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CardieX Signs LOI With Global Electronics Company to Expand Its Offering to a Broad Customer Base

  • December 18, 2018 03:24 PM AEDT
  • Team Kalkine
CardieX Signs LOI With Global Electronics Company to Expand Its Offering to a Broad Customer Base

CardieX Limited (ASX: CDX) develops and manufactures medical devices. The Company produces a device that measures central aortic pressures and certain key heart function parameters non-invasively.

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The company has via a recent ASX release stated that it had executed a Letter of Intent (“LOI”) with one of the leading global electronics and medical devices company. As per this arrangement, the parties will work for the development of the telehealth program which would be effective in curing the chronic sleep disorder conditions of the GEMDC‘s consumer as well as providing same programs to practitioners for sale directly to their patients. The parties after that will work for the rolling out of similar programs across the various GEMDC’s global health product and service offerings.

GEMDC is a multibillion USD market cap “household brand” company with a wide range of product and service offerings across the health technology ecosystem. This Jointly developed programs will be branded under the umbrella of GEMDC’s name and are expected to bring significant revenue accretion to inHealth and CardieX in 2019. The parties are now working towards delivering a formal contract into existence and are bound by a Non-Disclosure Agreement regarding the corporate identity of GEMDC. This is done for purposes of maintaining confidentiality and competitive advantage. Identification of the parties and additional information will be provided at the product launch in Q1, 2019.

Global sleep apnea market is pegged to be at around US$6.5 Billion markets by 2023 which would be a rise from the US$4.4 Billion in 2018. Major sleep apnea companies are looking to differentiate their offerings to patients and health professionals via services such as telehealth.

The company’s CEO Mr. Craig Cooper has said that the company through this partnership with the inHealth will be able to deliver the new and innovative healthcare solutions to the markets. With this, the company will also be able to tap into the rapidly growing demand for performance-based, whole-person health. This is an opportunity that will consider the clinically based telehealth programs of inHealth with a leading global household brand such as GEMDC to increase GEMDC’s product sales and significantly extend the lifetime value of their customer, which would be a win-win case for all the participants.

In the last week, the company had also announced that it had inked a development agreement with the Silicon Valley situated Blumio to commence the rapid development of innovative and intelligent sensor technology for blood pressure wearable devices. This technology would be able to integrate with a wide variety of gadgets such as fitness trackers, smartwatches and medical wearable devices.

Meanwhile, the share price of the company has risen by 24 percent in the past six months as on 17 December 2018. CDX’s shares traded at $0.031 with a market capitalization of circa $19.57 Million as on 18 December 2018 (AEST 2:04 PM).


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