CardieX Ltd lifts FY21 sales growth target on the back of strong March quarter

Sales since the beginning of 2021 have increased by more than 30% compared to the same period in fiscal year 20.

() has raised its forecast for fiscal 2021 revenue growth after a successful March quarter by 40%.

CardieX, a global medical technology company focused on hypertension, cardiovascular disease, and other vascular diseases, posted steady revenue growth in the penultimate quarter of fiscal 21.

Excluding royalties, medical device sales increased 30% year over year on a currency-neutral basis, with key new team members and market growth driving the increased sales targets.

Two pillar strategy

CardieX CEO and General Manager Craig Cooper said the company is investing in both medical device products and wearable devices for consumers to diversify its product offerings and create value for shareholders.

"Ultimately, under the CardieX Holding, we will have two separate but intertwined businesses," he said.

“ATCOR will continue our traditional medical device business - a brand built on a history of technology and 25 years of advanced cardiovascular solutions for the medical and clinical market.

“Regardless of this, our wearable and consumer strategy will be combined under a new consumer-oriented brand, which we will present at the end of April / beginning of May after the brand strategy has been concluded.

“Personally, I am very pleased with the company's development and look forward to presenting it to shareholders after the closing.

"I know you will share my mission and vision to ensure that all of our new products not only provide unique and valuable health solutions for patients and consumers, but also have the ability to have a significant impact on the global health market."

ATCOR is gaining traction

CardieX's ATCOR division, which develops and markets medical technologies that measure patient risk for high blood pressure, cardiovascular disease, and other related vascular diseases, performed well, according to Cooper, which is why sales targets were raised.

“With strong growth across all market segments and the addition of new equipment, our internal revenue target for FY22 is to significantly increase our expected results for FY21, which will also lead to a return to profitability for FY21 the company will be up to at the end of the calendar year 2022, ”he said.

Sales of the XCEL and Oscar 2 devices are in the research, clinical trials, pharmaceuticals, and specialist clinic markets and are part of five global studies that CardieX is supporting and the preferred equipment supplier for with companies like Bayer, the world's largest Hypertension and COVID-19 study - the CARTESIAN study - aims to investigate the immediate and long-term vascular consequences of COVID-19.

The company is now looking to expand its advocacy and reimbursement strategy to open significant new markets for physicians in the areas of gestational hypertension, kidney disease, cognitive health and heart failure.

On the consumer side

CardieX is also working hard to develop devices for consumers. Three new devices are in various stages of development and production.

Of particular interest is Pulse, a world's first dual blood pressure monitor that incorporates our patented central blood pressure technology and several new, patent-pending cardiac health parameters based on ATCOR's FDA-approved SphygmoCor® technology.

The product launch of the ATCOR Pulse device is expected in the late 2nd quarter / FY22.

Meanwhile, the company is working with Mobvoi to develop a smartwatch with its patented technology, which is expected to hit the market in the early third quarter of fiscal year 22, and the new Arty Band, the next evolution in its device strategy with a wearable consumer, the consumer provides advanced health diagnostics, including "cuff-less" blood pressure monitoring.

- Daniel Paproth

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