The Hydrix Ltd (ASX: HYD) share price blasted off today (and that’s no exaggeration), gaining more than 253% to trade at 31.5 cents just prior to the market’s close. And this on a day when the All Ordinaries Index (ASX: XAO) is down 0.8%. So what’s driving the Hydrix share price, a small company with a market capitalisation of only $28 million?
Hydrix share price leaps on implantable heart attack warning system
The Hydrix share price took off after the medical product innovation company released an announcement to the ASX today reporting success with the first supply and implant of its AngelMed Guardian device.
AngelMed is the first implantable heart attack warning system to receive approval by the United States Food and Drug Administration (FDA). The company announced that four of its implants were performed in Singapore last week and that all four patients have now been released from hospital.
Hydrix medical field Clinical Engineers supported each implant via real-time remote support from Angel Medical Systems staff in the US.
The latest good news for Hydrix follows the company’s 13 March announcement that it had acquired an exclusive 7-year distribution agreement for AngelMed Guardian spanning eight Asia Pacific countries.
A significant milestone
Addressing the company’s latest success, Gavin Coote, Hydrix Executive Chairman said:
“The AngelMed Guardian implants are a significant milestone for Hydrix and AngelMed. This achievement demonstrates strong execution of our buy, build, invest strategy to create product revenue and earnings streams, and of equal importance, reflects progress in our aspiration to meaningfully improve a billion lives”.
Founder and Chairman of Angel Medical Systems David Fischell added:
“We are very pleased with the success of these first Asia Pacific implants and excited about the large potential market opportunity. It has been a global team effort in getting to this point…”
The implanted devices will gather data over a 2-week period to establish each patient’s baseline heart signal before the device is calibrated and the alarm configuration customised.
AngelMed Guardian uses artificial intelligence and machine learning algorithms to monitor patients’ heart signals to warn of acute coronary syndrome events, including silent heart attacks.
The company estimates 500,000 people annually suffer from an acute coronary syndrome event in the top four Asia Pacific countries it is initially targeting.
With today’s meteoric rise, the Hydrix share price is up 43% year to date.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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