Dr Boreham’s Crucible: Hydrix

Small Caps | Mar 26 2024

By Tim Boreham, Editor

ASX code: ((HYD))

Market cap: $4.3m

Shares on issue: 254,218,847

Financials (December half 2023): revenue $5.97m (down -17.5%), loss of $3.82m (-$1.96m deficit previously), cash of $847,277 (down -73.5%)*

* After balance date the company entered a $1m loan agreement with directors Paul Lewis and Julie King, which is undrawn.

Executive chair: Gavin Coote

Board: Mr Coote, Julie King, Paul Lewis, Paul Wright

Identifiable major shareholders: John W King Nominees 10.3%, Pusen Medical Tech Australia 4.72%, Invia Custodian (the Paj account) 4.23%, Invia Custodian (the Paj Lewis super fund) 3.26%, Roger Allen and Maggie Gray 2.05%, Indigenous Capital 2.05%

The reception area of Hydrix’s south eastern Melbourne HQ proudly displays a ‘museum’ of gadgets the medical device company has developed.

These include Memphasys’ Felix sperm-separation tool, Universal Biosensor’s multi-layer test strip handheld device, Analytica Medical’s Pericoach pelvic floor exerciser and Sunshine Heart’s C-Pulse implantable heart-assist device.

There’s even a Bluetooth-enabled controller for Cochlear implants.

If space allowed the company could also have showcased Nanosonics’ Trophon disinfectors, LBT Innovation’s culture plate automation devices and Micro-X’s portable x-ray device.

Deeper within the bowels of the building, an army of 40 scientists and engineers are beavering away on an array of hush-hush, early-stage projects.

Given their potential to revolutionise healthcare - especially cardiac care - they won’t remain anonymous forever.

Executive chair Gavin Coote says Hydrix’s remit is to design class-three medical devices that are vital for sustaining life.

Put another way, if they malfunction, they “could have severe consequences, including loss of life”.

He says: “We help clients to bring world first technologies to market - the hard stuff that hasn’t been done before.”

Hydrix endured some lean years during the pandemic, with the company’s shares losing three-quarters of their value over the last four years.

But Mr Coote says the company is enjoying a new lease of life after honing its strategy to focus on the cardiovascular sector.


Hydrix began its listed life as Panorama Synergy, a tech tearaway that soared 4,000% in 2013 on the back of its micro-electromagnetic (MEMS) technologies.

In September 2017, the company acquired the private Hydrix Services, builder of the aforementioned medical devices as well as industrial and defence related systems.

Panorama changed its name to Hydrix - and its code from PSY to HYD - in November 2018.

A corporate wheeler and dealer, Mr Coote spent 12 years in the US and then returned to his native Australia, where he executed small business turnarounds for a Melbourne-based family office. Mr Coote became a Hydrix director in 2017 and then executive chair in January 2020.

While Hydrix Services remains the core revenue business for the business, Hydrix has also created Hydrix Medical to distribute disruptive cardiac devices.

Its third arm, Hydrix Ventures, invests in high-potential medical technology ventures for which the company has developed products.

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