Tech: Hydrix says FY20 is gonna be a ‘champagne year’
Link copied to
Tech all-rounder Hydrix (ASX:HYD) is promising the 2020 financial year will be its champagne year, with the company forecasting its maiden full-year profit.
The engineering tech company, which provides products to the medical, consumer, industrial, aerospace and defence industries, released its September quarterly today, highlighting record customer receipts of $5.24 million.
Yet chairman Gavin Coote and chief exec Peter Lewis were both buoyant in their assessment of the company’s position. Earlier this month Hydrix secured exclusive Asia Pacific distribution rights for an FDA-approved implantable heart attack alert system.
“That was a significant milestone and endorsement for us and we anticipate it will represent an important driver of future growth,” Coote said.
“The focus is now on preparing for local regulatory approval across the region. We are working closely with several key opinion leaders in cardiology in Australia and Singapore to investigate launching with initial sponsored implants from early-mid next year.”
Lewis added that Hydrix was expecting to gain full regulatory approval over the next 18 months.
“That will pave the way to start commercial sales. We have also commenced discussions with potential distribution partners,” he said.
Progress continues in PPK Group’s (ASX:PPK) world-first commercialisation of a ‘super’ material. The mining services company stated that it had entered into a joint venture research agreement to further accelerate development of boron nitride nanotube, which is worth almost $1 million for a kilogram.
ParaZero (ASX:PRZ) won’t be listing in Canada. The drone safety tech company was hoping to list on a Canadian stock exchange, but an agreement with FMI Capital, which ParaZero hired to advise it on the potential listing, has fallen through.