Planet Innovation

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Planet Innovation is a portfolio of diversified health and technology companies with its foundations in consulting services, which has developed into a unique business model for incubating and successfully commercialising technology.

In FY19 Planet Innovation continued to execute its growth strategy, recording $58.6 million (AUD) in consolidated revenue, up 16% on its FY18 revenue of $50.7m. This represents a CAGR over the last 10 years of 34%. PI Services contributed $46.3m in revenue, up from $44m in 2018. During FY19 PI Services continued to focus on maintaining core business profitability and cash flows, by developing long-term relationships with large internationally-focused medical companies as well as supporting Planet Innovation’s ventures. PI Services contributed an EBITDA of $7.0m. Over 50% of revenue continues to come from international clients. 

Zen Ecosystems contributed $5.4m in revenue, up 50% on its 2018 revenue of $3.6m due to increased sales across both its residential and commercial sectors.

Lumos Diagnostics’ revenue grew 146% to $6.4m in FY19, up from $2.6m the previous year. Lumos’s services generated the majority of FY19 revenues with FebriDx forecast to contribute in FY20.

Atmo Biosciences remains pre-revenue and completed its first capital raise of $2.7m in 2019 with its main use of funds being two human trials for its first generation Atmo Gas Capsule.

During the year the company continued its strategy to invest the profits generated by the service business into the Lumos Diagnostics, Zen Ecosystems and Atmo Biosciences ventures, which are currently incurring expected start-up losses as they build revenue and scale the business. As a result, the consolidated entity EBIT amounted to a loss of $14.4m, compared to a $2.2m loss in the prior year.

FY19 Financial Results are now available.

 

 

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