Itamar Medical Ltd. (ITMR)

[crudeoil24]

Itamar Medical Goes Private In $538M Deal >
ZOLL Medical Corporation, an Asahi Kasei company, has agreed to acquire Itamar Medical Ltd (NASDAQ: ITMR) for a total value of approximately $538 million.
Itamar Medical focuses on the development and commercialization of non-invasive medical devices and solutions to diagnose respiratory sleep disorders.
ZOLL Medical manufactures medical devices and related software solutions.
Under the agreement terms, ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for $31 per ADS, or $1.03 (equivalent to approximately NIS 3.31) per ordinary share, in cash.
The offer of $31 per ADS represents a premium of 50.2% over the price of Itamar Medical's ADS on the Nasdaq Stock Market on September 10.
The transaction is expected to close by the end of 2021.
Once the acquisition is completed, Itamar Medical's principal operations will continue at its current location in Caesarea, Israel, including its R&D and Digital Health Technology centers, as well as the production center.

[midastouch017]

An interesting one to look at though
and will add to my watch list.

Will give BWAY a look at soon too!

Thanks Spidey.

The additional positive is that both ITMR
and BWAY are pofitable companies, as opposed
to most companies we are interested (and
invested in too)

[Spideyboy]

Just had a look at this and I think the product will do what it says it can do and makes sense from the scientific perspective.

However I see both positive and negatives.

Positive is that the product makes it possible for patients to use the device at home and thus make more frequent observations.

Also sleep apnea is increasing as the levels of obesity continued to increase which doesn't look like will slow down.

The negative is that normal sleep laboratories take quite a few more data points that this product can't do, particularly regards airflow and the measurement of chest movement in 2 different places, as well as REM eye movements, which are important. The additional data points can better help diagnose the sleep issue at hand. Hence my concern would be that once normal sleep laboratories open, how many physicians will keep using this product with less data points. For a physician the more data the better. And then there is the analysis, which for product seems to be done by computer while sleep labs still use qualified technicians to identify issues. Can't say if one is better than the other though.

Possible that if the oxygenation levels are accurately measure with the product they might be ok with dispensing with airflow but again more data is better.

I see they note on the website that their product has 89% correlations with polysomnography and 98% study success rate, but those facts come from only 2 sources which is not particularly convincing.

So once sleep labs are fully open and operational what will that mean for the product?

An interesting one to look at though and will add to my watch list.

Will give BWAY a look at soon too!

[midastouch017]

Itamar Medical™
Investor Presentation

https://ir.itamar-medical.com/static-files/60b02961-8eac-480c-8703-8bdb7ee49cb6

[midastouch017]

SVB Leerink starts Itamar Medical at OP; PT $30

Stephen KilmerJune 12, 2020

SVB Leerink launched coverage of Itamar Medical (NASDAQ, TASE:ITMP) with an “outperform” rating and $30 price target. The stock closed at $16.01 on June 11.

“We see Itamar as an underappreciated high growth/gross margin (30%, 75%-plus)
small-cap company with a unique home sleep apnea test (HSAT) solution (WatchPAT) poised to continue taking share in an expanding (and double digit growth) HSAT segment,” writes analyst Richard Newitter.

He figures the HSAT segment is on track to at least double within the next three years to $200-million, and “even still would be underpenetrated relative to a potential $3.2-billion sleep apnea testing total addressable market,” according to a company estimate.

Mr. Newitter said that as Itamar extends its distribution capabilities and grows awareness for WatchPAT’s value proposition within this growing HSAT category, “we project the company can triple its sales over the next three years driving an above-average 30% compound annual growth rate in the process.”

Mr. Newitter said the company’s nexgen WatchPAT One product, launched in the U.S. in November 2019, represents a “first-of-kind fully disposable HSAT, with our positive MEDACorp feedback suggesting it will be a significant differentiator for Itamar both during and post-COVID-19.”

[midastouch017]

CEO Itamar Medical: "We realized we were lucky. That we have the right product at the right time "
Gilad Glick CEO Itamar Medical, who manufactures a home-made sleep test, tells of the opportunity created by the company following the Corona crisis that caused sleep doctors to ban hospital labs; We increase production but do not meet demand "

https://www.calcalist.co.il/conference/articles/0,7340,L-3832174,00.html

The article is in Hebrew, partially google translated

"Moreover, the American Association issued very clear labels in mid-March that prevented patients from going to sleep labs for fear of being infected, stating that it was biodegradable. But it is also biodegradable. It is disposable. And we are the only one in the world with the FDA's approval for this review.

