Rhinomed’s Mute is fastest growing nasal strip in US

By Trevor Hoey. Published at Jul 11, 2019, in ASX Biotechs

Rhinomed Ltd (ASX:RNO), a leader in airway technology and the developers of MuteTM, has informed the market that its Mute nasal stent is the fastest growing product in the nasal strip category in US based drug stores.

Rhinomed is a Melbourne based technology firm with a focus on nasal, respiratory and breathing management technologies.

The company is monetising applications of its technology portfolio in the sport, sleep, well-being and drug delivery markets.

The DrugStores News Management's Annual Drugstore State of the Industry report lists Mute as the fastest growing product in the nasal strip category, growing sales at 56.6% in US Dollar terms and 57.2% in units for the 52 week period ended April 21, 2019.

This development comes as the company’s broader operations are also delivering promising growth.

Mute is the fastest growing product in the nasal strip category and continues to grow.

Revenue for the March quarter of more than $1 million represented a 64% increase on the previous corresponding quarter, and the year-to-date income run rate is tracking well ahead of fiscal 2018.

As well as the Mute product line, order volumes for the group’s new ProntoTM rechargeable vapour delivery technology have been encouraging.

New markets poised to deliver robust growth

While the US pharmacy (drug store) market consists of some 67,000 stores, Mute has only recently achieved distribution into 9000 of these stores.

Mute’s rapid growth against exceptionally well established and supported brands such as GlaxoSmithKline’s (LON:GSK) Breathe Right strip product demonstrates Mute’s growing appeal and its potential to achieve further distribution in the US drug store market and then more broadly within the food, mass and specialty retail markets in the US.

As the category leader, Breath Right and Breathe Right Extra achieved sales in excess of US$22 million from pharmacy alone and shipped nearly 2 million units to achieve more than 50% market share.

With only a small store presence and having only begun to make inroads in building brand awareness, the company believes Mute has significant potential to grow and disrupt the sector further.

Mute has significant potential to grow and disrupt the sector further.

Highlighting Mute’s premium position and its scope for growth in a niche market, chief executive Michael Johnson said, ‘’Rhinomed is pleased to see that the investment in building the Mute brand is delivering traction.

"Mute is the premium product within the category and is continuing to deliver strong margins for our retail partners.

"As the innovator within the market, Rhinomed will continue to build upon this success to expand our retail presence in the US and global pharmacy market.’’

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!