CardiacSense doubles orders for its wearable medical watch with a $32.4 million contract in India

7.6.2020

The agreement was signed with a distributor for the company’s product, which monitors detects fever, respiratory and chronic diseases as well as heart arrhythmias at a uniquely precise level of an ECG device

The agreement in India brings CardiacSense’s total backlog to over $60 million. The company is in the process of receiving FDA and CE regulatory approvals for marketing in the US and Europe.

Tel Aviv, June 4 2020 – CardiacSense, an Israeli MedTech company which has developed the first of its kind medical watch for remote patient vital signs monitoring and detection of fevers, heart arrhythmias and chronic diseases, has announced the signing of an exclusive distribution agreement in India worth at least $32.4 million, bringing the company’s total backlog of orders to more than $60 million.

As part of the agreement, CardiacSense will supply 150,000 medical watches for use in hospitals, home hospitalizations and monitoring chronically ill patients over the next 4 years, to Xplore Lifestyle Solutions, which has been operating in India for the past 40 years as a manufacturer and distributor of medical rehabilitation products.

“The agreement in India is a major business success, demonstrating the international recognition that our solution, for constant monitoring, is the optimal technology for a range of diagnoses,” said CardiacSense Founder and CEO Mr. Eldad Shemesh. “Supporting this is the fact that our clinical results speak for themselves with unprecedented success in precise measuring, to a level of 99%, of heart arrhythmias using a wearable medical wristwatch, as part of a clinical trial conducted in three medical centers in Israel and abroad.”

“At the same time as signing distribution agreements in Argentina, Spain, Turkey, Uruguay, Australia, South Africa, and Chile, in the past months, we have submitted all that’s required to receive FDA and CE approvals in order to also enter into major agreements in the US and Europe. We believe that we are only at the beginning of the road, and we are working to commercialize our solution in additional territories and markets.”

CardiacSense is leading in the response to the demand for remote monitoring of diseases and the status of diagnosed diseases of patients in clinics and hospitals. This need is characterized by the growing global trend to switch to online community digital healthcare, which this year has become necessary due to the coronavirus crisis.

CardiacSense’s watch uses a combination of unique patent-protected technology of optical indicators with temperature, movement and pressure sensors in order to monitor the vital physical measurements of patients and transmit data directly to their personal physicians. Among other things, the watch measures respiratory rate, heart rate, blood pressure and blood oxygen saturation and detects cardiac arrhythmias and heart failure at the uniquely precise level equivalent to an ECG.

About CardiacSense

Israeli technology company CardiacSense has developed the first medical watch of its kind for remote monitoring of health measurements, deterioration of chronically ill patients, vital parameters and detecting cardiac arrhythmia. The watch is based on a combination of unique patent-protected technology that was developed by the company to read optical indicators together with temperature, movement, pressure and other sensors, which allows constant monitoring of the vital physical measurements of patients such as temperature, respiratory rate, blood pressure, blood oxygen saturation and pulse at the uniquely precise level equivalent to an ECG. CardiacSense’s watch is designed to replace expensive, complex and invasive monitoring equipment and allow convenient, constant and effective monitoring over time at any time and place including outside of hospitals and clinics. Thus, the company is leading the response for the growing global demand for remote monitoring solutions and home hospitalization, both during the coronavirus crisis and ordinary times, as part of the global trend of switching to online community digital healthcare. CardiacSense was founded in 2009 and its offices are in Caesarea.  www.cardiacsense.com