Total receipts for the financial year were $2.02m up 139% from $0.85m in for the year 2016. Revenue from continuing operations for the financial year increased 70% to $1.7m up from $1.0m in 2016.
The Group reported a loss of $4.5m for the financial year, down 26% from $6.0m in 2016. Net cash used in operating activities more than halved (down 51%) to $3.0m. Operating expenses have tightened, as the Company focused on streamlining and building its global distribution presence and leveraging key relationships with key retailers.
This solid progress reflects the significant efforts made over the course of the financial year opening distribution channels, principally in the North American and Australian markets. Into this growing base of stores the Company shipped close to 150,000 product units throughout the financial year.
Over the course of the current financial year the Company set several key milestones:
- Increase distribution amongst our existing key accounts in our three core markets
- Increase the overall retail footprint through strategic focus on high value retail/pharmacy networks
- Expand awareness of Mute amongst clinical channels to begin establishing referrals
Pleasingly, the Company has made significant progress in achieving each of these milestones.
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About Rhinomed Ltd
Rhinomed Limited (ASX:RNO) is a Melbourne, Australia based technology firm with a focus on nasal, respiratory and breathing management technologies. The company is developing and commercialising applications of its technology portfolio in the sport, sleep, cough/cold and allergy, and drug delivery markets. The company has two products in market (the Turbine for sports and exercise and Mute for snoring and better sleep) and has recently completed a pilot Phase I clinical trial of its new INPEAP technology targeting mild to moderate sleep apnea. For more information, go to www.rhinomed.global.