News! SINGAPORE, June 01, 2023 (GLOBE NEWSWIRE) -- ALR Technologies SG Ltd. (“ALRT”) (OTCQB:ALRTF), the diabetes management company, announces the issuance of a purchase order for the first shipment of second generation CGM hardware used in the GluCurve Pet CGM. The shipment is expected to be delivered to ALRT’s distributor in early Q3 with a sales value of USD $350,000.
“We quickly sold out of inventory during our soft launch in January due to tremendous interest in the GluCurve Pet CGM from veterinarians, pet parents, and various animal health companies. This led us to the decision to switch hardware suppliers in order to accelerate the second generation GluCurve,” said Joe Stern, Head of Animal Health at ALR Technologies SG Ltd. “While the new CGM hardware is technologically impressive, the most prudent reason for the change was manufacturing capabilities and reliability. Our new supplier has proven experience and is able to produce millions of units of CGM hardware per year giving us the ability to conduct a full-scale U.S. launch, E.U. launch, and global launch on our own timeline. In light of the switch, we will not have sales for the first half of 2023, however, this change will give ALRT the opportunity to exceed our previous outlook for full year 2023 revenue and earnings.”
In addition to removing restrictions on production volume and enhancing reliability, the second generation GluCurve is an all-in-one model which increases the ease of application, it has improved accuracy, improved Bluetooth range from 6ft+ to 20ft+, and is a quarter of the size and half the weight of the original model.
A portion of the CGM hardware shipped for the soft launch in January did not meet ALRT’s quality standards which will result in refunds or replacement units. Any replacement units along with current and future orders will be filled with second generation CGM hardware.
