USCOM LIMITED — Investor Presentation 2015

Nov 18, 2015

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November 2015 – Investor Presentation

Uscom (UCM) – Global Medical Devices and Revenue Growth

Rob Phillips

PhD(med), MPhil(med), FASE, DMU(cardiol) Associate Professor, Critical Care Research Group, School of Medicine, The University of Queensland Executive Chairman/CEO

The Measure of Life

Disclaimer

This presentation is intended to provide a general outline only and is not intended to be a definitive statement on the subject matter. The information in this presentation, whether written or verbal, has been prepared without taking into account the commercial, financial or other needs of any individual or organisation.

While Uscom (the "Company”) has taken due care in compiling the information, neither the Company nor its officers or advisors or any other person warrants the accuracy, reliability, completeness or timeliness of the information or guarantees the commercial or investment performance of the Company. Certain information may relate to protected intellectual property rights owned by Uscom. By viewing this presentation the viewer accepts the terms of the accompanying Company NDA. The information does not constitute advice of any kind and should not be relied on as such. Investors must make their own independent assessment of the Company and undertake such additional enquiries as they deem necessary or appropriate for their own investment purposes. Any and all use of the information is at your own risk.

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Uscom

“A rapidly growing Australian medical device company with world leading products and a strategic global vision…”

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Uscom

“Products generate profit”

Outstanding science Experienced and sector leading people High growth (+50% pa), innovative medical device company Key cardiovascular pulmonary markets with multiple products De-risked technology Strategic growth from recent acquisitions Valuable IP with high margins (75+%) Growth from US focus and reimbursement Marketing of new product lines Fundamentals to drive value Value investment

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Uscom vision

AusBiotech Company of the Year, 2014 Johnson & Johnson Innovation Industry Excellence Awards

“A milestone driven, rapidly growing global medical device company, with real products, real revenue, real growth and an aggressive growth strategy”

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Current Business

• Premium noninvasive cardiovascular and pulmonary monitoring devices

• Addressing the growing threat of superbugs, heart failure, hypertension and asthma

• Validated, clinically accepted, cost and life saving devices with critical applications

• IP protected with regulatory approvals

• Uscom BP+ for market 2016 - $7m over 5years Chinese contract in place

• +50% revenue growth in Asia and Europe, with US market ahead

Financials

• Corporate Board & Management Financials

• ASX listed (UCM)  Rob Phillips, Chairman & CEO  Sales +59% 2015  Headquartered in Sydney  Sheena Jack, Director  Revenue +48% 2015  (HCF, Moneytime Health) ($2+m) Market cap of $15m

• 92m shares on issue  Christian Bernecker, Director  Cash consumption - <$1m  Rob Phillips, Founder and (Stream)  Gross Margins ~ 78%  Nick Schicht, General Manager 

• CEO, holds 20% of Cash ~ $2m company

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• Uscom Annual report

Strategic growth

Complementary products and technology

Fluid, Sepsis & Heart Failure

• US 1.3bn market[*]

• CAGR of 7.6%[*]

• CE, FDA, TGA, CFDA

Hypertension & COPD Vascular Health

& Asthma

• US 1.7bn market[*]

• US 400m market[*]

• CAGR of 11.5%[*]

• CAGR of 6.5%[*]

• CE, FDA, TGA

• CE, TGA, FDA

USCOM 1A

BP+

Cardiac Output Monitoring Blood Pressure Monitoring

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Acquired July 2013

SpiroThor Pulmonary Monitoring

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Acquired Sept 2015

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• Source: MedTech Insight; Transparency Market Research

USCOM 1A

Non invasive, accurate, compact technology platform solution Heart failure, hypertension, sepsis

Accurate cardiac output

Cardiac stroke volume Systemic vascular resistance Left + right heart measurement

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Works with all other hospital equipment Intuitive touch screen Real time data Platform technology with multiple uses

Non invasive, real time, beat-to-beat haemodynamics

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Uscom BP+

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Central BP - New Wave Supra-systolic Oscillometry Central Blood Pressure and Pulse Pressure Wave Analysis The new standard for hypertension

