Electromedical (EMED), a Leader in Bioelectronic Medical Devices, Updates Shareholders on Recent Achievements and Strategic Advancements
SCOTTSDALE, AZ / ACCESSWIRE / August 8, 2024 / Electromedical (OTC PINK:EMED), a leading innovator in bioelectronic medical devices, is pleased to provide an update to its shareholders, highlighting significant recent achievements and strategic advancements.
Sales Growth: 17% increase in revenue in year ended 2023 over year ended in 2022.
Strategic Partnership: Established partnership with Lionheart Health, winner of the Abbvie Allergan Aesthetics ULP Golden Passport Award and is now an official entrant in the $101 million XPRIZE competition.
Wellness Pro Infinity™: Completed product development showcasing unmatched precision and capabilities with iDNA technology and Digital Synthesis.
Financial Improvements: Successfully renegotiated creditor agreements toward a potentially more favorable path for current and potential investors.
Pre-Order Launch: Opened pre-order sign-ups for Wellness Pro Infinity™, with shipping targeted for September-October, and received a large purchase order from Lionheart Health.
Market Expansion: Onboarded a medical group with 200 sales reps to introduce Wellness Pro Infinity™ to a broad network of medical professionals and clinics across the United States.
Sales Growth and Strategic Vision
EMED experienced a robust year-over-year increase in revenue of 17% year ended 2023, over year ended 2022, driven by strong demand for our innovative medical devices and strategic initiatives.
A pivotal strategic partnership has been established with Lionheart Health, a leader in medical aesthetics and longevity solutions. This collaboration is a testament to the shared commitment of both companies to pushing the boundaries of health and wellness technology. Lionheart Health has earned significant recognition in the industry, recently receiving the prestigious Abbvie Allergan Aesthetics ULP Golden Passport Award. This accolade not only highlights their innovative approach to medical aesthetics but also reinforces their position as a frontrunner in the field. Furthermore, Lionheart Health's entry into the $101 million XPRIZE competition for healthspan extension underscores their dedication to pioneering advancements that could revolutionize how we approach aging and wellness.
The partnership between EMED and Lionheart Health is rooted in a mutual vision to drive innovation and expand the availability of cutting-edge healthcare solutions. "Our partnership with Lionheart Health perfectly aligns with our mission to expand the reach of our new Wellness Pro Infinity™ bioelectronic stimulation device," said EMED CEO Mathew Wolfson. "With all 124 Lionheart Longevity & Wellness MedSpa locations set to feature the EMED Infinity™, this collaboration ensures that more clinicians and patients across the country will have access to our groundbreaking technology. The integration of our device into Lionheart's 'MedSpas' is a significant step forward in providing non-invasive, drug-free pain management solutions that are both effective and accessible.
"This partnership not only enhances the presence of the Wellness Pro Infinity™ in the medical aesthetics and longevity markets but also reinforces EMED's position as a leading company in bioelectronic medicine. By combining Lionheart Health's extensive network, patent portfolio and reputation with EMED's innovative technology, both companies are poised to make a lasting impact on the future of healthcare."
You can read more about their strategic partnership by clicking here.
Wellness Pro Infinity™ Development
EMED is proud to announce the successful completion of the development of the Wellness Pro Infinity™, a major milestone in our ongoing commitment to advancing bioelectronic medical devices. Our dedicated 11-person engineering team has demonstrated remarkable resilience and ingenuity, overcoming significant challenges along the way. Despite facing delays in plastic manufacturing in Europe, the team quickly adapted by sourcing a superior manufacturing partner, ensuring that the highest standards of quality and precision were met.
"The Infinity™ device, featuring our proprietary iDNA technology and the groundbreaking Digital Synthesis system, represents a leap forward in electrotherapy and bioelectronics. We believe that its unmatched precision and technical capabilities set a new benchmark in the entire industry. This advanced technology not only addresses unmet clinical needs but also enhances the effectiveness of treatment, providing even better outcomes for patients. With the Wellness Pro Infinity™, we are confident that we are establishing a new standard for high-end electrotherapy devices, poised to revolutionize the way clinicians approach patient care."
Financial Outlook and Market Readiness
"We are pleased to announce that we have successfully renegotiated a more favorable agreement with certain of our creditors, which includes the elimination of warrants and other restrictive clauses. This achievement puts us on a course towards resolving outstanding debts., strengthening our financial foundation as we move forward," said CEO Matthew Wolfson.
"In tandem with this financial progress, we have launched the pre-order sign-up for the Wellness Pro Infinity™, with shipping targeted for September-October. The response from our existing customer base has been overwhelmingly positive, highlighted by a substantial purchase order from Lionheart Health valued at $473,000. This substantial order highlights the confidence in our technology, as well as the reliability and potential of our latest innovation.
"To further capitalize on this momentum, we have strategically onboarded a medical group comprising approximately 200 professional medical device sales representatives. These seasoned Medical Sales Reps will be instrumental in introducing the Wellness Pro Infinity™ to their existing vast network of medical professionals, hospitals and clinics across the United States. This expansion of our sales force is expected to drive significant sales growth and enhance our overall financial performance, positioning EMED for a strong finish to the year."
Conclusion
Mr. Wolfson continued, "In summary, after years of navigating financial and technological challenges, we are more confident than ever that EMED is now positioned to fundamentally transform how patients, doctors, clinics, and hospitals approach the treatment of chronic pain. Our safe, non-invasive alternative solutions are designed to not only alleviate pain but also significantly improve the quality of life for patients. We believe that we are in a stronger position than ever before to make this vision a reality.
"The development of our electrotherapy device has been a long and dedicated journey, and we are now poised to bring this life-changing technology to patients around the world. Importantly, we are doing so in a way that is financially sustainable, creating value for both our company and our shareholders.
"EMED remains steadfast in our commitment to delivering innovative, high-quality medical devices that enhance patient care and broaden treatment options for medical professionals.
"We extend our deepest gratitude to our shareholders, creditors, and partners for their continued support and confidence in our vision. Together, we are on the path to making a meaningful impact on the healthcare landscape."
About Electromedical Technologies Inc.
Founded in 2002 and headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. provides pain management using cutting-edge frequency-based medical devices. The company has been at the forefront of the alternative pain relief movement since 2007, catering to a diverse array of healthcare professionals.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor a solicitation of any vote or approval with respect to the proposed transaction or otherwise. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Electromedical Technologies, Inc.
16413 N 91st Street, Unit C140
Scottsdale, AZ 85260
electromedtech.com
888-880-7888
ir@electromedtech.com
Contact Information
Cristina Clubb
Electromedical Technologies, Inc.
ir@electromedtech.com
SOURCE: Electromedical Technologies Inc.
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