Business
CardioComm Solutions Achieves Profitability in Q3, Reaching Inflection Point; Market Anticipates New Line up of Product Releases
TORONTO, ON / ACCESSWIRE / November 16, 2016 / Medical electrocardiogram ("EKG") software an...
About this update from Cardiocomm Solutions, Inc.
[{"type":"text","content":"CardioComm Solutions Achieves Profitability in Q3, Reaching Inflection Point; Market Anticipates New Line up of Product ReleasesTORONTO, ON / ACCESSWIRE / November 16, 2016 / Medical electrocardiogram (\"EKG\") software and device manufacturer CardioComm Solutions, Inc. (TSX-V: EKG) (OUGA.SG) (\"CardioComm\" or the \"Company\"), has released its Q3 2016 financials, which reflect revenue-positive performance and the best fiscal performance for any nine-month period in the Company's 17-year history. \nA summary of the financials shows Q3 2016 revenue increased 18% as compared to Q3 2015, with net earnings of $15,829 as compared to a loss of $184,879 in Q3 2015. Year to date, CardioComm Solutions has recorded a net loss of only $21,483, compared to a net loss of $440,571 for the same period ending September 30, 2015. Revenue for Q1-Q3 2016 is $1,176,514.\nSince 2013, the CardioComm's management has worked to successfully reduce expenses while maintaining revenue generation through a series of consolidation and cost-containment efforts. These undertakings have included relocation of the Company's primary office from Victoria, BC, to Toronto, ON, and a complete restructuring of its IT infrastructure that now utilizes the latest Tier III managed cloud and co-location technology resources.\nThis improved fiscal performance was achieved over a period of time when multiple new device integrations were announced with the execution of corresponding co-marketing agreements with the device manufacturers. 2016 product disclosures involve the planned integration of new Smartphone-connected ECG monitoring devices with the Company's medically cleared ECG software technologies. Product introductions are intended to target the well-developed health, wellness, sports, and medical self-monitoring, tele-med and remote medical monitoring markets. \nHow did the Company manage to accomplish all of this during a time of tight fiscal controls?\nBetween 2011 and 2013, an extensive effort was undertaken to develop technologies that formed the base systems for the commercial launch of the HeartCheck™ ECG PEN and establishment of the associated SMART Monitoring ECG reading service. The HeartCheck™ ECG PEN is a portable handheld ECG recorder cleared as a medical device for over-the-counter (OTC) sales. SMART Monitoring ECG reading service provide...