• FDA, CE Mark, TGA approvals

• Supra-systolic Central BP+

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• Reliable and

• accurate

• Central and

• Brachial BP

• Replaces sub-systolic methods (cuff)

• Home or clinic

• PPW Analysis

• Results in

• 30 seconds

• No training required

Platform

technology with multiple uses

Stand alone, non invasive, accurate, compact system

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Uscom SpiroSonics (Thor)

Uscom SpiroSonic (Thor) – High fidelity digital Ultrasonic spirometry For asthma, COPD, and drug compliance monitoring

• Digital ultrasonic spirometry

• Multi-path ultrasonic sensing

• FDA, CE, and TGA approvals

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• Reliable and accurate

• Auto calibration

• Research, home and clinic

• Wireless transmission

• SpiroReporter analysis software

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• FloFree tube – low resistance

• Software guided examination and report

• Simple disinfection

• Platform sensors with medical and industrial applications

Stand alone, non invasive, accurate, compact system

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De-Risked technology

Featured in 450+ peer reviewed publications and presentations

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Sepsis, Heart failure, Hypertension, Fluid management, Emergency, Pediatrics, Cardiac transplantation, Electrophysiology, Emergency transport, Anesthesia, Liver transplantation, ICU, Pre-eclampsia, Pulmonary hypertension, Nurse outreach, Organ procurement, Haemodialysis, Neonates, infants, Children etc……..

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Global People

Nick Schicht Steve Haken Andrew Kenig

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Denise Pater Tina Wu Rik Denicke Rob Phillips

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Global Euro Aus

Global Global USA Global

Bev Jacobson Richard Scott Hanna Maartensson George Tang Lindy Belleza George Ferenczi Hagay Gilad Steve Wilson

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Global Global Aus

Aus

Aus

Global Aus

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USA
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Results - Growth

Revenue and Income

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$2,500,000
$2,039,426
$2,000,000
$1,500,000 $1,377,716
$1,010,942
$1,000,000
$500,000
$0
2013 2014 2015
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Distribution Agreements

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40 38
35
30
27
25
20
15
12
10
5
0
2013 2014 2015
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Current revenue only from USCOM 1A BP+ and Thor revenue in 2016 Distribution – sales – revenue

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Results - Growth

Quarterly Cash Receipts

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600,000
500,000
400,000
$
300,000
200,000
100,000
0
Q3 13Q4 13Q1 14Q2 14Q3 14Q4 14Q1 15Q2 15Q3 15Q4 15Q1 16
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Current revenue only from USCOM 1A BP+ and Thor revenue in 2016 Distribution – sales – revenue

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New Acquisition

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Uscom has acquired 100% of Thor Laboratories - Asthma

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Company Overview

Uscom benefits

• High fidelity digital Doppler spirometers

• Cash flow positive, revenue of $500k

• Established manufacturing - 15 years

• Accredited international manufacturing

• Global reach

• 4 + 3 products, CE, FDA, TGA approvals

• Reimbursement in multiple markets

• Global distribution

• Strong R&D and grant history

• Technical R&D team 16 engineers

• Seeking partners in US Home Care + Asthma

• Marketing and management

Synergy of science, operations and strategy

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• Agreement subject to DD and Uscom capital raise

New Products – Asthma & COPD Products in Market New Products

New Products

Digital Doppler Spirometer

Home use

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With Diagnostics and WIFI

Digital wifi spirometer

New - SpiroSpacer Drug delivery measure Telemetry to iPhone app Smart spacer Patient interactive

New - SpiroNet Digital wifi spirometer Remote clinical monitoring Cloud diagnosis

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Professional System

Desktop with advanced software analytics

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New - Whistler Neonatal Asthma diagnostic

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Thor Manufacturing

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• Global approvals

• Manufacturing and R&D

• Experienced engineers

• Established reputation

• USCOM and BP+ reserve

• University Budapest links

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Internationally ISO accredited medical device manufacturing

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Uscom + Thor (1 + 1 = 3)

