The Hydrix Ltd (ASX: HYD) share price is trading lower despite a positive update at the company's annual general meeting (AGM) this afternoon. Shares in the innovative small cap have dropped 3.57% to trade at 27 cents at the time of writing.
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What was covered at the AGM?
Hydrix executive chair Gavin Coote told investors how the company's strong product innovation has lead to an impressive year.
Driving the Hydrix share price was its 16% revenue growth, which was up to $15.7 million. This is turn lead to $1.2 million in operating profit.
Furthermore, the company retained a strong balance sheet with $9.5 million cash on hand.
This growth has seen the Hydrix share price trading 25% higher than at the same time last year, and outperforming the All Ordinaries Index (ASX: XAO) by 24.57%.
What does Hydrix do?
Hydrix is a product innovation company that aims to enhance people's wellbeing through three growth platforms. These are:
- Hydrix Services – designs and engineers client products
- Hydrix Ventures – generates equity returns through investing in companies
- And Hydrix Medical – the most notable platform, it aims to bring innovative medical technologies to market. The implantable heart attack warning system is one such example that has largely behind the company's share price gain this year.
From these platforms, Hydrix boasts more than 200 client programs over its 18 years in existence.
What now for the Hydrix share price?
Also at today's AGM, Hydrix management outlined some anticipated events in coming months.
These include the submission of its AngelMed battery testing results to the United States Food and Drug Administration (FDA). There is potential for its first ever implants to come in the third quarter of FY21, the company said.
In addition, if the company gains FDA approval for its AngelMed device in quarter four, it would expect significant ramifications for the Hydrix share price.
