NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) is bringing its augmented reality technology to the medical device sector after signing a two-pronged deal with Sterilis Solutions.
The company, which produces a machine that sterilizes medical waste, has signed on for both NexTech’s WebAR offerings and its AR University service. Together, the one-two punch will allow Sterilis to show off its device in full 3D AR and equip its sales team with a set of tools to educate customers.
“We are excited that Sterilis has adopted NexTech’s powerful and industry-leading augmented reality offering to drive both its product marketing and client education activities,” NexTech CEO Evan Gappelberg said in a statement. “Because our proprietary 3D augmented reality solution and our AR learning tools work on any AR-enabled mobile phone, it will help Sterilis to vastly improve its product demonstration capabilities while significantly enhancing its ability to communicate key competitive features of its products.”
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The Sterilis device replaces the need for traditional medical waste transportation or incineration by grinding and sterilizing the waste into harmless confetti that can be thrown away with ordinary trash.
CEO Andy Marshall stressed the importance of AR in highlighting the device’s capabilities.
“AR is more powerful than a brochure especially with the interaction,” Marshall said. “We will use it to educate our customers on the core functions of our device as well as supporting our sales team in showing off this 1,100 lb. machine to our global dealer network.”
The US medical device industry is the largest in the world with a market size of roughly $156 billion, NexTech said. It’s a sector Gappelberg believes the company’s business model can serve well.
“Sterilis has chosen NexTech as a key business growth partner,” Gappelberg said. “Unlike other AR/VR companies which charge a fortune and which often require special software and training, NexTech’s easy to use and monthly revenue-focused product suite allows its clients to do more and to sell more. All of this results in a stronger bottom line for our customers and recurring revenues for us.”
Shares of NexTech climbed 4% to C$1.82 on the CSE on Tuesday and 2% to US$1.39 on OTC Markets.
—Updated to include stock movement—
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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