There’s a saying in health care circles that Alzheimer’s will often kill the caregiver before the patient succumbs to the disease. The shock of a loved one forgetting who you are and the panic when they wander off both have a lasting emotional impact. Medical professionals are still working on that first problem. GTX Corp (OTC Pink: GTXO) has found a solution for the latter.
GTX Corp is a financially responsible “for-profit company with a purpose.” With that purpose being to build products and services that improve people’s wellness and quality of life. GTX is on a mission to help their clients and loved ones “Feel Better” and “Live Better”. Topping that list is their award-winning GPS SmartSole®, a GPS-enabled wearable device for patients with Autism, Dementia, Traumatic Brain Injury (TBI), and Alzheimer’s Disease.
The patented GPS SmartSole is a monitoring device that inserts into the sole of a shoe, making it invisible to both the patient and any outside observers. The idea for the product came about after the widely publicized 2002 abduction of fourteen-year-old Elizabeth Smart. A concealed GPS tracking device in her shoes might have led law enforcement agencies to her much sooner.
The Transition from Pandemic Era PPE is Complete
GTX Corp, following their company mission, was active in the personal protection equipment (PPE) space during the Covid-19 pandemic. According to their Q1 financial report this year, they’ve now sold most of that inventory and have fully positioned themselves to ramp up production and distribution of their wearable GPS monitoring devices.
“With businesses opening back up and overall general travel picking back up, we saw a 132% increase in B2B sales and a 34% decrease in net loss. Overall revenues were down compared to the previous comparable period because we started to transition out of PPE, and we were not able to ship SmartSole preorders until the end of March and into early April. To that end we do however expect our subscription revenue to start ramping back up in the second quarter as we continue to backfill orders and activate users. And we are seeing continued demand for the new 4G SmartSoles with several thousand units of forecasted sales over the coming months just from our international distributors,” commented GTX CEO Patrick Bertagna.
SmartSole Distribution Partnerships Launched Across Europe
Market research conducted earlier this year by Grand View Research estimated the global wearable medical device market at $21.3 billion in 2021. It’s projected to grow to $196.6 billion by 2030, a compound annual growth rate (CAGR) of 28.1%. That’s a huge number. GTX Corp has been forming partnerships to help them become a niche market leader on a global level.
One of those partnerships is with Posifon AB, a Swedish IT/Telecom company focused on senior health care monitoring, which announced that a national agreement was signed that gives all municipalities and healthcare providers across Sweden, access to supply the GPS SmartSole tracking solution and monitoring services. Sweden has a population of more than 10 million people of which approximately 3% have some form of cognitive issues such as Alzheimer’s, dementia, or autism, and under the Health and Medical Services Act, Sweden’s health system provides universal coverage to all legal residents.
“This is a significant development and opportunity to expand the sales and distribution of the GPS SmartSole to over 300 healthcare organizations, from memory care clinics to hospitals and social care organizations across Sweden, and we are excited that our long-term distribution partnership with Posifon is expanding not only in Sweden but across other parts of Scandinavia and Europe as well,” stated Andrew Duncan GTX Director.
Another one of those partnerships is with ProteGear, an IT and GPS tracking specialist company based in Germany. With the 4G technology they offer, GTX will be launching their latest generation of GPS SmartSole with LTE Cat M1 technology in Germany, a country with universal health care and one of the largest senior populations in Europe.
“We are excited to work with ProteGear, parent company Global SafeTrack Systems GmbH, to bring the latest generation of the GPS SmartSole technology to Germany,” stated GTX Director Andrew Duncan. “As the largest senior health care market in Europe, with a population of close to 84 million, it is very important for us to have a strong presence there”
GTX also recently expanded their intellectual property portfolio with two new U.S. patents issued. As health monitoring technology products emerge and heightened global awareness on individual health, this convergence is creating unprecedented opportunities proving the company is on the right track with 2022-2023 expected to be a big year. The Longevity Revolution has begun and GTX is here to make sure we “Live a Longer, Better, Healthier and Safer Life.”
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