HeraMED secures initial order with major Brazilian health care group

By Meagan Evans. Published at Feb 14, 2019, in Technology

HeraMED Limited (ASX:HMD), an innovative medical technology company delivering smart pregnancy monitoring solutions, is commercialising the world's most advanced, smart medical grade ultrasound monitoring device, HeraBEAT.

Now, following rigorous technical and medical testing, the company has received its first order for its cloud based, SaaS and cloud pregnancy monitoring service, HeraCARE.

This initial HeraCARE order, which is for a pilot trial is valued at US$60,000, encompasses 100 HeraBEAT smart ultrasound foetal heart rate monitors, software set up fees, a software development licencing kit and 24 months’ worth of monthly subscription fees for cloud based data monitoring services.

The HeraCARE order has been placed by Hapvida Saúde (B3:HAPV3) – one of Brazil’s largest health care providers, medical insurance companies and hospital owners.

This is an important order for HMD as Hapvida services 3.8 million customers nationwide, through a network of 27 hospitals, 74 clinics, 17 ready-to-care sites, 72 diagnostics imaging units and 67 laboratory collection stations across 11 states. Hapvida completed an IPO on the Brazilian Stock Exchange in April 2018, raising US$985 million.

This is the maiden order for HeraMED’s SaaS and cloud-based platform, HeraCARE, which will be trialled at one of Hapvida’s hospitals over the coming months. The order includes software development kit and ongoing subscription fees for cloud-based monitoring service over two years.

Both parties are collaborating to connect HeraBEAT to Hapvida’s Electronic Medical Record systems, allowing physicians and nurses to monitor data in real time.

The pilot trial order, follows 12 months of stringent due diligence and testing by Hapvida, during which HMD personnel worked closely with Hapvida’s IT department to establish a cloud based service offering. HMD personnel worked closely with Hapvida’s IT department to integrate HeraCARE SaaS platform seamlessly into Hapvida’s systems.

This feature allows physicians and nurses to view real time patient data generated by the HeraBEAT system, through Hapvida’s Electronic Medical Records (EMR). Establishing this feature is the first instance that HMD is able to generate additional revenues through its SaaS based business model, HeraCARE.

The development validates HeraMED’s model of working with top tier healthcare providers to integrate the HeraBEAT system into a hospital or clinics workflow. The company has previously partnered with two leading medical organisations, the Mayo Clinic and TEVA Pharmaceutical Industries Inc. (NYSE: TEVA).

The HeraBEAT device has passed multiple clinical trials and secured approval by key regulatory bodies including TGA (Australia), CE (Europe) and AMAR (Israel) for commercial sale.

Hapvida has also secured ANVISA approval for use in the pilot, the Brazilian equivalent to FDA approval. HMD will continue to work with Hapvida for full scale ANVISA approval as the trial progresses.

HeraMED CEO and Cofounder, Mr David Groberman said: “This order, from an organisation as well established and credible as Hapvida, further validates the appeal and adaptability of HeraMED’s service offering.

“Whilst the order is still for an expanded pilot trial of the HeraBEAT device and our HeraCARE cloud based platform, the development reflects the growing appeal of our technology and the possibilities it has to integrate into large, established organisations globally.

“Receiving a product order for both HeraBEAT systems and HeraMED’s HeraCARE cloud based services from an organisation of Hapvida’s calibre is significant validation of our offering and business model.

“A considerable amount of work has gone into securing this order and the Company looks forward to updating shareholders as it progresses. HeraMED is in a transformational phase of growth and will provide regular updates to shareholders on future developments.”

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