Adherium (ADR)

Business description

Adherium is a digital health company developing technologies that address suboptimal medication use and remote patient management in chronic diseases. Clinical evidence shows that its Smartinhaler substantially increases adherence and reduces severe exacerbations in asthma.

Stock data

Market cap.A$27m
Last closeA$0.20
High / Low (52 weeks)A$0.6 / A$0.2
Stock market listingAU
Forecast net cash (A$m)21.3
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual8.3(40.9)(61.8)
Relative *6.8(43.3)(67.3)

* % Relative to local index

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Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (c) P/E (x) P/CF (x)
2015A 3.1 (1.1) (1.3) (1.92) N/A 13040.0
2016A 2.9 (6.5) (6.4) (5.39) N/A N/A
2017E 5.7 (11.0) (10.5) (6.59) N/A N/A
2018E 18.7 (4.6) (4.6) (2.73) N/A N/A

Last updated on 01/12/2016

Investment summary

Adherium has developed the market-leading Smartinhaler platform that monitors usage of inhaled asthma and COPD medications and provides reminders and feedback on medication usage patterns. Independent clinical studies have shown that the Smartinhaler reminders and feedback improve patient adherence and reduce severe exacerbations in asthma patients. AstraZeneca has initiated a US clinical study that aims to confirm that the platform similarly improves adherence in COPD patients. Adherium is positioned for strong revenue growth through an existing commercial relationship with AstraZeneca and strong relationships with other pharma companies and key opinion leaders through sales for clinical trials. With A$32m cash at 30 September 2016, Adherium has the resources to pursue an intensive growth and investment programme.

Last updated on 21/12/2016

Industry outlook

Adherium has the benefit of 14 years of experience in developing and trialling Smartinhaler devices. Several competitors have entered the field more recently, but none of the competitors can match the independent clinical trials showing the efficacy of the Adherium device in improving adherence and reducing exacerbations.

Last updated on 21/12/2016

Key management

Garth Sutherland, CEO
Rob Turnball, CFO
Julia Chambers, Head of Corporate Development

Company address

Level 2, 204 Quay Street
Auckland
1010
New Zealand
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