SYDNEY, AUSTRALIA: Hydrix Limited (ASX:HYD) has established a wholly-owned USA subsidiary to focus on growing the Hydrix Services business unit in the globally significant USA market.
Mr Peter Lewis AM, Executive Vice President of Business Development will relocate this October, to Boston, Massachusetts one of the USA’s most successful and vibrant medtech precincts, providing “boots on the ground” to grow Hydrix Services revenues. Mr Lewis will also explore opportunities for Hydrix Ventures to invest in high-potential early-stage medtech Services clients.
The USA is a US$1+ billion market opportunity for outsourced medical device development within Hydrix’s range of capabilities and experience, which includes development of cardiovascular products, point of care and other medical device technologies.
“Recent USA visits and trade show attendances, and our success growing Hydrix Services revenues in Europe during the past 12 months, confirms that our medical device development know-how gained over the past 20 years is highly valued among international clients,” said Peter Lewis.
“Our powerful product innovation and regulatory capability in FDA Class II and Class III device design and engineering are key differentiators enabling Hydrix to grow market share.”
Mr Lewis is an accomplished executive with over 30 years of international business experience. He has held a variety of early-stage technology leadership and executive sales, marketing, and venture roles and was a Senior Trade Commissioner and Consul General for the Australian Trade Commission in San Francisco. Peter was also formerly Chief Executive Officer at Hydrix.
Mr Lewis’ relocation follows the recent appointment of Mr Peter Riddell to Hydrix Services – Senior Vice President (SVP) Business Development. Mr Riddell spent more than 20 years with Invetech Group in various roles, including Director of Diagnostics, Director of Cell Therapy Platforms and Disposables, and seven years in business development leadership positions based in the USA. Prior to this, Mr Riddell also held Mechanical Engineering and Program Manager roles with Invetech.
“Hydrix Services revenues grew 40% year on year in FY22 to $10.3 million, of which, less than 10% was from USA clients. Some of the funds raised from the Entitlement Offer currently open to shareholders will support the USA expansion plan to pursue significant long-term revenue growth” added Mr Gavin Coote, Executive Chairman Hydrix Limited.
Hydrix Services offers fee-for-service product development that assists clients in transforming scientific research and ideas into market-leading products. Hydrix has a 20-year history and completed over 300 successful projects for clients around the world, including many first-of-type medical technologies.