Veriteq (OTCQB:VTEQ) found itself in this enviable position just a few months ago and will continue to enjoy this luck for the near-term future. Because of an FDA ruling with an initial compliance deadline of October 2014, Veriteq will begin to enjoy mandated demand for its niche industry before October 2014 and has forecasted revenue of $239 million - many multiples of its current market capitalization - with 61% gross profit margins.
To summarize so far, Veriteq is the exclusive provider of the world's first FDA-cleared RFID device for on demand identification of medical devices that are implanted inside the human body. In other words, Veriteq sells a tiny $500 RFID chip that goes inside artificial joints and breast implants so they can be scanned by a doctor - even after decades of being inside the body. Doctors scan Veriteq's radio microchips from outside the body using Veriteq's hand-held scanner.
Veriteq's RFID microchips and hand-held readers are fully FDA approved. Its microchips are installed within medical devices so that manufacturing information can be recalled on demand, passively, through the skin using radio waves, in the event of an emergency like a product failure. Patients often lose product warranty cards, making paper-based identification unreliable in urgent medical situations. Veriteq's RFID microchip can never be lost, as it is implanted inside the medical device itself and always accessible from the hand-held reader at the point of care.
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