Medical technology company, Novita Healthcare Limited (ASX: NHL) on 8 April 2019 announced a partnership of TALI Health Pty Ltd (its 100% owned subsidiary) with the US-based CareStarter.
CareStarter is a venture capital backed technology platform, based in the US. It is designed in such a manner that it can automate and scale paediatric care management. CareStarter was launched in Texas, and its platform got scaled nationally in the USA. At present, around 25,000 families have got registered with it and are using the service that fits the TALI demographic. CareStarter is a Health Insurance Portability and Accountability compliant platform and completely matches the STAR Kids plans. The STAR Kids plans is a Texas Medicaid managed care program, which offers Medicaid benefits to children, adults aged 20, as well as those youngsters who have some disabilities.
Tali Train, the flagship digital therapeutic of Novita had been added to the CareStarter platform. With the addition of Tali Train to CareStarter platform, the Healthcare professionals and parents will be able to access the information about the program. They would also be able to purchase the program, in sync with their relevant insurance, health coverage plan or even as a direct out of the pocket purchase. Besides, Tali will be promoted as the CareStarter’s core partner. Further, it will create an awareness and recognition of Tali in the US market.
The statistics of the USA says, 1 out of every 59 children in the USA suffers from some form of Autism Spectrum Disorder. Around 6.1 million children under the age of 17 years have attention deficit hyperactivity disorder (ADHD). This could be an opportunity for the company, NHL would keep on identifying and execute on partnerships in the North American market along, with its partner CareStarter.
On the partnership between CareStarter and TALI, the Managing Director of Novita, Mr Glenn Smith said that the company was excited about the partnership. It would provide Tali Train with a trusted channel partner in the US healthcare sector. He also highlighted that tens of thousands of children who are suitable for Tali would be able to access Tali, that CareStarter currently services in Texas.
On 27 February 2019, the presentation provided by Novita at the leading global conference for digital therapeutic in California, proved to be the beginning of the international expansion of the Tali technology. The presentation was a part of its global marketing and was also an awareness campaign for the company.
For the half-year FY2019 period which ended on 31 December 2018, the company’s revenue from the ordinary activities increased by 7,131% to $661,088. Novita reported a net loss of $1,745,893, a fall of 28% as compared to its previous corresponding period.
Company’s Outlook: Novita will be rapidly converting the initial demand of TALI train from primary schools, as well as the parents. It will also be scaling the marketing/sales resources, along with the activities for TALI for capturing more than 6,000 primary schools in Australia during CY2019. The company would also begin and advance the discussion with the potential partners specifically for the North American market. It will also be completing the research and development phase of TALI detect, to deploy the assessment tool for the attention skills for diversifying revenue, as well as assist in increasing the sales of TALI train.
The shares of NHL traded last on 5 April 2019, where the closing price of the stock was A$0.016. NHL has a market capitalization of A$7.19 million and approximately 449.31 million outstanding shares.
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