ResApp (ASX:RAP) share price races 18% higher today, up 65% in a week

It’s been a great week for ResApp shareholders…
The post ResApp (ASX:RAP) share price races 18% higher today, up 65% in a week appeared first on The Motley Fool Australia. –

The ResApp Health Ltd (ASX: RAP) share price has been trending among investors, following its meteoric rise in recent memory.

At the time of writing, the digital health company’s shares are up an astonishing 18.92% to 8.8 cents. This means that over the past week, its shares have climbed by more than 65%, reflecting renewed investor optimism.

With no news out of the company today, let’s take a look at its latest updates to the ASX.

What did ResApp recently announce?

Looking back, ResApp provided its full-year results in late August, reporting an improvement when compared to the prior year (FY20).

For the 12 months ending 30 June, ResApp brought in revenue from a contract with customers of $69,371. This came from the launch of three new products during the year. They included ResAppDx (acute respiratory disease diagnostic tool), ResAppCC (cough counter and smartphone application), and SleepCheck (sleep apnoea screening application).

The net loss for the period stood at $6.77 million, down 20% on FY20’s net loss of $8.49 million.

ResApp retained a cash balance of $6.59 million. Net cash used in operating activities totalled $5.6 million.

However, at the start of this month, the company advised it received regulatory approval for ResAppDx in Indonesia. Another new international market following ResApp’s entry into Kenya in May 2021.

As such, ResApp partnered with the largest provider of telehealth services in the country, Alodokter to launch ResAppDx before December 2021.

ResApp CEO and managing director, Dr Tony Keating commented:

Obtaining regulatory approval in Indonesia is an important step in our partnership with Alodokter. With a population of over 270 million and a growing telehealth market, Indonesia represents an exciting opportunity for ResApp and with Alodokter we have an important partner that should see significant use of ResAppDx by doctors and their patients.

ResApp share price summary

While over the past month, investors have seen their ResApp holdings accelerate 90% in value, it has been a different story since this time last year. In fact, the company’s shares are down more than 20% from September 2020, even after this week’s wild gains.

The post ResApp (ASX:RAP) share price races 18% higher today, up 65% in a week appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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