I know, I know. We’re all sick of hearing news about the C word.
Disgruntled Melbournians and aggrieved Sydneysiders aside, several companies are experiencing revenue boosting tailwinds from the pandemic situation.
Respiratory technology company, Rhinomed (ASX: RNO) has received an initial purchase order from the Victorian Department of Health for one million Rhinoswabs to further support the state’s testing capability.
I’m sure by now we all know how coronavirus testing works, and if you’ve experienced the brain tickling, tear-inducing deep nasal swab à la drive through, you know that it’s hardly an enjoyable event.
The Company’s Rhinoswab technology improves the sample collection process. The Rhinoswab is more comfortable and easier to use than the current standard and is able to capture a larger sample, making the lab component of testing more efficient.
The FDA, TGA approved and CE marked swab works with existing laboratory technology and workflows and is equivalent in cost to standard nasopharyngeal swabs.
The order placed by the Victorian Government follows a recent order placed by NSW Health Pathology last month. The revenue associated with the latest order will account for approximately 35-45% of FY21 revenues.
Rhinomed CEO Michael Johnson said: “We are pleased to receive further validation of the Rhinoswab from the Victorian Government. The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily. With well over 2 billion SARS-CoV-2 tests having been carried out globally over the past 18 months (close to 26 million in Australia alone), there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience and we look forward to working with the Department of Health to deliver these outcomes.”
Rhinomed is continuing to upscale their manufacturing capabilities to keep up with the demand for nasal swabs.
Westward, the Company has appointed AntiMicrobial Technologies Group as a dsitrbutor of Rhinoswabs in Western Australia. The Company has also assigned distributors in Belgium, the Netherlands and Luxembourg.
For the final quarter of FY21 the Company reported revenue increase of 12% on the prior year and 29% on the preceding quarter.
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