Simavita Limited
ASX : SVA
TSX VENTURE : SV

Simavita Limited

October 30, 2015 10:59 ET

Simavita Releases ASX Appendix 4C for the Quarter Ended September 30, 2015 and Provides Market Uptake Data for SIM™

SYDNEY, AUSTRALIA--(Marketwired - Oct. 30, 2015) - Simavita Limited (ASX:SVA) (TSX VENTURE:SV) ("Simavita" or the "Company"), a global leader in the digital healthcare sector, is pleased to release its ASX Appendix 4C for the quarter ended September 30, 2015. The Company is also pleased to provide data demonstrating the growing adoption of SIM™ in both domestic and international markets.

ASX Appendix 4C - September 30, 2015

Cash receipts from customers for the quarter were $223,816. This figure represents an increase of 148% over the total cash receipts from customers for the corresponding quarter in 2014 of $90,223.

Highlights during and immediately post the September quarter included:

  • Execution of sales and marketing agreement with Paul Hartmann Pty. Ltd. to further expand the distribution of SIM™ in the Australian marketplace.

  • Global roll out of the Software as a Service (SaaS) business model commenced.

  • Two Canadian distribution partners signed up to distribute SIM™ on a non-exclusive basis in Canada and, post the quarter, the first Canadian chain signed up under a SaaS model.

  • The Company has further strengthened its global patent portfolio with the granting of six new patents during the quarter.

  • Distribution arrangements with Medline modified, transitioning to a non-exclusive distribution agreement in parallel with the strengthening of Simavita's own US sales and marketing team.

Immediately post the quarter:

  • Significant funding ($469,450) awarded by the Queensland Health Department to fund the deployment of SIM™ in rehabilitation wards of two major hospitals in Brisbane over the next two years.

  • Sales of SIM™ in the North American market continue to grow, with new agreements signed representing 2,500 beds, and further pilots underway as part of the expanding North American pipeline.

Simavita's CEO, Mrs. Philippa Lewis commented, "We have worked hard in the September quarter to reset our approach to business development in the North American market, and are now better positioned for flexible growth. The amendment to our distribution agreement with Medline has been key to enabling Simavita to work directly in the region, and we're starting to see early results from the change.

"In addition, the recently-awarded funding by the Queensland Department of Health for the deployment of SIM™ in the acute care rehab market opens up a potentially large and exciting market for our products. This, coupled with sales and marketing agreements in Australia with Hartmann and Bunzl, supports and reinforces our direct sales strategy", she said.

Market uptake data for SIM™

As a result of the highlights noted above, and other important initiatives such as the release of the Version 4.10 sensor, the global deployment of SIM™ has continued to increase during the September quarter.

Subsequent to the end of the September quarter, a significant proportion of the contracted sites awaiting deployment of SIM™ have commenced using the technology.

As announced on October 14, 2015, the Company has the equivalent of 18 contracted SaaS sites in the rehabilitation wards of the two large public hospitals in Queensland following the successful applications made under the Queensland Department of Health's New Technology Funding and Evaluation Program.

This brings the combined total number of deployed and contracted sites to well over 100.

In addition to the above, the Company's Danish distributor, Abena, has recently ordered further inventory of SIM™ assessments which are now being deployed across a number of Danish sites.

The Company is also pleased to note the increasing number of pilots scheduled in the coming months. Many pilots are being conducted in facilities that are part of larger groups and commonly pilots lead to the deployment of SIM™ across the group.

The Company's SaaS business model includes the SIM™ software and consumables which are invoiced and paid on a monthly basis, and recognised as revenue each month, as is common with other similar SaaS models. Importantly, as the Company's customer base increases, these payments will form a valuable annuity stream for Simavita

"We are confident that the Company's growing pipeline, supported by the encouraging number of contracted sites together with the pilots that are now scheduled, will result in growing sales of SIM™ over the coming quarters", Mrs. Lewis added.

About Simavita

Simavita is a digital healthcare company that has developed an innovative software platform. The first application for the platform is a world first solution for the management of urinary incontinence, with a focus on the elderly. This platform technology 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 ("TSX-V") 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 the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) 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.

Forward-Looking Information

This document may contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking information"). This forward-looking information is given as of the date of this document.

Forward-looking information relates to future events or future performance and reflects Simavita management's expectations or beliefs regarding future events. Assumptions upon which such forward-looking information is based include that Simavita will be able to successfully execute on its business plans. Many of these assumptions are based on factors and events that are not within the control of Simavita and there is no assurance they will prove to be correct.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "potential", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or information that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Simavita to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to actual results of current business activities; changes in business plans and strategy as plans continue to be refined; other risks of the medical devices and technology industry; delays in obtaining governmental approvals or financing or in the completion of development activities; as well as those factors detailed from time to time in Simavita's interim and annual financial statements and management's discussion and analysis of those statements. Although Simavita has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Simavita provides no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

Contact Information

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

    Simavita Limited
    Thomas Howitt
    Chief Financial Officer
    +61 418 351 127
    www.simavita.com

    Media and Investor Relations
    Jane Lowe
    jane.lowe@irdepartment.com.au
    +61 411 117 774