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VPTDF Addresses Unmet Medical Need, Offers Outlook for 2013-2014 Sales
Ventripoint has created a diagnostic ultrasound tool to monitor patients with heart disease. Company management believes that VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. The product has received Canada and Europe approval (CE Mark) for the sale of VMS™ and the company is now pursuing the U.S.-FDA approval.
VMS was developed to address issues with current heart diagnostics. Because of its location between the ribs, the right side of the heart is hard to see with ultrasound and produces “blurry” images of the organ. For this reason, cardiologists order an MRI to view the right side of the heart, a process that can take hours comprised of machine time, analysis, radiology analysis and may require a second or third visit to the cardiologist. VMS, on the other hand, provides diagnosis within an hour, boasting procedure time between 5-10 minutes vs. 90-120 minutes of procedure time with a traditional MRI.
VMS is also more cost-effective, offering a 300% increase in net income per hour compared to MRI. Each unit is priced at $100,000 and has the potential to generate recurring revenue of $10,000 per year per unit for access to databases, software support and hardware maintenance; $20,000-$50,000 per year per unit for software upgrades, access to new databases, and additional training; and $5,000-$10,000 per year per unit for training services and certification, contingent on time of last use.
As of March 2013, Ventripoint had installed VMS in numerous research centers: 10 in Europe, four in Canada, and 12 in the United States.
Ventripoint estimates 2013 sales between $3 million – $5 million with an installed base of 50-75 machines and recurring revenue from 2012 sales of 26 machines.
The company’s goal by the year 2014 is to triple revenue to $10 million – $15 million with an increased base of 200-300 installed machines paired with recurring revenue from 2012-2013 sales. As part of this mission, the company recently appointed Jerry Gatewood as its vice president of Sales and Marketing to assist the company in its goal to expand sales around the world.
