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July 17th, 2017

17/7/2017

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This note updates our 1 December 2016 note headlined ‘World-leading MRI diagnostic’. Resonance Health was originally built on FerriScan, an MRI-based test for iron overload disorders which gained FDA approval and CE Mark in 2005. FerriScan is widely regarded as the most accurate measure of Liver Iron Concentration in the world, being highly useful in managing a range of conditions from hemochromatosis to thalassemia to sickle cell disease. The diagnostic earns Resonance around A$2.0-2.5m in revenue a year.  This could be higher we it not for the fact that at this stage FerriScan is not widely reimbursed. Resonance is gathering data on the utility of FerriScan and hopes to obtain further reimbursement in the future. In the meantime, it has developed a new technology based on machine learning (artificial intelligence) which it believes can markedly lower the cost of the FerriScan diagnostic. This new test can reasonably be expected to unlock new market opportunities, most notably in developing countries where there is a critical need for a robust diagnostic. We value Resonance at 7.6 cents per share base case and 14.5 cents per share optimistic case. Our target price of 11 cents per share sits at the midpoint of our DCF range.
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Click here for our update report. For our initiation note from 1 December 2016 click here.
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    Stuart Roberts

    Senior Analyst, NDF Research

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  • Introducing NDF
  • About us
    • About our Senior Analyst
    • Disclaimer relating to research and web content
  • What we do
    • The Rise of the New Analysts
    • MiFID II
  • Our sector
    • ASX-Listed Life Science companies we watch >
      • ASX-listed Life Science companies, >$200m
      • ASX-listed Life Science companies, $100-200m
    • About Australia and Australians
    • Australia and the Life Sciences
    • Life Sciences in New Zealand >
      • Building the New Zealand Life Sciences sector
    • A tour of Life Sciences Down Under
    • Australia's global competitiveness in Life Sciences >
      • Australia's Life Sciences Innovation Rating
      • Australia's Life Sciences clusters
      • Australia's World-Class Universities
      • Australia's Nobel Laureates
      • Australia's public policy support for Life Sciences
      • Australia's support for women in Life Sciences
    • The Coming Boom in Australian Life Sciences >
      • Welcome to Australia's Life Sciences Boom
    • Key organisations in the Life Science sector in Australia and New Zealand
    • Notable people in the Life Sciences sector in Australia and New Zealand >
      • Great CEOs
      • 2017 Red Hat Award Winners
    • The NDF Life Sciences Index >
      • 2016-2017 Year in Review
  • Our clients
  • Contact us
    • linkedin
    • Twitter
    • NDF Research Youtube Channel
  • Latest research
    • Update reports
    • Initiation reports
    • Media and interviews
    • Presentations
    • Previous research and media, 2003-2015
    • A Brief History of the Life Sciences in Australia
    • In our library
    • Intellectual property >
      • Australian PCT patent applications
      • New Zealand PCT patent applications
      • PCT patent applications, last twelve months >
        • 2017 PCT patent applications
        • 2016 PCT patent applications
        • 2015 PCT patent applications
        • 2014 PCT patent applications
        • 2013 PCT patent applications
      • US patents >
        • 2017 US patents
        • 2016 US patents
        • 2015 US patents
        • 2014 US patents
    • Publications
    • Glossary
    • Global Life Science companies to watch
  • Blog
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