TORONTO, ONTARIO - Medical electrocardiogram (“EKG”) software and device manufacturer CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm” or the “Company”), has released its Q3 2016 financials, which reflect revenue-positive performance and the best fiscal performance for any nine-month period in the Company’s 17-year history.
A summary of the financials shows Q3 2016 revenue increased 18% as compared to Q3 2015, with net earnings of $15,829 as compared to a loss of $184,879 in Q3 2015. Year to date, CardioComm Solutions has recorded a net loss of only $21,483, compared to a net loss of $440,571 for the same period ending September 30, 2015. Revenue for Q1-Q3 2016 is $1,176,514.
Since 2013, the CardioComm’s management has worked to successfully reduce expenses while maintaining revenue generation through a series of consolidation and cost-containment efforts. These undertakings have included relocation of the Company’s primary office from Victoria, BC, to Toronto, ON, and a complete restructuring of its IT infrastructure that now utilizes the latest Tier III managed cloud and co-location technology resources.
This improved fiscal performance was achieved over a period of time when multiple new device integrations were announced with the execution of corresponding co-marketing agreements with the device manufacturers. 2016 product disclosures involve the planned integration of new Smartphone-connected ECG monitoring devices with the Company’s medically cleared ECG software technologies. Product introductions are intended to target the well-developed health, wellness, sports and medical self-monitoring, tele-med and remote medical monitoring markets.
How did the Company manage to accomplish all of this during a time of tight fiscal controls?
Between 2011 and 2013, an extensive effort was undertaken to develop technologies that formed the base systems for the commercial launch of the HeartCheck™ ECG PEN and establishment of the associated SMART Monitoring ECG reading service. The HeartCheck™ ECG PEN is a portable handheld ECG recorder cleared as a medical device for over-the-counter (OTC) sales. SMART Monitoring ECG reading service provides a fee-for-service ECG reading delivery system for owners of the HeartCheck™ devices. During this time, the Company also started work on the 2014 release of GEMS™ WIN, a Windows-compatible version of their GEMS™ (Global ECG Management Solution) to meet system requirements associated with Microsoft termination of the XP operating system. GEMS™ WIN software is licensed by hospitals, physicians and ECG reading services in North America, Australia and the UK.
The carry forward benefits from the Company’s 2011 to 2013 technology development expenditures have provided CardioComm with a technology pipeline that will readily support the addition of new ECG monitoring devices to both the SMART Monitoring and GEMS™ WIN software. Specifically, this will enable CardioComm to source new HeartCheck™ brandable devices and develop connectivity with the SMART Monitoring and GEMS™ WIN software systems, so that these devices and software can be brought to regulatory clearance quickly without the need for expensive development costs. All CardioComm software technologies are already FDA and Health Canada cleared, which further streamlines regulatory review procedures with the potential for shorter review cycle times. All of this leads to faster go-to-market strategies when introducing new devices and technologies to consumer and medical markets.
CardioComm has earned the ISO 13485 certification, is HPB approved, HIPAA compliant and holds clearances for the sale of its HeartCheck™ technologies from the European Union (CE Mark), Australia (TGA), the USA (FDA), China (CFDA) and Canada (Health Canada). To learn more about the CardioComm’s products, please see the Company’s websiteswww.theheartcheck.com and www.cardiocommsolutions.com.