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G Medical Innovations delivers revenue growth; secures first US commercial order

The company is making solid progress with its medical devices, having signed its first US commercial order in January 2019.
Prizma smart-phone case
Prizma smart-phone case

G Medical Innovations Holdings Ltd (ASX:GMV) has achieved a total revenue of US$3.06 million for the year ended December 31, 2018, representing an increase of US$2.95 million compared to 2017.

The increase is primarily attributable to CardioStaff's and Telerhythmics's sales of services in the US.

G Medical’s acquisition of Telerhythmics in 2018, along with its acquisition of Cardiostaff Diagnostic Services Inc in 2017, has created a sizable player in the US cardiac diagnostic monitoring space.

READ: G Medical Innovations secures first US commercial orders valued at almost US$22 million

The company is also making solid progress with its medical devices, having signed its first US commercial orders in January 2019 valued at almost US$22 million for the Prizma Medical smart-phone case and Vital Signs Monitoring System.

G Medical aims to reduce inefficiencies in healthcare delivery with products such as the Prizma smart-phone case, which transforms any smart-phone into a medical monitoring device.

READ: G Medical Innovations Holdings Ltd on track for revenue growth in 2019

The purchaser is diversified US healthcare company Hygea and two subsidiaries specialising in many aspects of healthcare from insurance, finance, medicine and technology.

The orders are for a 24-month term beginning on April 1, 2019, with payments scheduled on a monthly basis of amounts varying between US$90,000 and US$1.33 million.

G Medical will provide the Prizma smart-phone cases and Vital Signs Monitoring System, also known as G Medical Patch (GMP), to Hygea clinics and practices as well as to the subsidiaries.

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