Mobile and e-Health company, G Medical Innovations Holdings Limited (ASX: GMV) is primarily involved in the development of next generation mobile and e-health solutions and monitoring service platforms.
Since its inception in August 2014, the company has embarked on the development of breakthrough technologies that helps in increasing the efficiency of healthcare providers and empower patients to better manage their health. The company’s two product verticals – PRIZMA and the VSMS / GMP – are diagnostic solutions that are tailored for remote patient monitoring service programs. In May 2017, the company was listed on ASX and since then it has provided a return of 39.29%. However, in the last six months, the share price of the company decreased by 36.07% as on 17 May 2019.
The company is now one step closer in listing its American Depositary Shares (ADS) on the NASDAQ Capital Market under the symbol “GMVD”.
The United States Securities and Exchange Commission (SEC) has approved the Company's Registration Statement on Form F-1 (Prospectus) in relation to its public offering on the NASDAQ of its ADS. The company has appointed H.C. Wainwright & Co., LLC as Underwriter and sole Running Manager of its US Public Offering.
Under the Prospectus, the company is proposing to undertake an equity capital raising to raise a minimum of US$17 million.
The company had entered in the U.S. arrhythmia monitoring services industry through the 2017 acquisition of CardioStaff Corporation, or CardioStaff, an Independent Diagnostic Testing Facility (IDTF) based in Austin, Texas. CardioStaff was rebranded as G Medical Diagnostic Services, Ltd. (GMedDx) and is currently now the company’s national monitoring call center. It is expected that this center will provide platform for introducing the company’s innovative suite of clinical-grade products into outpatient settings, physician practices, hospitals and senior care facilities.
In November 2018, the company acquired a second IDTF, Telerhythmics LLC, based in Memphis, Tennessee which operates mainly across the Southeastern United States, and provides hospitals and physicians with cardiac monitoring services including mobile cardiac telemetry (MCT), event monitoring, Holter monitoring and pacemaker analysis.
The company’s product platforms are positioned to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality of care and make healthcare more personalized and precise. The company’s product lines consist of its Prizma Medical Smartphone Case, or Prizma, Extended Holter Patch System and Wireless Vital Signs Monitoring System, or VSMS. As per the company’s prospectus, it has generated significant revenue from the sale of its products. In January 2019, the company executed ~US$22 million purchase order with Hygea for the orders of both Prizma’ Medical Smartphone Case (PRIZMA) and G Medical’s Vital Signs Monitoring System (VSMS or G Medical Patch (GMP)) for over 24 months which starts on 1 April 2019.
For 12 months ended 31 December 2018, the company reported revenue from ordinary activities of $3.062 million, up 2709% on the previous corresponding period.
Financial Summary (Source: Company Reports)
At the time of writing, i.e., on 20 May 2019 AEST 1:58 PM, the stock of the company was trading at a price of A$0.187, down by 4.103% during the day’s trade with the market capitalisation of ~A$71.1 Mn.
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