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1. George Ferenczi	Thor and product development
2. Nikolett Makovinski	General Manager
3. Nora Sima	Marketing Manager
4. Zoltan Rozsnyik	Software developer
5. Gergely Csiszler	Electronics Development
6. Attila Stefan	Embedded systems engineer
7. Gyorgy Salanki	Production Manager
8. Aniko Gyori	Quality Management and sales
9. Adam Szabo	Mechanical Engineer
10. Gabor Marko	Electrical Engineer
11. Robert Pataki	Design and electronics engineer

12. Balazs Herczeg	Mechanical engineer, product dev
13. Szabolcs Reichhardt	Quality Assurance
14. George Szabo	Software developer
15. Szabolcs Hogye	Software developer
16. Balazs Szakolczai	Mechanical engineer and design
17. Zsolt Nemeth	Regulatory
18. David Krcs	Software
19. Hunor Racz	Web Developer (PT)
20. Ferenc Nagy	Med Device Auditor (PT)
21. Daniel Gizella	Product Design (PT)

Thor (Uscom Budapest) = 18 full time, 3 part time

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People and Manufacturing

Post acquisition headcount

Total Headcount

40 35 30 25 +183% 20 15 12 10 7 5 0 Uscom 2011 Uscom 2015

Combined Headcount

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7
34
6 Manufacturing and
engineering
5
4
3
2
1
0
Uscom 2016
Headcount
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Thor Uscom

More people and More Manufacturing = More Revenue

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Operations growth

1. Uscom Aus

Maintaining growth

1. Uscom UK

2. Uscom Budapest 4. Uscom USA

2 •[•] • •[•][ •] • •• 3

[•] • • • • •[•] •

[•] • •

[•] • •

4 • •

• • • •

• • •

•

Key Markets 1. AsiaPAC – 65% 2/3. Europe – 27% 4. Nth America – 8%

• • •[•] •

US Focus 2016 Stephen Wilson – Former VP Corporate Development Welch Allyn appointed

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1
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US Marketing

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Rebranding – Renaming – Repricing - Releasing

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Multiple Products

Three product ranges entering profit phase

	Concept	Product	Pilot	Validation	Regulatory	Revenue	Global Distribution	Profit 2016
USCOM	✓	✓	✓	✓	✓	✓	✓	±✓
Uscom BP+	✓	✓	✓	✓	✓	✓	✓	±✓
Thor	✓	✓	✓	✓	✓	✓	✓	✓

Investment to Profit

IP shifting to profit

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US CPT Code Status

US Reimbursement Codes for Uscom Technologies

Uscom Products	CPT Code	Descriptor	Value (USD)
Uscom BP+	93050	Central BP and PPWA*	$17.91
SpiroThor	94010	Spirometry	$36
	94060	Pre andpost bronchodilator administration, spirometry	$61
	94375	Respiratoryflow volume loop	$40
USCOM 1A	76999	Unlisted ultrasound services - TDM** and EDM	$76

• Pending 510k update

** In review

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Revenue Targets

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Thor
Total Revenue
20,000,000
18,000,000
16,000,000 BP+
14,000,000
12,000,000
Thor
$ 10,000,000
BP+
USCOM
8,000,000
USCOM
6,000,000
4,000,000
2,000,000
0
2015 2016 2017 2018 2019 2020
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$20m revenue by 2020 - 5 year CAGR of 58%

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The Future

Value Cascade

Completion of Capital Raise Products USCOM 1A Uscom BP+ Spirotube Otthon S roDesk SpiroSpacer SpiroNet ThorSoft	Completion of Capital Raise Products USCOM 1A Uscom BP+ Spirotube Otthon S roDesk SpiroSpacer SpiroNet ThorSoft	Completion of Capital Raise Products USCOM 1A Uscom BP+ Spirotube Otthon S roDesk SpiroSpacer SpiroNet ThorSoft		Sales	Sales	Sales		Operations	Operations	Operations		Opportunities Share price growth Dividend Transaction	Opportunities Share price growth Dividend Transaction
	Completion of Capital Raise USCOM 1A Uscom BP+ Spirotube Otthon S roDesk SpiroSpacer SpiroNet ThorSoft				New appointments Current distribution Thor distribution New distribution Major partners Re-imbursement US market focus				Global operations Increased products Increased scale Cost effective manufacture Revenue growth Profitability				Share price growth Dividend Transaction