It was only in recent years that Itamar Medical began to reach the public consciousness following a strategic change of approach to cardiologists and not just the sleep doctors, Glick explains. "Itamar Medical has been concentrating for years on trying to convince sleep doctors to change the way they diagnose and treat patients. The United States has maybe 5,000 sleep doctors, and there are 60 million patients. Therefore, there is no chance that everyone will go into hospital sleep tests. The strategic change of recent years has been that we have gone from trying to persuade the sleep doctors to try to convince the cardiologists. We told cardiologists that sleep apnea not only disturbs snoring and fatigue it also causes heart disease, and we have proven that in studies. That's where the big breakthrough came in our sales, which was based on NASDAQ playlisting and NASDAQ offering in 2020 seconds before Corona. So the corona came and gave us a boost from the sleep doctors and we feel fortunate to have us face

[midastouch017]

Israeli solutions to help you sleep soundly during difficult times


APNEA

WatchPAT

Sleep apnea – characterized by halts in breathing during the night and lower oxygen levels – affects more than one in five adults, particularly people who are overweight.

Diagnosing sleep apnea is a challenge at any time – all the more so during the Covid-19 pandemic “as so many patients must stay at home and access to in-lab testing is limited,” says Gilad Glick, CEO of Caesarea-based Itamar Medical, which developed an apnea diagnostic device for home use given that 80% of patients with apnea go undiagnosed.

WatchPAT – “PAT” stands for “peripheral arterial signal” – collects data from oximetry, actigraphy, body position, snoring, chest motion, heart rate and PAT signal. After a night of testing, the data can be downloaded and scored in less than a minute to determine if a patient has apnea.

In April, Itamar Medical entered a deal with virtual care platform BetterNight to use WatchPAT as part of BetterNight’s sleep services, which also include home-based CPAP therapy if required.

https://www.israel21c.org/israeli-solutions-to-help-you-sleep-soundly-during-difficult-times/

[midastouch017]

Itamar Medical Reports First Quarter 2020 Financial Results

May 27, 2020 06:00 ET | Source: Itamar Medical Ltd.

- First Quarter 2020 Revenues Increase 38% to $8.4 Million -

- WatchPAT™ Revenues Increase 41% to $8.2 Million -

- Company to Host Conference Call Today at 8:00 am ET, 3:00 pm IT -

CAESAREA, Israel, May 27, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (Nasdaq and TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders, today reported unaudited financial results for the first quarter of 2020.

“Our first quarter results illustrate a strong start to the year, which has persisted into the second quarter. Despite largely COVID-19 driven weakness in sales of our WatchPAT multiuse test, we have seen a dramatic increase in sales of our WatchPAT ONE device — the only commercially available, fully disposable home sleep apnea test (HSAT) currently available on the market,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical.

“This is a difficult time for our customers and the patients they treat, but we are hopeful that we can continue to play a large role in supporting the accelerated evolution to home based care using digital health platforms. Importantly, as the healthcare world likely moves to a more virtual-based environment and infection risk management stays a key priority, we see a tremendous opportunity to reach the estimated 26% of adults worldwide suffering from sleep apnea with our comprehensive sleep disorder diagnostic platform,” concluded Glick.

First Quarter 2020 Highlights

Revenues in the first quarter of 2020 were $8.4 million, an increase of 38% year-over-year.

U.S. WatchPAT revenues in the first quarter of 2020 were $6.1 million, an increase of 42% year-over-year.

Gross margin in the first quarter of 2020 was 76%, compared to 77% in the first quarter of 2019.

Completed a U.S. public offering in February 2020 with total gross proceeds of $40.3 million, ending the first quarter 2020 with $50.4 million in cash and cash equivalents.
Recent Business Developments and COVID-19 Updates

While the overall sleep testing market has contracted significantly due to the impact of the COVID-19 outbreak, Itamar Medical continued to gain significant momentum in the period from April 1, 2020 through May 22 , 2020, compared to the same period in the prior year. While the Company does not expect to offer mid-quarter financial updates going forward, this momentum was reflected in the following Key Performance Indicators (KPIs):

Grew total value of sales orders in the U.S. approximately 48% year-over-year, including a material order in connection with our contract with Lunella LLC, a wholly owned subsidiary of SoClean Inc. and their recent launch of our WatchPAT ONE through their DTC marketing channels. Excluding this order, year-over year growth was 23% for the same period, primarily driven by WatchPAT ONE orders.

Onboarded an average of 21 new WatchPAT ONE customers per week, reaching 210 active centers (mostly sleep centers) using WatchPAT ONE as of May 22, 2020.

