RHINOMED'S LOUD FULL YEAR RESULT
Written on the 27 July 2016 by Melbourne Business News
SNORING and sleep aid specialists Rhinomed (ASX: RNO) woke shareholders with a record full year result on the ASX.
The Melbourne company took in unaudited revenues of $1.01 million for the financial year, up 134 per cent on the previous year.
Strong June sales of Rhinomed's one-year-old over-the-counter snoring and sleep quality product, Mute, helped generate unaudited revenues of $298,000 for quarter four, a 57 per cent increase over the previous quarter.
Store count now totals over 2400 globally for the brand, with the recent addition of US-based Walgreens and Duane Reade more than doubling Mute's global footprint.
The company also sent its first shipment of stock to its Canadian distributor, McArthur Medical.
In Australia, Rhinomed products are carried by 600 retailers: Symbion, Sigma and Direct Pharmacies.
Due to such rapid expansion, costs have been high but 'expenditure is not anticipated to continue at these levels' as the company grows awareness, store presence and improves promotional opportunities. Mute marketing could be ramped up though, as Turbine marketing is curtailed. Turbine is Rhinomed's sports breathing technology.
Mute has only been available in the US for just over one month and the UK for six months, so the company forecasts strong sales performance in the September quarter.
Read more about Rhinomed taking the Big Apple in its US sleep market push.
Author: Melbourne Business News Connect via: Twitter