Products – Sales – Revenue - Opportunities

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Industry comparators

Reported and Predicted EBITDA

Capitalilsed Value

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2 120
1.5
1.5
FY 15
100 96
1 0.8 FY16
FY 17
0.5
0 80
0 68
x5
UCM ACG ADR
-0.5 60
-1
40 x4
-1.1
-1.5 -1.2
-1.6
-2
18
20
-2.5
-2.3
-2.6
-3 0
-3
UCM ACG ADR
-3.5
AUD (m)
AUD (m)
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UCM -Ben Kakoschke – 5[th] October, 2015 ADH –John Hester – 15[th] October, 2015 * estimate

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ASX:UCM

Investment - Right sector, right Company, right time….

UCM share price

Revenue and Income

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$3,500,000
$3,100,000
$3,000,000
$2,500,000
$2,039,426
$2,000,000
$1,377,716
$1,500,000
$1,010,942
$1,000,000
$500,000
$0
2013 2014 2015 2016
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Unsustainable disconnect between performance and price!

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• Target

New Research

Investment - Right sector, right Company, right time….

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5[th] Oct 2015 5[th] Oct 2016 12mth Increase 0.14c (14m) 0.42c (42m) +200%*

12 month Projections and price and cap value targets

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• Ben Kakoschke – 5[th] October, 2015

Uscom

Value investment ✓ Experienced management ✓ Strong underlying business ✓ Strong growth phase ✓ ✓ Invested in future growth Premium global markets ✓ Diversified and lifesaving technologies ✓ Aggressive global growth strategy ✓ Two new product ranges for market in the next 12mths ✓ Right time – as Q1 2016 results indicate ✓

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November 2015 – Investor Presentation

Uscom (UCM) – Global Medical Devices and Revenue Growth

Thanks

Rob Phillips

PhD(med), MPhil(med), FASE, DMU(cardiol) Associate Professor, Critical Care Research Group, School of Medicine, The University of Queensland Executive Chairman/CEO

USCOM 1A Competitive Advantage

Method	Manufacturer	Technology	Rel+Rep	Non- invasive	Simple	Cost	Portable	SV beat to beat
USCOM 1A	Uscom	Doppler	✓	✓	✓	✓	✓	✓
BioZ	Samsung	BioImpedance	✗	✓	✓	✗	✓	✗
NiCOM	Cheetah	BioReactance	✗	✓	✓	✗	✓	✗
Nexfin	Bmeye	APP	✗	✓	✓	✓	✓	✗
CardioQ	Deltex	Doppler	✓	✗	✓	✗	✓	✗
LiDCO	LiDCO	LiCl dilutio +APP	✓	✗	✗	✗	✗	✗
LiDCOrapid	LiDCO	APP	✗	✗	✓	✗	✗	✗
PiCCO (mod Tx + PP)	Pulsion	APP	✓	✗	✗	✗	✗	✗
FloTrac	Edwards	APP	✗	✗	✗	✗	✗	✗
PAC (Tx)	Many	Thermodilution	✗	✗	✗	✗	✗	✗

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Testimonials

“This machine is saving lives, there are no two ways about it.”

Professor Brendan Smith, Anesthetist, Intensivist and Emergency Physician, N.S.W. Dept of Health, Australia

“USCOM has changed the way I look at the cardiovascular status of my patients.

It’s part of the initial shock evaluation and monitored regularly thereafter…. USCOM has now been established as the standard of care.”

Dr Akash Deep, Director of Paediatric ICU, King's College Hospital, London

“The USCOM device is a simple method of accurately and noninvasively measuring central circulation, a goal of cardiology for many years. The device has the potential to change the way we approach management of sepsis, heart failure and hypertension.”