Increased WatchPAT ONE backlog to approximately $850,000 as of May 22, 2020, compared to approximately $550,000 as of March 31, 2020 despite consistent increases in weekly units’ shipments.

Expanded WatchPAT ONE production output to approximately 3,000 units for the week ended May 22, 2020, representing an approximately 300% increase from the pre-COVID-19 baseline level.

Received CE mark approval in Europe for the WatchPAT ONE product.

Entered into an agreement with Sleep Data Diagnostic and its virtual-care platform BetterNight and Sleep Data Holdings to simplify the process by which both sleep and non-sleep referring physicians can refer patients for sleep apnea testing with WatchPAT through Itamar Medical and BetterNight’s platforms, providing a full care pathway.

Entered into an agreement to fund a clinical study conducted at Mount Sinai Hospital in New York City to evaluate the potential impact of CPAP therapy in both sleep apnea and non-sleep apnea patients in delaying or eliminating hospitalization and/or ventilation in patients suspected or diagnosed with COVID-19.
First Quarter 2020 Financial Results

Revenues for the first quarter of 2020 increased 38% to $8.4 million, compared to $6.1 million in the same quarter in 2019. Revenue growth was driven by an increase in WatchPAT sales in the U.S. and Japan.

WatchPAT revenues for the first quarter of 2020 increased 41% to $8.2 million, compared to $5.8 million in the same quarter in 2019.

U.S. WatchPAT revenues for the first quarter of 2020 increased 42% to $6.1 million, compared to $4.3 million in the same quarter in 2019. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 75% of WatchPAT revenues in the U.S. in the first quarter of 2020, compared to 77% in the same quarter in 2019.

Gross profit for the first quarter of 2020 increased to $6.3 million, compared to $4.7 million in the same quarter in 2019. Gross profit margin for the first quarter of 2020 was approximately 76%, compared to 77% in the same quarter in 2019. Gross margin decline was mainly driven by the increase in WatchPAT ONE sales.

Operating loss for the first quarter of 2020 was $2.0 million, compared to $1.3 million in the same quarter in 2019. The increase in operating loss was mainly due to an increase of $1.5 million in selling and marketing expenses associated with the expansion of the U.S. sales team into new geographical territories and verticals (32 territories and verticals as of March 31, 2020, compared to 23 territories and verticals as of March 31, 2019) as well as additional sales commissions resulting from the increase in revenues; an increase of $0.4 million in research and development expenses associated with an increase in personnel to support product development and clinical study programs and reimbursement consulting; and an increase of $0.4 million in general and administrative expenses mainly attributable to expenses of a publicly listed company in the U.S., partially offset by the increase in revenues.

Non-IFRS operating loss for the first quarter of 2020 was $1.4 million, compared to $1.0 million in the same quarter in 2019. Non-IFRS operating loss excludes approximately $0.6 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; and change in provision for doubtful and bad debt, compared to $0.3 million of similar expenses for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).

Net loss for the first quarter of 2020 was $2.0 million, compared to $1.2 million in the same quarter in 2019.

Non-IFRS net loss for the first quarter of 2020 was $1.4 million, compared to $1.2 million in the same quarter in 2019. Non-IFRS net loss excludes approximately $0.6 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; and gain from reevaluation of derivatives, compared to ($0.1) million of similar expenses and gains for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).

As of March 31, 2020, the Company had cash and cash equivalents of $50.4 million. This amount includes the net proceeds from the public offering completed in February 2020 of $37.1 million.

Conference Call and Webcast Information

The Company will host a conference call today at 8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial results and provide a corporate update.

To listen live via webcast, please visit https://www.itamar-medical.com/, or by clicking here.

To participate via phone, please use the dial in information:

U.S. toll-free: 877-407-8037
International: 201-689-8037
Israel toll-free: 1-809-406-247

Please log in approximately 10 minutes prior to the scheduled start time. An archived webcast also will be provided in the Events and Presentations section of the Company’s website.

[midastouch017]

Itamar Medical to Report First Quarter Financial Results and Host Conference Call on Thursday, May 28, 2020
May 14 2020 - 04:26PM


Itamar Medical Ltd. (Nasdaq: ITMR) (TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices to aid in the diagnosis of respiratory sleep disorders, announced today that it will report its unaudited financial results for the first quarter 2020 before the U.S. market opens on Thursday, May 28, 2020.
The Company will host a conference call that day at 8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial results and provide a corporate update. The call will be hosted by Gilad Glick, President and CEO, and Shy Basson, CFO & US COO.

