Resonance Health (ASX: RHT) – non-invasive liver diagnostic
ABOUT COMPANY
Resonance Health (RHT) (http://www.resonancehealth.com/) develops and delivers non-invasive medical imaging software and services worldwide. The company’s products are used by clinicians in the diagnosis and management of human diseases and by pharmaceutical companies in their clinical trials for the measurement of liver iron and liver fat. Its flagship products include FerriScan®, FerriSmart®, HepaFat-Scan®, and the recently developed HepaFat-AI and Alert-PE.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| RHT | 0.08 | 461149601 | 36891968.08 | 5.8/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1922 | 49.94% | 49.74% | 17.82% |
Both CEO and CFO resigned in April 2021, and the share price started its down trend thereafter.
BUSINESS
Below is the company’s past five years performance:
| RHT | 2023 | 2022 | 2021 | 2020 | 2019 |
| Operation Revenue | 4404 | 3828 | 3779 | 3668 | |
| Cost of Sale | |||||
| Gross Revenue | 4404 | 3828 | 3779 | 3668 | 0 |
| Gross Margin | 1 | 1 | 1 | 1 | 0 |
| Overheads | -5593 | -5171 | -3315 | -4511 | |
| Fixed Overheads | |||||
| Variable Overheads | |||||
| Total Operation Expense | -5593 | -5171 | -3315 | -4511 | 0 |
| Operation Profit | -1189 | -1343 | 464 | -843 | 0 |
| Other Revenue | 361 | 220 | 207 | 190 | |
| Interest Expense | 37 | 41 | |||
| D&A | -436 | -429 | -364 | -341 | |
| Income Tax | 484 | 410 | 242 | 238 | |
| Net Profit | -780 | -1142 | 586 | -715 | 0 |
| NOTES | $1.8m share payment |
In 2020, it generated $3.7m in revenue, similar to 2019, about 40% increase from the 2018 level. They might generate a little bit more in 2021, but the current market cap is a lot for what they do.
SUMMARY
The company’s share price has risen 10 baggers since 2019, I can’t tell its performance has improved that much.