Professor Malcolm West, Cardiologist, Mayne Professor of Medicine at The University of Queensland School of Medicine, Brisbane, Australia and Uscom Medical Advisory Board Member.

“I have used USCOM for over 5 years now on our very sick children, and use it to guide management. We are now beginning multi-centre, global research which will define the way USCOM is used in Paediatric Departments across the world.”

Dr Joe Brierley, Consultant Intensivist, Great Ormond Street Hospital for Sick Children, London, UK.

“The USCOM device is really good; I use it in all my aneasthetics. I think there should be one on every ICU bed and on every anaesthetic patient.”

Dr Steve Woodford, Consultant Anaesthetist, circulatory researcher at Australian School of Advanced Medicine, and Uscom Investor,

“To parents and doctors this machine, USCOM, is priceless. This machine is thought to have saved baby Abbie’s life.

BBC Documentary “New machine helps save babies life”, 2010, Nottingham Children’s Hospital

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BP+ Competitive Advantage

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Uscom BP+	TensioMed	BPLab	IEM	Centron	AtCor
Australia	Hungary	Russia	Germany	UK	Australia
USD 3,500	USD 6,000	USD 7,000	USD 7,000	USD 6,300	USD 20,000
1 min	2 min	2 min	2 min	1 min	1 min
Stand-alone	ABP, needs computer	ABP, needs computer	ABP, needs computer	Stand-alone	Needs computer
CE, FDA, TGA	CE	CE	CE, FDA	CE	CE, FDA
Aortic + brachial waveform	Central systolic BP	Rough waveform	Rough waveform	Rough waveform	Rough waveform
Physical model	Statistical regression	Transfer function	Transfer function	Transfer function	Transfer function

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Why ?

Independent research from Cambridge University, Weill Cornell, University of California, Wales Heart Institute – BP+ = Four stars

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BP+ is on the international space station

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McEniery CM, Cockcroft JR, Roman MJ, Franklin SS, Wilkinson AB. Central blood pressure: current evidence and clinical importance. Euro Heart J 2014;doi10.1093/ eurojeartj/eht565

Thor Competitive Advantage

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Uscom Thor	Welch Allyn	Schiller	Sibelmed	Vitalograph	MIR	Carefusion	NDD
Australia	USA	Switzerland	Spain	USA	Italy	USA	Switzerland
SpiroSonic	SpiroPerfect	Spirovit SP-1	Dataspir Touch	Pneumotrac	Spirodoc	Microloop	EasyOne PLus
USD 1,990	USD 2,100	USD 1,850	USD 2,300	USD 2,030	USD 1,580	USD 2,180	USD 1,990
Multi-Path Ultrasound	Diff Pressure	Diff Pressure	Turbine	Diff Pressure	Turbine	Turbine	Single Path Ultrasound
Accurate Auto calibration SpiroReporter Fully digital FreeFlo sensor Hygeinic SpO2 Bluetooth Rechargeable	Multiple iterations	Multiple iterations	Multiple iterations	Multiple iterations	Multiple iterations Conssumable turbines	Multiple iterations	Accurate Consumable tube

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CPT Codes and Re-Imbursement

Product	Measure	Region	Code	Price(AUD)	Status
Uscom BP+	Central BP	USA	93050	$25.60	S*
USCOM 1A	Cardiac Output	USA	76999	$107.00	S**
	Cardiac Output	China	310701023	$44.00	✓
	Cardiac Output	China	220600010	$13.50 + $2.50 measure	✓
	Cardiac Output	Australia	TBD	TBD	S**
Uscom Thor	Spirometry	USA	94010	$51.43	✓
	Spirometry	USA	94060	$87.14	✓
	Spirometry	USA	94070	$87.00	✓
	Spirometry	USA	94375	$57.14	✓
	Spirometry	Australia	11506	$20.55	✓
	Spirometry	Australia	11509	$35.65	✓
	Spirometry	Australia	11512	$61.75	✓

S[] Subject to Software modification and FDA notification S[] Under submission – in review

TBD –To be determined

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