SYDNEY, AUSTRALIA--(Marketwired - Jan 22, 2016) - Simavita Limited (SVA.AX)(TSX VENTURE:SV) (“Simavita” or the “Company”), a global leader in the digital healthcare sector, is pleased to release its ASX Appendix 4C for the quarter ended December 31, 2015. The Company is also pleased to provide data demonstrating the growing adoption of SIM™ in both domestic and international markets.
ASX Appendix 4C - December 31, 2015
Cash receipts from customers for the quarter were $196,041 taking the total for the first six months of the 2016 financial year to $419,857. These figures represent a 50% increase quarter on quarter and a 90% increase over the corresponding first half of financial year 2015.
Highlights during and immediately post the December quarter included:
North American sales team signed agreements covering 20 sites (compared with 9 sites in the previous quarter). Number of sites contracted in North America now totalling 36, with 3,859 beds.
ANZ sales team executed new agreements across three aged care sites, and obtained agreement for pilot programs at a further three sites. The total number of aged care sites contracted in Australia is now 62, with a total of 5,383 beds. First Australian pilot program conducted in home care setting with positive results. Two additional home care providers have requested to participate in similar trials.
Significant funding ($469,450) was awarded by the Queensland Health Department to fund the deployment of SIM™ in rehabilitation wards and an incontinence clinic (the equivalent to 18 aged care sites) at two major hospitals in Brisbane over the next two years. Immediately post the quarter, deployment commenced in January 2016.
Entering into a binding heads of agreement to integrate Simavita’s Smart Incontinence System (SIM™) into Health Metric’s eCase® electronic care plan solution.
The Company further strengthened its global patent portfolio with the granting of three new patents during the quarter. Positive research results evidencing clinical improvements from SIM™ deployment continue to be generated, supporting the adoption of SIM™ in key markets.
Immediately post the quarter:
Simavita received $1,266,862 under the Australian Government’s Research and Development Tax Incentive Scheme, relating to the year ended 30 June 2015.
The Company has closed the first tranche of a capital raising, with $600,000 raised, plus confirmed a further $1,000,000 commitment by entities associated with a Director of the Company which is subject to shareholder approval. The Company has also announced it will initiate a CDI purchase plan for all shareholders.
Pilots are currently underway with customers who have in excess of 9700 beds across 123 sites.
Simavita’s CEO, Mrs. Philippa Lewis commented, “Our sales teams have worked hard in the December quarter to sign new customers and convert others to the SaaS model, which will deliver important annuity benefits over the longer term. As a result, we are seeing continued momentum around our new customer agreements and the pipeline of pilots is growing rapidly. Pleasingly, we are starting to conduct pilots with larger healthcare chains.”
“The additional markets that have developed due to customer demand during this quarter include Assisted Living* in North America and the home care and Geriatric Rehabilitation markets in Australia”, she said. “These new healthcare settings greatly increase the addressable market for SIM™ technology.”
For further information, see our website (www.simavita.com) or contact the persons outlined below.
*Assisted Living, also known as congregate housing, is the fastest growing Aged Care market in the US and is used by individuals who need little or no help and live in separate apartments with shared communal areas. Studies have shown that the rate of incontinence in Assisted Living residents is approximately 50%.
About Simavita Simavita is a digital healthcare company that has developed an innovative software platform. The first application for the platform is a world first solution for the management of urinary incontinence, with a focus on the elderly. This platform technology is an instrumented incontinence assessment application that provides evidence-based incontinence management care plans to the residential aged care market.
About SIM™
SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.
Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM™, please visit www.simavita.com.
The TSX Venture Exchange (“TSX-V”) has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this Release.
Except for historical information, this announcement may contain forward-looking statements that reflect the Company’s current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, the anticipated date of on the ASX, changing market conditions, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.
