Uscom continues to grow its position in China
Uscom Ltd’s (ASX:UCM) result for the three months to June 30, 2019 featured robust cash receipts with the company finishing fiscal 2019 strongly with June quarter cash income of $780,000, up 47% from $530,000 in the previous corresponding period.
Annual cash receipts were up 24% to $3.4 million from $2.7 million in 2018, while annual cash consumption was reduced 28% to $1.2 million from $1.7 million.
These numbers reflect a significant growth in orders for all Uscom products in advance of the group’s China National Medical Products Administration (NMPA) applications, which are rapidly approaching approval phase.
The June quarter cash receipts figures bode well for fiscal 2020, reflecting a run rate of just over $3.1 million, indicating that management’s expectations of strong growth should see the company improve substantially on its fiscal 2019 performance.
BP+ fuels outstanding growth
Uscom BP+ unit sales were up 143% on the year, an increase predominantly research driven with two significant multi-centre blood pressure studies in the US, partnering with one of the world’s leading technology companies, and participating in a national public health project in New Zealand.
The BP+ is a supra-systolic, oscillometric, central blood pressure monitor which measures blood pressure and blood pressure waveforms at the heart, as well as in the arm, providing information only previously available using invasive cardiac catheterisation.
The Uscom BP+ replaces conventional and more widespread sub-systolic blood pressure monitors, and is the emerging standard of care measurement in hypertension, heart failure and vascular health.
The device provides a highly accurate and repeatable measurement of central and brachial blood pressure and pulse pressure waveforms using a familiar upper arm cuff.
The BP+ is also simple to use and requires no complex training with applications in hypertension and pre-eclampsia, heart failure, intensive care, general practice and home care.
The device is supported by the proprietary BP+ Reporter technology, an innovative stand-alone software solution that provides a digital platform to archive patient examinations and images.
This measures progress over time, while also analysing pulse pressure waves and generating a summary report.
SpiroSonic goes supersonic
SpiroSonic unit sales were up 74% for the year, boosted by growing US eHealth partnerships and orders.
While this represents strong sales growth, Uscom chief executive Rob Phillips flagged further growth potential in saying, “Despite a three to twelve month disruption of approvals and sales in Europe, the US, Middle East and South-East Asia associated with the Uscom Kft relocation, annual spirometry unit sales were increased by 74% over fiscal 2019, an indication that our growth strategy is starting to get traction.”
Uscom SpiroSonic digital multi-path ultrasonic spirometers are high fidelity, digital, pulmonary function testing devices based on multi-path ultrasound technology.
They are simple and accurate to use and provide research quality pulmonary function testing in small hand held devices that can be used in research, clinical and home care environments.
At a time when home care is being encouraged due to a lack of capacity in traditional medical facilities, Uscom’s development of easy-to-use devices which can provide accurate information in a home environment appears to be timely.
Another important feature is the device’s ability to be coupled with mobile phone applications and proprietary SpiroSonic software platforms with wireless interfacing to provide remote tele-monitoring of pulmonary disease.
The devices are specialised for assessment of chronic obstructive pulmonary disease (COPD), sleep disordered breathing, asthma, industrial lung disease and monitoring of pulmonary therapeutic compliance.
The SpiroSonic devices are supported by the proprietary SpiroReporter, an innovative stand-alone software solution that provides a digital platform to archive patient examinations and images, trend measure progress over time, analyse spirometry outputs and generate summary reports.
USCOM 1A holds position of device of choice
There has also been a continued increase in the recognition and adoption of USCOM 1A, particularly in China.
Once again, this is a simple to use, cost-effective and non-invasive advanced haemodynamic monitor that measures cardiovascular functions, detects irregularities and is used to guide treatment.
The USCOM 1A device has major applications in paediatrics, emergency, intensive care medicine and anesthesia.
The 1A is the device of choice for management of adult and paediatric sepsis, hypertension, heart failure and for the guidance of fluid, inotropes and vasoactive cardiovascular therapy.
NMPA applications cover eight products
Management has registered Uscom China and opened a Beijing office.
On the product advancement front, NMPA applications covering eight products have been submitted, including a new spirometry device.
The company has achieved type II medical device sales certification while also establishing a medical device importation system.
Uscom has applied for 14 China trademarks and copyrights, three of which have been received to date.
Management noted that China remains the company’s strategic growth platform, and in commenting on the group’s evolving position, Phillips said, ‘’Uscom is in a rapid growth phase so our strategy is investment and growth focused to ensure manufacturing supply and distribution once we receive China NMPA approvals and orders for BP+ and SpiroSonic.’’