STOCKHOLM, SWEDEN / ACCESSWIRE / April 11, 2024 / PMD Device Solutions (FRA:8T0)(STO:PMDS) ("PMDS") today announced it has signed a transfer agreement with the Trustee of Coala-Life Group AB ("Coala Life") to purchase its US subsidiary Coala Life Inc. and intellectual property and technology portfolio for the price of 3.6 MSEK.
PMDS has acquired the key assets of Coala Life for the purchase price of 3.6 MSEK with operational control passing to CEO Myles Murray as of signing.
Through the signing of the transfer agreement, PMDS will continue to focus its European business on growing accounts for RespiraSense and likewise to focus the US business on growing Coala's offering. During the next 6-9 months, PMDS will evaluate its 2026 financial Annual Recurring Revenue target and adjust it to match the new sales potential of the group.
PMDS plans to include key developments of the number of patients per month in quarterly reports going forward, in addition to processing existing financial targets.
"I want to highlight my gratitude to the Coala team for their support with our due diligence. They have developed a very capable team and culture across Billing, Finance, Clinical Operations, Quality, and Sales, with significant learnings of what it takes to succeed. Today, approximately 1,400 patients per month are billed across a total of 15 clinics. The core clinics have the potential to generate over 5,000 patients per month. These represent the most reliable clinics for the business today. There is significant growth opportunity within these core clinics."
"This immediate focus is to strengthen the foundation of the business, with the goal of achieving US operational profitability within Q2 2024. This will be achieved by implementing operational efficiencies while growing existing core accounts to their full potential." Says Myles Murray
"We are greatful also to the Trustee and lawfirm Lindskog Malmström for their work in assisting with the evaluation and signing of the acquisition opportunity."
For additional information, please contact
Myles Murray, CEO
Phone: +353 86 887 4994
E-mail: myles@pmd-solutions.com & for general enquiries investor.relations@pmd-solutions.com
The Company's Certified Adviser is Redeye.
Information about PMDS
PMD Device Solutions AB develops and sells medical products for respiratory monitoring in both the hospital and homecare setting. Its primary product is RespiraSense, a solution used for monitoring respiratory rate to support the detection of patient deterioration early and to avoid preventable respiratory failure and adverse patient outcomes. RespiraSense is, to the Company's knowledge, the world's only continuous, motion-tolerant respiratory rate monitor delivering class-leading reliability in measuring respiratory rate. RespiraSense is a novel technology that is commercialised in Europe, the UK, and FDA cleared in the US. The company's shares are listed on Nasdaq First North Growth Market (STO: PMDS).
Coala Life
About Coala Life
Coala-Life Group AB is a medical device company founded in Sweden focusing on cloud-based cardiac and pulmonary diagnostics. The company has developed and launched the Coala Heart Monitor - a multi-award winning, FDA-cleared and CE-approved product platform enabling long-term remote monitoring, analysis and algorithm-based diagnostics of heart and auscultation of lungs, remote in real-time. The Coala Heart Monitor is mainly marketed to healthcare providers as an Rx solution for patients' everyday lives and home environments. The company's solutions are based on over 10 years of R&D and are protected by over 30 patents. Coala Life Group AB filed for bankruptcy on March 22nd and has been delisted from Nasdaq First North as of April 8th 2024. For more information, see www.coalalife.com.
Attachments
PMD Device Solutions signs transfer agreement for key assets in Coala-Life Group AB to accelerate its US market entry
SOURCE: PMD Device Solutions
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