Management Reports • Apr 20, 2023
Management Reports
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April 2023
Dear shareholders,
Thank you for your interest in Pulsenmore Ltd, and for investing your resources in our company.
Pulsenmore recently published its annual report presenting a year-over-year increase of X6.7 in sales - from \$0.5 million in 2021 to \$3.2 million in 2022.
The company sold about 7,500 units of its flagship product, the Pulsenmore ES, and 400 units of the Pulsenmore FC product.
The gross profit for 2022 amounted to approximately \$1.5 million, up from about \$0.2 million in 2021.
Summarizing 2022 and looking in 2023, I would like to share with you our perspective on five main topics:
First and foremost, 2022 was the year we saw the vision of Home Ultrasound comes to life and change our perception of what is possible in healthcare. Thousands of pregnant women successfully preformed 10's of 000's of scans at the comfort of their own home and received remote clinical advice.
Our capability to enable remote quality care is contributing not only to the mothers' peace of mind and convenience, but is also helping to save lives, impacting babies, mothers, and families alike. We witnessed a few cases in which abnormality was detected and patients were immediately referred to urgent care. This is inspiring and at the core of our mission.
We believe in constant improvement and thus continuously keeping in close contact with our users, to drive further improvements to our products.
2022 Marked the first year of our partnership with GE healthcare. We spent significant efforts working with GE on readiness for wide distribution and proud to update we've accomplished the 1st significant milestone of 5,000 units dispatch for GE.
We have an ongoing partnership with Clalit, Israel's leading HMO. In 2022 we saw the ES units become a standard product, easily accessed by patients through the HMO. In 2022 we also laid the grounds for a significant cooperation with Sheba - Tel Hashomer, one of the leading hospitals in Israel and in the world.
We will continue to expand our distribution capabilities both in our home base and globally, focusing on adjusting the right value proposition for each territory with value adding partners. Health systems require a unique understanding of their individuals' landscapes, challenges and needs and therefore specific adjustments.
Our key focus in 2022 was full productization of our ES model – both the physical cradle & unit's ecosystem. In 2023 we will have both the Android and iOS versions available. As the percentage of iOS users is significantly high in the US, iOS availability is a critical requirement. Accordingly, we set our production line to support growing quantities for iOS.
We are working to finalize our HOLA (Home Ultrasound Assessment)study as part of our journey to achieving FDA clearance. To the best of our knowledge, we are the 1st company to apply for FDA clearance for a diagnostic procedure performed by a lay user. It is a significant challenge we are honored to undertake.
Looking at additional product pipeline, In December 2022 we handed off the 1st FC units to our partners. The product addresses the segment of woman undergoing IVF procedures. IVF procedures require the patient to frequently arrive at the clinic for ultrasound scans, monitoring the follicles size and endometrium thickness. The FC product will allow the IVF patient to self-scan at home.
We are working alongside leading OBYGN community leaders to explore the full clinical contribution of using our technology. We are leading several clinical trials with both the ES and FC devices, in Israel and in the US, and we plan on initiating more trials in 2023. These trials are at the forefront of telehealth and pose a significant improvement to the current care models.
To succeed in our mission to enable quality diagnostics where previously not possible, the company is aiming to become the largest Ultrasound manufacturer in the world (quantity wise).
We are able to do so by challenging 40 years of traditional manufacturing models allowing high-volume & low-cost production. We have patented a significant part of our development as we see it as a crucial competitive advantage and asset.
The company is constantly working to expand its assembly capabilities and will continue to ramp up and be ready for X10 demand. With this, Pulsenmore will be on track to become the largest manufacturer of ultrasound probes worldwide.
Coming to the end of my update I would like to relate to the economic downturn. Acknowledging the downturn and being ready for a challenging period is crucial, especially for a relatively young company.
Pulsenmore started 2023 with a well-funded position.
We are targeting self-sufficient responsible growth taking into consideration the possible recession.
We are committed to safeguarding the long-term value and sustainability of the company.
Despite the world downturn, we are focusing on sales and will continue to grow in comparison to 2022.
I would like to take this opportunity and send my sincere gratitude and appreciation to our managers and employees. 2022 was extremely challenging and required our people to perform at their best. I am proud of each one of them, for what we have accomplished so far and for all we are going to achieve in the upcoming period. Finally, I would like to thank Mr. Jonathan Adereth, Chairman of the Board, as well as all BOD members, for their devoted support and ability to navigate Pulsenmore towards success.
Elazar Sonnenschein, PhD, LL.B Founder & Chief Executive Officer
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