The chronic wound care to which the surgeon was referring is a large, general category with several specific sectors, most of which are not connected in clincial use. The market is already served by a large number of devices and manufacturers, and the regulatory hurdles to entry for new products is low. This info is available in market research reports. Incremental product improvement is always possible, but it is quite difficult for a small manufacturer to gain meaningful traction with a single product in this market and have it translate into a significant business for shareholders. The quotations of the plastic surgeons may be somewhat overstated from an investor perspective. One must ask oneself a question: If AC5 for wound care really has such great potential in this indication and it has been cleared for marketing in US since Dec 2018, what's really up?
The most positive development presented at the conference may be that ARTH has discovered the fact that 3-D Matrix Medical Technology Ltd (acompany with a very similar technology to ARTH) has developed a business in Europe for its product (PuraStat) as a hemostat in GI endoscopy procedures. (Check out the website.) 3-D Matrix has capitalized on the fact that the procedure is not considered internal surgery from a regulatory perspective and the device is regulated as Class II. ARTH's blue AC5 seems to be targeted at this indication.
The technology seems to have potential. It's up to ARTH management to find a way to use it.
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