To listen live via webcast, please visit https://ir.itamar-medical.com/.

To participate via phone, please use the following dial in information:
U.S. toll-free: 877-407-8037
International: 201-689-8037
Israel toll-free: 1-809-406-247

[midastouch017]

Itamar Medical Receives CE Mark Approval for its WatchPAT™ ONE, the First Fully Disposable Home Sleep Apnea Test

GlobeNewswire GlobeNewswire•May 4, 2020

Complete, home-based solution for diagnosing respiratory sleep disorders approved for commercialization in Europe and other CE Mark geographies

CAESAREA, Israel, May 04, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (NASDAQ and TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical solutions to aid in the diagnosis of respiratory sleep disorders, today announced receipt of CE mark approval for the Company’s WatchPAT™ ONE. The CE mark allows Itamar to expand commercialization of the latest innovation of its WatchPAT technology and the first fully disposable Home Sleep Apnea Test (HSAT), throughout Europe and other CE Mark geographies.

“We are pleased to now have the opportunity to expand availability of our WatchPAT ONE in Europe, following rapidly growing adoption in the US,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “We are excited to be able to provide our cutting-edge technology to benefit physicians, as well as patients that are subject to social distancing, in light of the current COVID-19 related healthcare crisis. Importantly, our solution eliminates the need for return shipping, downloading, cleaning, and preparation, thus significantly reducing patient and staff exposure. Additionally, we remain enthusiastic about WatchPAT ONE’s potential in the inpatient setting, where infection transmission through reusable devices is top of mind.”

About WatchPAT ONE
WatchPAT ONE was designed to deliver both ease of use and accessibility. With WatchPAT ONE, patients simply pair the WatchPAT device to their smartphone using Itamar’s proprietary App during their Home Sleep Apnea Test. Once the test is complete and the data is automatically transmitted to Itamar’s secure CloudPAT™ server, the prescribing physician receives an automatically generated, comprehensive report based on WatchPAT’s True Sleep Time, Sleep Architecture and Central Plus algorithms. The patient is then able to dispose the WatchPAT device without any further action required. WatchPAT ONE received 510(k) clearance from the U.S. Food and Drug Administration (FDA) in July 2019 and is currently available in the U.S., Europe and Australia.

https://finance.yahoo.com/news/itamar-medical-receives-ce-mark-100010491.html

[midastouch017]

Itamar™ Medical Announces First Quarter 2020 Preliminary Revenue Increase of Approximately 40%

GlobeNewswire GlobeNewswire•April 13, 2020

- Company Ramping Up WatchPAT™ ONE Production Capacity to Meet Demand for Disposable Home Sleep Apnea Tests -
CAESAREA, Israel, April 13, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (ITMR) (ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices, solutions and a digital health platform to aid in the diagnosis of respiratory sleep disorders, today provided an update on actions the Company is taking in response to the COVID-19 pandemic. The Company is also providing a preliminary range for its first quarter 2020 revenues and is withdrawing its full year 2020 financial guidance due to current global market uncertainties.
Preliminary First Quarter 2020 Update
Preliminary total revenue for the first quarter of 2020 is expected to be $8.4 to $8.6 million, an increase of 40% to 42% compared to the same period in 2019. The growth in revenue was primarily attributed to an increase in WatchPAT products sales in the U.S. and Japan. U.S. WatchPAT ONE drove a material portion of overall WatchPAT sales.
At March 31, 2020, Itamar Medical had an accumulated backlog of the recently introduced WatchPAT ONE orders of approximately $550,000, mostly created in the last three weeks of March 2020.
The Company had cash and cash equivalents of $50.4 million at March 31, 2020, compared to $15.1 million at December 31, 2019.
“The Itamar Medical team deeply appreciates the dedication of front-line responders and healthcare professionals who have made tremendous sacrifices during these challenging times,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “In response to the COVID-19 pandemic, we have taken broad measures to ensure the health and safety of our employees, our customers and the patients they serve. Additionally, to meet the increased demand home sleep apnea testing, especially, disposable tests, we are accelerating production of WatchPAT ONE and making our Digital Health Platform more broadly available at a time when millions of people are unable to leave their homes. Although we are experiencing softness in our reusable product line and the length and depth of this pandemic remains uncertain, we will continue to take prudent operational and strategic measures that will enable us to navigate through the current global crisis.”

https://finance.yahoo.com/news/itamar-medical-announces-first-quarter-130010157.html

[midastouch017]

