New Risk • May 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Revenue is less than US$5m (AU$5.0m revenue, or US$3.6m). Market cap is less than US$100m (AU$25.2m market cap, or US$18.1m). Breakeven Date Change • May 01
Forecast to breakeven in 2027 The analyst covering Vitasora Health expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$5.42m in 2027. Average annual earnings growth of 117% is required to achieve expected profit on schedule. Announcement • Jan 14
Vitasora Health Limited Announces Executive Changes Vitasora Health Limited has appointed Charly Duffy and Shelby Coleman as joint company secretaries of the Company. As a practising corporate and equity capital markets lawyer, Ms Duffy established cdPlus Corporate Services Pty Ltd. in 2014 to leverage her experience to provide outsourced company secretarial and governance services to listed, unlisted, private and not-for-profit Boards with a strong focus on ASX Listing Rules compliance. Ms Duffy is also a Partner of Coghlan Duffy Lawyers with a Bachelor of Laws, and a Fellow Member of Governance Institute of Australia and ICSA holding a Graduate Diploma of Applied Corporate Governance. Ms Coleman is a seasoned governance and compliance specialist with experience advising ASX listed companies across a range of industries on corporate governance and compliance matters. Ms Coleman holds a Bachelor of Laws and a Bachelor of Arts from Victoria University of Wellington and is an Affiliate member of the Governance Institute of Australia and ICSA. The Company advises that Justin Mouchacca and Nova Taylor have tendered their resignations as joint company secretaries. Breakeven Date Change • Dec 24
Forecast to breakeven in 2027 The analyst covering Vitasora Health expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$599.8k in 2027. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Announcement • Sep 24
Vitasora Health Limited, Annual General Meeting, Nov 19, 2025 Vitasora Health Limited, Annual General Meeting, Nov 19, 2025. Announcement • Jul 02
Vitasora Health Limited has completed a Follow-on Equity Offering in the amount of AUD 11 million. Vitasora Health Limited has completed a Follow-on Equity Offering in the amount of AUD 11 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,666,667
Price\Range: AUD 0.03
Discount Per Security: AUD 0.0018
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 350,000,000
Price\Range: AUD 0.03
Discount Per Security: AUD 0.0018
Transaction Features: Subsequent Direct Listing Announcement • Mar 03
Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 4 million. Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.04
Discount Per Security: AUD 0.0024
Transaction Features: Subsequent Direct Listing Announcement • Feb 24
Respiri Limited Announces Board Changes Respiri Limited notes that Dr. Tom Takubo will retire on 24 February 2025 as Director of Respiri. In response to Dr. Takubo retiring from the Board, Respiri announced the appointment of Mr. Jonathan Adams to the Board of Directors as Non-Executive Director effective 24 February 2025. Jonathan Adams currently serves as an Investment Director at Mt. Vernon Investments, LP. Mr. Adams joined Mt. Vernon Investments in 2007 and is primarily responsible for sourcing, structuring, and executing private equity and venture capital investments across direct, co-investments, and select fund investments. Prior to joining Mt. Vernon Investments, Mr. Adams was an accountant at PricewaterhouseCoopers. Mr. Adams holds both a BBA and an MPA from The University of Texas at Austin. Mr. Adams is a CFA® charterholder and a Certified Public Accountant in the State of Texas. Mr. Adams served as Chairman of the Board for Orb Health Inc. and also serves as a Board Director for TTI Acquisition, LLC, parent company of TTI Sports International. Mr. Adams serves as a Board Observer for multiple portfolio company investments of Mt. Vernon Investments. Mr. Adams resides in Dallas, TX with his wife and family. Board Change • Feb 04
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Chairman Nicholas Smedley is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jan 21
Respiri Limited (ASX:RSH) completed the acquisition of Business And Assets of Orb Health Inc. from Orb Health, Inc. Respiri Limited (ASX:RSH) entered into a purchase agreement to acquire the Business And Assets of Orb Health Inc. from Orb Health, Inc. for $8.3 million on November 26, 2024. The consideration consists of Respiri Limited issuing 160.998504 million shares for assets of Business And Assets of Orb Health Inc. In case of termination of transaction, Respiri Limited will pay a termination fee of $0.25 million. The transaction is subject to approval of offer by Respiri Limited shareholders.
