Rhinomed adds material boost to distribution

Rhinomed (RNO, Add, Price Target A$0.06) Following last month’s announcement that RNO signed with Symbion to distribute its innovative snoring product Mute, they have announced another large distribution partner in Australia in signing Sigma Pharmaceuticals, bringing a further 1,200 pharmacies to the table. This deal will effectively double the number of pharmacies stocking the product in Australia. With these signings, we are expecting a material pickup in 4Q revenues as sales of Mute compliment the growing base for the Turbines. We have not made any changes to our forecasts and maintain our Add recommendation and price target of A$0.06 Report attached