Established Supplier of FDA and CE Cleared EKG Devices and Software.
Expert Management Including CEO from a Top Industry Leader.
Targeting Worldwide Market Share Growth Through Acquisitions.
New Operations in Thailand Recently Commenced.
CB Scientific, Inc. (OTC: CBSC), through its US and international subsidiaries, provides innovative products and services in the ambulatory non-invasive cardiac monitoring field. The CBSC FDA and CE cleared EKG devices, interactive cloud-based acquisition software, and smartphone apps for both iOS and Android platforms, provide improved compliance for patients at risk of abnormal heart rhythms as well as more accurate information for physicians.
Grand View Research, views the worldwide ECG industry as ripe for very high returns. The US Centers for Disease Control and Prevention (CDC) projects revenues to exceed $6.9 billion by 2021. The market in the US for the Ambulatory Remote Patient Monitoring space which market size was $786.4 million in 2019, is expected to grow to $2.14 Billion by 2027 (CAGR of 14.1%) according to a report by Reports and Data dated June 18, 2020. This significant growth can be attributed to an increase in the geriatric population and the rise in prevalence of patients suffering from different lifestyle diseases such as diabetes, cardiovascular and heart disease, and obesity. CBSC is positioned to capture new market share from the current industry leaders in this field which include Biotelemetry (NASDAQ: BEAT) and IRHYTHM Technologies, Inc. (NASDAQ: IRTC).
Biotelemetry is currently trading at $72 with a market cap of $2.47B. CEO Charles Martin of CBSC was the Senior Director of Sales for Biotelemetry from 2014-2018. IRHYTHM is trading at $242 with a market cap of $6.99B and has gained 300%+ in the last 52 weeks illustrating the powerful growth and interest in ECG recording devices today.
In 2019 there were 1,055,000 coronary events and in 2017 over 800,000 US deaths. There is a huge market for addressing this situation with an aging population subject to chronic diseases. Other factors favoring this market sector include the rise of digital health and telemedicine as well as growing pressure on healthcare to lower cost without sacrificing quality.
CBSC is growing internationally through strategic acquisitions and partnerships. CBSC has already acquired an innovative heart-monitoring intellectual property which is the basis of its’ My-Cardia USA, and My-Cardia China. CBSC is expanding nationally into monitoring, testing facilities and services, and has agreements to accelerate this expansion. CBSC is also expanding its product portfolio and technology capabilities through internal activities and through agreements with third-party product developers and manufacturers.
Definitive Agreement to Acquire Commercial Ambulatory ECG Device Manufacturer Datrix, LLC
On November 12th CBSC announced a definitive purchase agreement to acquire Datrix, LLC, a global ambulatory device manufacturer based in Escondido, California. Datrix brings to CBSC a diversely experienced team of highly qualified individuals with extensive knowledge of design and engineering related to medical devices utilized in this ever-expanding market. This acquisition further strengthens the CBSC digital offering with the addition of an existing commercially available product line, which includes wireless mobile cardiac telemetry, cardiac event, extended and standard Holter monitoring through the Datrix Sirona and VX3 devices.
Under the terms of the acquisition agreement, Datrix will continue to operate as an OEM manufacturer to its existing customer base and also become the exclusive manufacturer for the next generation of the CBSC proprietary FDA- and CE-cleared ECG my-Cam Cardiac Event Monitor, including the interactive cloud-based My-Cardia acquisition software and the associated smartphone apps. This acquisition also provides CBSC and its subsidiary My-Cardia (USA) Inc. the opportunity to expand their product offerings quickly with the addition, integration, and implementation of Datrix’s wireless Sirona and VX3 devices. The addition of these new products to the CBSC existing portfolio will now give customers several new alternative monitoring/testing choices, which will further help improve earlier remote detection and diagnosis of problematic cardiac rhythms in patients.
Launch of My-Cardia ECG Products and Services in Thailand
On October 8thCBSC announced the targeted start of cardiac lab services operations in the country of Thailand through the company’s exclusive authorized distributor, Mango Wellness Co., Ltd. (MWC) and My Cardia Thailand Co., Ltd. (MCT), beginning Oct. 29, 2020.
Under terms of the distribution agreement, Mango Wellness Co., Ltd. and My Cardia Thailand Co., Ltd. will be the exclusive distributor for the CBSC proprietary FDA and CE-cleared EKG my-Cam Cardiac Event Monitor, the interactive cloud-based My-Cardia acquisition software, and the associated smartphone apps for both iOS and Android platforms in Thailand. The My-Cardia product line is designed specifically for the Remote Cardiac Ambulatory ECG market to help in the detection of abnormal heart rhythms while providing improved compliance for the patient, as well as more timely, convenient, and accurate information for the physician.
Company Name: CB Scientific, Inc.
Contact Person: Media Relations
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Address:340 State Place
State: CA 92029
Country: United States