SYDNEY, AUSTRALIA--(Marketwired - Jan. 6, 2016) - Simavita Limited (ASX:SVA) (TSX VENTURE:SV) ("Simavita" or the "Company"), a global leader in the digital healthcare sector, is pleased to provide an update regarding its operations across the North America, Europe and Australia.
Strategy update
Simavita is continuing to develop its strategy to deploy the unique Smart Incontinence Management (SIM™) solution by establishing a swift and meaningful presence across global markets as a first mover.
In North America and Australia, Simavita now has experienced teams in place to execute the Company's strategy. A European Sales Director has been appointed and he is now assembling the team to drive direct sales and to support distribution partners in the region.
The initial core target market for the roll out of SIM™ has been in aged care and skilled nursing sites. However, in the latter part of 2015, in response to demand from customers, additional markets opened up for Simavita in the areas of Assisted Living* in North America, and Home Care and Geriatric Rehabilitation in Australia. These new markets are currently being developed.
At this still early stage of market penetration for SIM™ the Company often conducts pilot programs for potential customers. In the case of groups with multiple sites, pilots would typically be conducted at one or two sites.
North American market update
The North American sales team is continuing to gain traction, and during Q2 FY 2015 the team executed new take-up agreements covering 20 sites (this compares with 9 sites signed in the previous quarter).
The total number of sites contracted in North America is now 36, with a total of 3,859 beds. The groups that have contracted these 36 sites collectively operate an additional 32 sites with 2,900 beds, which are not yet under contract and therefore represent further expansion potential for the Company.
The team in North America is now very active in direct customer contact and the pipeline from groups interested in new pilot programs and further engagement now represents over 33,000 beds.
Australian market update
During Q2 FY 2016, the ANZ team executed a number of new agreements across three aged care sites, and two hospital geriatric rehab wards (including an incontinence clinic).
The total number of aged care sites contracted in Australia is now 62, with a total of 5,383 beds. The groups that have contracted these 62 sites collectively operate an additional 46 sites with 3,414 beds which are not yet under contract, and therefore represent further expansion potential for the Company.
During the quarter, two leading operators in care services to the home have requested a pilot program within their at-home client base (which comprises approximately 6,000 individual aged homecare customers).
The application of SIM™ by the Queensland Department of Health in geriatric units at two major hospitals will commence from January 2016. This contract represents the equivalent of approximately 18 new additional aged care sites in terms of contracted value.
The Company is also continuing its sales and marketing activities in the residential aged care market, and the pipeline from groups interested in new pilot programs or further engagement currently represents over 11,500 beds.
Customer research continues to demonstrate a range of SIM™ clinical benefits
Simavita's customers are continuing to report significant clinical benefits from the deployment of the SIM™ technology.
Recently, Castlemaine Health, a regional aged care provider, in Victoria conducted a SIM™ pilot across 16 residents at one of their sites. This resulted in an outstanding reduction in falls, urinary tract infections and skin breakdowns and the group is now in discussions to deploy SIM™ across their 4 sites.
During the quarter, the Company also conducted a study (116 assessments, across 6 sites in New South Wales, Queensland and Western Australia) which demonstrated a 19% cost reduction in the cost of consumables as a result of implementing the SIM™ Plan.
CEO commentary
CEO of Simavita, Philippa Lewis commented, "We're very pleased to be able to report this combination of a number of new customer agreements, range of new pilot programs and a very strong pipeline. The research results are proving the value proposition and clinical outcomes that SIM™ can deliver. There is no doubt that leading care providers who are dedicated to best practice are seeing the benefits of SIM™ and are committing to its implementation. SIM™ data and the care plans it delivers is a unique and powerful way to drive improved major clinical outcomes and deliver cost and efficiencies around the world."
*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 sites 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.
Forward-Looking Information
This document may contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking information"). This forward-looking information is given as of the date of this document.
Forward-looking information relates to future events or future performance and reflects Simavita management's expectations or beliefs regarding future events. Assumptions upon which such forward-looking information is based include that Simavita will be able to successfully execute on its business plans. Many of these assumptions are based on factors and events that are not within the control of Simavita and there is no assurance they will prove to be correct.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Simavita to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to actual results of current business activities; changes in business plans and strategy as plans continue to be refined; other risks of the medical devices and technology industry; delays in obtaining governmental approvals or financing or in the completion of development activities; as well as those factors detailed from time to time in Simavita's interim and annual financial statements and management's discussion and analysis of those statements. Although Simavita has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Simavita provides no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
