corporation worth $US7bn, to sell the wheezo in Australia and New Zealand, with options around the world.
In June, the company announced a new partnership with a research centre at the University of Edinburgh in Scotland, dedicated to finding improved solutions for respiratory health conditions.
And just before that it signed a definitive service agreement with the Pharmacy Guild of Australia to develop an online training course on optimising asthma patient management, in particular children, including the role of devices in detecting wheeze.
Mikel says the deals are expected to significantly increase both pharmacy awareness and patient access to the proprietary wheezo device, alongside training and education initiatives with the Pharmacy Guild of Australia.
“Our agreement with Zip provides asthmatic patients seeking access to our platform additional financial flexibility when making these important healthcare decisions relating to improvements in the management of their disease,” he said.
The company expects to provide revenue guidance for the 2021 calendar year within the next four business days.
This article was developed in collaboration with Respiri, 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.