Quarterly Business Review & Appendix 4C
- Receipts from customers from sales of Oventus' O2VentTM totalled $101,881 in the March quarter, up from $35,386 in the December 2017 quarter following the commencement of initial sales and marketing by Modern Dental Group in the Dentist channel in January
- Cost reduction program underway with R&D spend reducing as clinical trials are concluded, expected to kick in in the second half of calendar 2018
- Analysis of clinical trial data in progress with results from an additional 79 patients expected to be released in current June quarter
- Operational team bolstered in North America with appointment of Robin Randolph as Vice President of Marketing and Operations; and Greg Eaton as Vice President of Sales
- Government Research and Development tax incentive cash rebate of $966,233, received in January 2018
- Oventus remains in a strong cash position with $11.89m as at 31 March 2018
Receipts from customers totalled $101,881 in the March quarter, up 188% from $35,386 in the December 2017 quarter (Q2 FY2018).
The increase in sales represents the beginning of Phase 3 activities in January 2018 involving the commencement of initial sales and marketing of Oventus products under the Modern Dental Group (Modern) manufacturing and distribution agreement into the Dental channel.
Founder and Clinical Director, Dr Chris Hart commented, "While we are still in the early stages of rolling out under the Modern agreement, the go to market activities undertaken by Modern in the Dental channel are now starting to have an impact on sales.
Along with our recently increased sales capability in the US, early feedback and progress in the Sleep channel indicates that we will be well positioned to start better driving sales in the second half of calendar 2018. A European launch is planned by the second half of calendar 2018."
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About Oventus Medical Ltd
Oventus Medical Ltd (ASX:OVN) is a Brisbane, Australia, based medical device company that has commercialized and brought to market a new sleep treatment platform for the treatment of sleep apnoea and snoring that enhances the treatment outcomes of both oral appliance therapy and CPAP therapy through increased efficacy and greater adherence.
Oventus Medical Ltd