The UK market for G Medical comprises of the NHS (both primary and secondary), private hospital groups, nursing and aged care facilities as well as other market participants.
UK's healthcare system and reimbursement regime are very complimentary and compatible with G Medical’s business model and services, and is an important territory for deployment, given both the Prizma and the Patch are already regulatory approved for use within the UK.
Reimbursement rates for typical services in the UK range from ~£500 and £700, varying from site to site and depending upon the insurance company’s reimbursement rates.
Notably, G Medical has 7 accounts that have successfully trialled the Patch, with the view to forming definitive arrangements.
The typical value of each of these accounts is ~£256,000 per annum.
IDTF operations in the USA
G Medical Diagnostic Services Inc’s (GMEDx) Independent Diagnostic Testing Facility (IDTF) operations has seen consistent month on month new patient enrolment in the US.
As part of GMEDx’ growth strategy, the division will gradually increase its sales force to provide for continued increase in patient enrollments within the market, as well to push Prizma from POC to full commercialisation.
The revenue profile GMEDx has grown significantly in the short time since CardioStaff and Telerhythmic were acquired and amalgamated into GMEDx, with the revenue growth having increased ~200% from ~US$0.98 million for H1 2018 to ~US$3 million for H1 2019.