Respiri Limited (ASX:RSH) completed the acquisition of Business And Assets of Orb Health Inc. from Orb Health, Inc. on January 21, 2025. Board Change • Dec 24
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Chairman Nicholas Smedley is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 26
Respiri Limited (ASX:RSH) entered into a purchase agreement Business And Assets of Orb Health Inc. from Orb Health, Inc. for $9 million. Respiri Limited (ASX:RSH) entered into a purchase agreement Business And Assets of Orb Health Inc. from Orb Health, Inc. for $9 million on November 26, 2024. The consideration consists of common equity of Respiri Limited having a value of $9 million to be issued for assets of Business And Assets of Orb Health Inc. In case of termination of transaction, Respiri Limited will pay a termination fee of $0.25 million. The transaction is subject to approval of offer by Respiri Limited shareholders. Announcement • Oct 02
Respiri Limited, Annual General Meeting, Nov 20, 2024 Respiri Limited, Annual General Meeting, Nov 20, 2024. Reported Earnings • Aug 28
Full year 2024 earnings released: AU$0.007 loss per share (vs AU$0.007 loss in FY 2023) Full year 2024 results: AU$0.007 loss per share (in line with FY 2023). Net loss: AU$7.44m (loss widened 29% from FY 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Jul 23
Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.03
Transaction Features: Subsequent Direct Listing New Risk • Jun 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$790k revenue, or US$526k). Minor Risk Market cap is less than US$100m (AU$31.5m market cap, or US$21.0m). New Risk • Jun 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (AU$790k revenue, or US$525k). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$29.7m market cap, or US$19.7m). Announcement • May 01
Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million. Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 1.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,333,333
Price\Range: AUD 0.03
Transaction Features: Subsequent Direct Listing New Risk • Feb 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.3m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (AU$790k revenue, or US$513k). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$1.1m net loss next year). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$24.4m market cap, or US$15.8m). Announcement • Jan 29
Respiri Limited Announces Executive Changes Respiri Limited announced the appointment of Mr. Justin Mouchacca and Ms Nova Taylor as joint Company Secretaries of the Company effective immediately. Mr. Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 17 years' experience in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July 2019, Mr. Mouchacca has been principal of JM Corporate Services and has been appointed Company Secretary and Financial Officer for a number of entities listed on the ASX and unlisted public companies. Ms Taylor is a professional Company Secretary with approximately 7 years' experience working with listed companies in Company Secretary and Assistant Company Secretary roles. She previously worked for Computershare Investor Services Pty Limited in various roles for over 10 years. Nova has completed a Bachelor of Laws at Deakin University. Further to this appointment, Mr. Andrew Metcalfe will step down as Company Secretary of the Company effective immediately. Announcement • Dec 20
Respiri Limited has completed a Follow-on Equity Offering in the amount of AUD 1.3876 million. Respiri Limited has completed a Follow-on Equity Offering in the amount of AUD 1.3876 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,920,002
Price\Range: AUD 0.03
Discount Per Security: AUD 0.0009
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,333,334
Price\Range: AUD 0.03
Discount Per Security: AUD 0.009
Transaction Features: Subsequent Direct Listing Announcement • Dec 16
Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million. Respiri Limited has filed a Follow-on Equity Offering in the amount of AUD 1.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: AUD 0.03
Discount Per Security: AUD 0.0009
Transaction Features: Subsequent Direct Listing Board Change • Dec 14
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Executive Chairman Nicholas Smedley is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Brad Snow was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 13
Respiri Limited, Annual General Meeting, Nov 15, 2023 Respiri Limited, Annual General Meeting, Nov 15, 2023, at 11:01 AUS Eastern Standard Time. Location: Suite 1, Level 9, 432 St Kilda Road Melbourne Australia Agenda: To receive and consider the Financial Report of the Company, together with the Directors' Report and the Auditors' Report for the year ended 30 June 2023; to consider adoption of Remuneration Report; to consider affirmation of Director Election - Brad Snow; to consider re-election of Director -Nicholas Smedley; to consider re-election of Director - Brian Leedman; to consider affirmation of Director Marjan Mikel; to consider ratification of a prior issue of shares pursuant to Placement; to consider approval to issue Placement Options; and to transact other business. Reported Earnings • Sep 01
Full year 2023 earnings released: AU$0.007 loss per share (vs AU$0.009 loss in FY 2022) Full year 2023 results: AU$0.007 loss per share (improved from AU$0.009 loss in FY 2022). Net loss: AU$5.78m (loss narrowed 13% from FY 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.2m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (AU$710k revenue, or US$459k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (AU$30.2m market cap, or US$19.5m). New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.2m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$710k revenue, or US$461k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable next year (AU$2.9m net loss next year). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (AU$31.2m market cap, or US$20.2m). Board Change • Jun 06
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Executive Chairman Nicholas Smedley is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • May 24
Respiri Limited Appoints Brian Leedman as Non-Executive Director The Respiri Board announced the appointment of Brian Leedman as Non-executive Director. Brian is a healthcare company entrepreneur and experienced company director having co-founded six healthcare/biotechnology companies on the ASX including Oncosil Medical, Biolife Sciences (acquired by Imugene Limited in 2014) and ResApp Health (acquired by Pfizer in September 2022). He is the former director of Alcidion Limited and Chairman of Neurotech International, Nutritional Growth Solutions, NeuroScientific Biopharmaceuticals, Ausbiotech (WA) and holds a Bachelor of Economics and a Master of Business Administration from The University of Western Australia. Reported Earnings • Mar 03
First half 2023 earnings released: AU$0.003 loss per share (vs AU$0.004 loss in 1H 2022) First half 2023 results: AU$0.003 loss per share (improved from AU$0.004 loss in 1H 2022). Net loss: AU$2.58m (loss narrowed 15% from 1H 2022). Revenue is forecast to grow 128% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director Brad Snow was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 04
Full year 2022 earnings released Full year 2022 results: Net loss: AU$6.62m (loss narrowed 40% from FY 2021). Reported Earnings • Feb 24
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.004 loss per share (up from AU$0.009 loss in 1H 2021). Net loss: AU$3.05m (loss narrowed 52% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 29
Full year 2021 earnings released: AU$0.016 loss per share (vs AU$0.013 loss in FY 2020) Full year 2021 results: Net loss: AU$11.0m (loss widened 52% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Recent Insider Transactions • May 29
Insider recently bought AU$95k worth of stock On the 24th of May, Bruce Mathieson bought around 1m shares on-market at roughly AU$0.095 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$1.2m more in shares than they bought in the last 12 months.