Rapid Response Revival Research is the developer of the CellAED, the world’s first personal, fully portable handheld automated external defibrillator (AED). CellAED is the smallest, lightest, most affordable and arguably easiest-to-use defibrillator on the market, costing just 25% - 35% of other AEDs.
Every year, sudden cardiac arrests (SCA) kill between 6 to 8 million people globally, killing more people in the US than breast cancer, cervical cancer, colorectal cancer, Alzheimer’s, firearms, diabetes, HIV, house fires, motor vehicle accidents, prostate cancer and suicides combined. One estimate puts the cost of SCA in Australia at around $51 billion a year.
Survival rates can be as high as 90% with early defibrillation but decreases ~10% with every minute that passes. CellAED is designed from the ground up to be available in people's homes, where 70-80% of all cardiac arrests occur.
In its first year in Australia, CellAED outsold one of the world’s most popular AED brands by eight times. CellAED is currently available in Australia, New Zealand, Ireland and the UK, with plans to launch in the US within three years. Since its launch in late 2022, RRR has sold more than 17,000 devices, generating more than $7 million in revenue.
By FY34, and with ~$80 million in funding, we believe RRR could capture ~1.1% of the 230 million device total addressable market (TAM) in just the five regions RRR is currently targeting, delivering $842 million in revenue and $208 million in free cash flow. Based on our forward estimates and the group’s successful capital raise, we value RRR at $314 – $345 million ($200 - $220 per share).
RRR is undertaking a capital raise of up to US$100 million. Our modelling assumes a raise of $80 million (~US$52 million) over the next two years.
