Simavita Limited
TSX VENTURE : SV
ASX : SVA

Simavita Limited

January 06, 2015 19:51 ET

Simavita Limited: Record Sales Reported and Canadian Market Update

SYDNEY, AUSTRALIA--(Marketwired - Jan. 6, 2015) - Simavita Limited (ASX:SVA)(TSX VENTURE:SV) -

Highlights:

  • Record sales revenue reported for the first half of the 2015 financial year, with preliminary (unaudited) sales revenue recorded at $458,082; and
  • SIM™ (Smart Incontinence Management) system now available for distribution in Canada.

Simavita Limited ("Simavita" or the "Company") is pleased to advise that its preliminary (unaudited) sales revenue for the first half of the 2015 financial year was $458,082. This figure, which represents a record result for the Company, compares favourably to the total sales revenue for the entire 2014 financial year of $349,895. When compared to the total sales revenue for the corresponding half year in 2014 of $151,283, the current period results represent an increase of more than 200%.

"We are extremely pleased to record such an impressive growth in revenue for the first half of the 2015 financial year," commented Simavita CEO, Ms. Philippa Lewis. "We believe this result clearly indicates that acceptance of SIM™ in both the Australian and the US markets is now gaining momentum. As our sales and marketing activities expand further, particularly in collaboration with our US distribution partner Medline, we look forward to achieving continued growth," continued Ms. Lewis.

Canadian market update

Simavita advises that its SIM™ (Smart Incontinence Management) system is now available for distribution in Canada.

The ability to now market and sell the SIM™ system in Canada is the culmination of a six month preparation and consultation process, during which time Simavita worked with regulatory authorities to demonstrate that the SIM™ system met Canadian regulatory standards.

Canada has a population of 35.5 million people, spread across 10 provinces and 3 territories, of which 5.58 million are aged 65 or older. Approximately 86% of Canada's population, including those aged 65 and over, are located in the provinces of Ontario (38%), Quebec (23%), British Columbia (13%) and Alberta (12%).

"With its significant aged population, Canada represents an important market for Simavita, so we are delighted to now be able to market the SIM™ system for use by Canadians," finished Ms. Lewis.

Simavita is currently in advanced discussions with an aged care group based in Ontario, Canada to showcase the SIM™ technology in the first quarter of the 2015 calendar year.

For further information, see our website (www.simavita.com).

About Simavita

Simavita is a medical device company operating in the digital healthcare sector that has developed an innovative, world first solution for the management of urinary incontinence, with a focus on the elderly. The first product is the SIM™ platform technology which is an instrumented incontinence assessment application that provides evidence based incontinence management care plans to the residential aged care market.

About SIM

SIM™ is a wireless sensor technology that delivers evidence-based instrument incontinence data on individuals. SIM™ provides user friendly tools and software to assess the incontinence condition and to help plan better outcomes. SIM™ is used to detect, record and report incontinence events during a compulsory or recommended assessment period in residential aged care facilities to develop an evidence-based incontinence care plan.

Conducting assessments is mandatory in many countries and the incontinence assessment creates an influential element of care of each individual. For more information on Simavita or SIM™, please visit www.simavita.com.

The TSX Venture Exchange has in no way passed upon the merits of the transactions set out herein and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Except for historical information, this announcement may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, the anticipated date of on the ASX, changing market conditions, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.

ARBN 165 831 309

Contact Information

  • Simavita Limited
    Philippa Lewis
    Chief Executive Officer
    +61 2 8405 6381

    Simavita Limited
    Thomas Howitt
    Chief Financial Officer
    +61 418 351 127

    Simavita Limited
    Jane Lowe
    IR Department
    +61 411 117 774
    jane.lowe@irdepartment.com.au
    www.simavita.com