- Engineering technology company Hydrix (HYD) has released its Annual General Meeting presentation and an update on new leadership appointments
- Hydrix delivers world-class product design for the medical, consumer, utilities and defence industries
- Part of Hydrix’s presentation included some impressive figures from a strong 2019 financial year
- This includes exceeding each half-year growth target by over two times with a full-year revenue growth reaching 149 per cent
- To continue with growth, Hydrix has appointed and promoted various senior leadership roles
- In addition, the company is prepping the launch of the Guardian heart attack alert device in the Asia Pacific
- Hydrix is up 4 per cent today with shares trading for 2.6 cents each
Engineering technology company Hydrix (HYD) has released its Annual General Meeting presentation and an update on new leadership appointments.
Hydrix aims to bring “groundbreaking technologies to life” through delivering world-class product design, engineering and regulatory services to create market leading solutions.
Hydrix has developed hardware and software elements for defence training, digital water and sewer management technologies, an ultra lightweight portable X-Ray machine and a robotic device for the rehabilitation of patients.
Some if its clients include ANZ, Philips, OptiScan, Siemens, ResMed, Cochlear, HP and more.
Part of Hydrix’s presentation included some impressive figures from a strong 2019 financial year.
The company not only reached but exceeded several milestones. Hydrix exceeded each half-year growth target by over two times with a full-year revenue growth reaching 149 per cent.
Hydrix develops a vast range of products and devices for several industries including the medical industry. A significant goal was to solidify its global leadership in cardiac assistance control devices and, currently, the company have several cardiac projects in various phases.
In addition, Hydrix has secured large contracts not only in the medical industry, but also in the defence and technology sectors.
Importantly, Hydrix delivered a quarter four 2019 cash operating profit of $0.43 million.
In line with its growth and expansion focus are the recent leadership appointments announced just yesterday.
Hydrix appointed its current Non-Executive Chairman, Gavin Coote, as the Executive Chairman effective January 1 2020. Gavin brings over 25 years of executive experience and the company is confident he will drive continuous growth.
Peter Lewis will transition to the role of Executive Vice President of Corporate Development. Under this role he will originate large-scale product design and engineering services contracts to execute Hydrix’s “buy, build, invest” strategy.
“These appointments will strengthen the company’s leadership team to drive our next stage of growth in the services business, as well as execute our buy, build, invest strategy,” Gavin Coote said.
Additionally, Michael Trieu has been promoted to General Manager of Hydrix Services to lead the group’s product development and services division, while Paul Kelly has been appointed as General Manager of Cardiac Products.
Hydrix’s “buy, build, invest” strategy leverages services business to generate long-term revenue stream through product ownership and intellectual property.
An example of the strategy is the updating of the AngelMed Guardian device which will be launched in over eight Asia Pacific countries.
Guardian is the world’s first FDA-approved implantable heart attack alert system using patented AI and Machine Learning algorithms.
Hydrix has strong growth prospects with a quarter one 2020 financial year revenue of $4.1 million, with quarter two anticipated to be in line. Furthermore, half-year 2020 financial year revenue is at least 40 per cent ahead of the previous corresponding period.
Hydrix is up four per cent today with shares trading for 2.6 cents each at 11:46 am AEDT.