Itamar™ Medical and BetterNight to Join Forces Offering Referred Patients Home Based Virtual-Care Sleep Solution for the Diagnosis and Treatment of Sleep Apnea

GlobeNewswire GlobeNewswire•April 6, 2020

Streamlining the complex process from sleep apnea diagnosis to treatment using digital health platforms meets shared mission of addressing the growing and undermanaged sleep apnea epidemic

CAESAREA, Israel, April 06, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (ITMR) (ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices, solutions and a digital health platform to aid in the diagnosis of respiratory sleep disorders, today announced that it has entered into an agreement with Sleep Data Diagnostics and its virtual-care platform BetterNight and Sleep Data Holdings, a leading provider of home-based positive airway pressure (PAP) services. This agreement is designed to radically simplify the process by which both sleep and non-sleep referring physicians, such as cardiologists, can refer their patients for sleep apnea testing with WatchPAT™ through Itamar Medical and BetterNight’s platforms providing a full care pathway that includes testing, medical consultation, continuous positive airway pressure (CPAP) therapy, billing and reimbursement channels. The agreement is expected to increase patient access to WatchPAT testing without the need to leave their homes and provide physicians, with a focus on cardiologists, and their patients, with information and interventions for managing sleep apnea and improving health outcomes.
Itamar Medical and BetterNight will collaborate to provide physicians and their patients a fully integrated and streamlined solution. Itamar Medical will provide patients suspected of having sleep apnea with a sleep apnea diagnostic study, facilitate a consultation with a board-certified physician for study interpretation and receipt of a prescription for a recommended therapy, if needed, enabled by its digital health platform. When elected by the managing physician, BetterNight will provide home-based CPAP therapy care using its advanced monitoring algorithm and remote respiratory therapy consultation and manage insurance coverage verification, preauthorization and billing.
Story continues
“Physicians, particularly cardiologists, are aware of the negative effects sleep disordered breathing can have on their patients. However, they face a variety of hurdles to ensuring that patients undergo testing and receive appropriate treatment. This is even more challenging today due to the COVID-19 pandemic as so many patients must stay at home and access to in-lab testing is limited,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “This agreement demonstrates our commitment in working with leaders across the sleep apnea ecosystem to add home care options for sleep apnea management and addressing the global sleep apnea epidemic.”
It’s estimated that 60 million people in the United States have undiagnosed sleep apnea and, today, the standard care pathway includes multiple in-person visits to the limited number of sleep practices and Durable Medical Equipment offices resulting in almost 80% of those patients remaining undiagnosed. The integration of Itamar Medical’s digital home-based diagnostic platform with BetterNight’s ability to perform remote therapy set up and optimization is expected to enable sleep care management. This is accomplished by significantly improving the rate of conversion from diagnosis-to-treatment, achieving high long-term adherence rate while keeping patients at home satisfied, with only two weeks from referral to sleep apnea treatment.
“BetterNight is a leader in providing comprehensive sleep solutions that have the potential to make a positive impact on the millions of people living with sleep disorders. Adding WatchPAT’s innovative technology, as well as the Itamar Digital Health platform, will be a key component of our sleep apnea solution,” said Dave French, Chief Executive Officer of Sleep Data.
Dr. Dominic Munafo, Chief Medical Officer of BetterNight, said, “Sleep is vitally important to a patient’s health, restoring their immune system, lessening the impact of chronic disease and improving their ability to fight infection. It is crucial to pioneer safe and innovative ways to address the sleep health needs of patients during the COVID-19 pandemic. WatchPAT ONE allows patients to access highly accurate and data-rich sleep apnea testing from the comfort of their homes, eliminating the barriers associated with overnight testing at a sleep clinic and reducing infection risk. Our sleep specialist staff uses multiple WatchPAT signals to provide rapid and accurate diagnoses, allowing those patients who need CPAP therapy to receive their CPAP devices and coaching in a timely manner. We are excited to collaborate with Itamar Medical in bridging the gap between a cardiologist’s sleep study referral and effective therapy.”
About Itamar Medical Ltd.
Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com.
About BetterNight
BetterNight is the nation's only comprehensive virtual-care sleep solution combining a clinically validated sleep assessment with a CBTi solution and a telehealth-based sleep apnea platform. Results include lower unit costs, superior adherence, improved patient satisfaction, and higher health outcomes. BetterNight's parent company, Sleep Data, is a recognized leading provider of sleep services in the San Diego metropolitan region for 24 years. BetterNight's mission is to have a positive impact on the lives of people living with sleep disorders by simplifying the complex process from diagnosis to treatment. Please visit www.betternight.com.