4 CONTRACTS PIVOT COMPUMEDICS INTO NEW EHEALTH PLATFORM WITH POTENTIAL REVENUE OF US$4.1 MILLION
- The four contracts provide Compumedics with the potential to generate incremental revenues of US$ 4.1 million over the next three years
- Contracts progress the pre-commercialisation phase with its cloud-based sleep diagnostic and monitoring platform for physicians and consumers
- Other markets to be targeted as part of a wider roll-out
Compumedics Limited (ASX: CMP) is pleased to announce it has achieved a critical milestone in the development of its new mobile health (eHealth) platform by securing four key contracts with leading health services partners in South Korea, Shanghai, Hong Kong and Taiwan. The potential incremental revenues from these contracts amount to approximately US$4.1 million over the next 3 years.
As noted in the 2013 Annual Report, Compumedics has focused on transforming the Company’s sleep-diagnostic technology into a fully integrated cloud-based solution for monitoring and diagnosing sleep. This solution will apply to the laboratory level under physician care as well as the level of the consumer at home.
The eHealth platform has progressed to the pre-commercialisation phase. A vital part of the commercialisation trajectory has been to secure initial partners to work with in order to finalise the products, technology and platform. Securing these contracts is a significant milestone for Compumedics because they enable the completion of the first round pre-commercialisation phase.
Each of the four partners has worked with Compumedics for more than five years and has well established reputations and customer bases in their respective market in sleep diagnostics and related areas. In addition, by securing the contract for Shanghai in China, Compumedics is well placed to develop the business model uniquely for this market followed by a roll-out across China.
Compumedics is working to ensure it is an early mover in these markets, with the consequential ability to lock in substantial market-share. There are currently are no known competitors in this domain.
In commenting on this important development, Dr. Burton said,
“Compumedics is a pioneer in sleep diagnostics and is uniquely placed to develop and introduce this next generation of sleep and neurology-diagnostic technology. Enabling unique online eHealth services enhances user experience outcomes for consumers, patients and professional health-carers, alike. These professional health services contracts position the company for a more expansive series of upcoming professional services deals.
Importantly these developments serve as a precursor for discussions with major web technology and global orientated telecommunications companies, who share the vision to provide highly accessible and uncompromised personalised healthcare everywhere.
“The driver of growth for this new business model is the large unmet demand in sleep testing, particularly in Asia. It is estimated that only a small percentage of potential sleep-disorder sufferers has been diagnosed to-date and a new paradigm is needed to expand sleep-testing to those who should be tested. As the service develops other medical modalities will be added to expand its footprint. We have chosen the initial partners due to their ability to work with us in establishing and fine-tuning the model for their respective territories and their ability and contacts within the market to drive acceptance of the service delivery. Once the model and system is mature we will bring in additional partners in existing and new markets.”
About Compumedics Limited
Compumedics Limited (ASX: CMP) is a medical device company involved in the development, manufacture and commercialisation of diagnostics technology for the sleep, brain and ultrasonic blood-flow monitoring applications. The Company owns US based Neuroscan and Germany basedDWL Elektronishe GmbH. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including Americas; Australia and Asia Pacific; and Europe and the Middle East.
Executive Chairman, Dr David Burton, founded Compumedics in 1987. In the same year the Company successfully designed and installed the first Australian, fully computerised Sleep Clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on the development of products that sold into the growing international sleep clinic and home monitoring markets. Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards and accolades including Australia’s exporter of the year and has been recognised as a Top 100 Innovatorby the both German and Australian Governments.