Australia's Hydrix and Echo IQ rise on commercial deal for cardiovascular product

EchoIQ

02/05/2023 02:27

** Shares of Hydrix Ltd  HYD.AX  jump as much as 10.8% to
A$0.041, their biggest intraday gain since April 19, if gains
hold
    ** Co says it will sell its EchoSolv platform in Australia,
New Zealand, and Singapore through a commercial deal with
medical tech firm Echo IQ  EIQ.AX 
    ** EchoSolv, a cardiology device, helps detect patients at
high risk of structural heart disease
    ** EIQ shares advance up to 6.7% to A$0.16, set for its best
day since April 20
    ** HYD says deal accelerates path to recurring revenue is
and anticipated to be financially accretive and to provide
operational synergies    
    ** HYD notches its highest since April 24, while EIQ is at
its highest since April 26
    ** As of last close, HYD down 27% and EIQ down nearly 17%
this year


($1 = 1.4663 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))