Shares in wearable nasal and respiratory technology company Rhinomed (ASX: RNO) are up more than 18 per cent this morning after the company announced Victoria has ordered 1 million of the group’s nasal swabs to support the State’s testing program.
The order comes a month after New South Wales also ordered 1 million Rhinoswabs, which saw shares in RNO double on 11 August.
Rhinomed says the patented, self-administered nasal swabs are substantially more comfortable and easier to use than the standard nasal swab and are able to capture a larger sample - accelerating the collection process and reducing queues and waiting times.
“We are pleased to receive further validation of the Rhinoswab from the Victorian Government,” Rhinomed CEO Michael Johnson said.
“The Rhinoswab can make a meaningful impact on the SARS-CoV-2 testing process and enable more people to be tested quickly and easily.
“With well over 2 billion SARS- CoV-2 tests having been carried out globally over the past 18 months (close to 26 million in Australia alone), there is a major opportunity for Rhinoswab to radically improve the testing process, clinical outcomes and user experience and we look forward to working with the Department of Health to deliver these outcomes.”
The revenue associated with the Victorian Government order represents approximately 35-45 per cent of unaudited FY21 turnover of $3.9 million.
In addition, Rhinomed also announced today it has appointed AntiMicrobial Technologies Group as a distributor of Rhinoswab in Western Australia and BioTrading Benelux BV as a distributor in Belgium, the Netherlands and Luxembourg.
Shares in RNO are up 18.67 per cent to $0.44 per share at 10.37am AEST on 10 September 2021.
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