Join our daily newsletter At The Bell to receive exclusive market insights
- CardieX’s health device division has recorded the highest sales growth in the past five years for the first quarter of the 2020 financial year
- Sales for the XCEL product ended the first quarter of 2020 at over $900,000
- The product is designed to better inform health specialists about blood pressure management
- This news comes a week after CardieX reported a consolidated loss of just over $3 million for the 2019 financial year
- CardieX shares are up 4.17 per cent today just before market close
CardieX has reported the highest sales growth in the last five years from its ATCOR division for the first quarter of the 2020 financial year.
ATCOR is the medical device arm of CardieX and has reportedly seen sales growth of 88 per cent this quarter compared to the same time last year.
Sales for CardieX’s flagship XCEL product increased by more than $430,000 over the first quarter of the 2019 financial year and ended the first quarter of 2020 at over $900,000.
The XCEL device is a non-invasive central blood pressure assessment tool designed for central arterial waveform analysis.
Essentially, the product better informs health specialists about blood pressure management and helps physicians care for patients with hypertension, renal disease, heart failure, diabetes, and more.
CardieX saw the biggest sales increases come from the U.S. Pharma industry with sales up 132 per cent. Europe and the Middle East followed close behind with sales up 129 per cent for the quarter.
CardieX CEO Craig Cooper said the company is looking forward to building on the strong start to the year.
“As we continue to roll out new pricing, sales, lead generation, and marketing campaigns we are starting to see the results of these efforts in our monthly growth and revenues,” he said.
The high sales are welcome news for the company, who shared with the market last week a consolidated loss of just over $3 million for the 2019 financial year — a loss $500,000 more compared to 2018.
The company is hoping its investment into marketing and sales — which made up $2.1 million worth of expenses in 2019 — will pay off in the future.
In the meantime, CardieX shares are up 4.17 per cent today just before market close. Shares in the medical company are worth 2.5 cents each in a $17.39 million market cap.
