Latest Research and Corporate Profile for CardioComm Solutions
CardioComm Solutions’ primary ECG solutions include medical monitoring software technologies—GEMS™ (Global ECG Management Systems), GEMS™ Home, and GlobalCardio™—as well as the HeartCheck™ brand of ECG devices—the HeartCheck™ ECG Handheld (used in a medical setting) and the newly launched HeartCheck™ PEN device (the first FDA-cleared, handheld over-the-counter [OTC], consumer-targeted product). These devices are supported by software programs and SMART Monitoring services, which CardioComm Solutions has developed to enable 24/7 patient monitoring and objective diagnoses, with integration into existing electronic medical records (EMRs), among many other features.
Software. The Company’s software products for the diagnosis of ECG abnormalities, marketed as GEMS™ and GlobalCardio™, have been used worldwide for several years in hospitals, call centers, and physicians’ offices under prescription. CardioComm Solutions’ GEMS™ Home is a consumer heart rhythm management solution based on the proprietary GEMS™ and GlobalCardio™ software.
Hardware. The Company’s personal handheld ECG device, the HeartCheck™ PEN, is a consumer-based product that allows patients to be monitored at home—enabling the ability to receive proper cardiac care as soon as symptoms are realized. This is believed to represent the only FDA-cleared OTC device in North America able to offer personal ECG monitoring.
Services. CardioComm Solutions’ HeartCheck™ SMART Monitoring services support the HeartCheck™ PEN and enables patients to have heart rhythms analyzed, interpreted, and diagnosed by a physician, ECG Coordinating Center, or both within 30 minutes, 24 hours a day, year round.
Commercial releases for an array of new and upgraded products are scheduled for the first quarter 2014. These include the handheld HeartCheck™ PEN ECG device and patent-pending SMART Monitoring ECG service, the GEMS™ 4.0 software platform with GEMS Air for GSM transmissions and GEMS HL7 for integration with electronic medical records, and the GEMS mobile cardiac telemetry (MCT) product penetrating U.S. markets.
CardioComm is ever building a network of distributors in Canada, the U.S., and globally. The most advanced distribution agreements that could realize sales in the near term include in Panama (extending to Central American and parts of the Caribbean), Iran, Vietnam, and the Middle East’s Gulf region (Dubai and Turkey).
CardioComm Solutions’ “Take Control” campaign is focused on educating individuals of the need for cardiac monitoring, as the healthcare industry transitions to home monitoring. Much like how individuals were educated 30 to 40 years ago regarding the use of home blood pressure tests, glucometers, and pregnancy tests, etc. (which are now considered standard monitoring devices) and more recently with newer HIV tests, glucose monitors, and more, such testing has moved into the home environment and is now widely accepted.
The Company uses SunGard as a co-location facility for housing the SMART Monitoring services. SunGard serves ~25,000 customers in more than 70 countries. It allows CardioComm Solutions to view, manage, and request computer resources on demand, while delivering higher efficiency and availability for customer production applications, multi-site recovery options and 99.95% infrastructure uptime.
CardioComm Solutions has clients in over 20 countries, leveraging its existing hospital and call center-based relationships. The Company’s products are cleared for sale globally and CardioComm Solutions holds the required clearances in order to sell software and hardware related to this field. Furthermore, CardioComm Solutions sells software as a license, which has included to Philips Healthcare and GE Healthcare.
CardioComm Solutions participates in the remote patient monitoring market—a market with significant growth potential. Healthcare market research firm Kalorama Information predicts that the remote and wireless patient monitoring market could grow from $6 billion in 2011 to more than $18 billion by 2014, with an annualized growth of more than 25%.
U.S. and Canadian patent applications for the use of CardioComm’s technologies in the automated, software-enabled and server-based unlocking of consumer bio-monitoring devices are in process. The U.S. Patent and Trademark Office sent CardioComm a letter in November 2013 stating that the Company’s patents were in the queue for examination. A Canadian examination is expected to follow in 2014.
As of June 30, 2013, the Company’s cash position was roughly C$286,468.