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USCOM LIMITED — Investor Presentation 2016
Mar 16, 2016
65979_rns_2016-03-16_0a1e02cf-efb3-489e-9319-7eae19b289c2.pdf
Investor Presentation
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March 2016 – Canary Investors Presentation
Uscom (UCM) – Global Medical Devices and Revenue Growth
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Rob Phillips
PhD(med), MPhil(med), FASE, DMU(cardiol) Associate Professor, Critical Care Research Group, School of Medicine, The University of Queensland Uscom 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.
Uscom
“A rapidly growing Australian medical device company with world leading products and a strategic global corporate vision…”
Uscom – Devices the experts use
4
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Uscom Recognition
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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Uscom – Devices the experts use
Business Background
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Premium noninvasive cardiovascular and pulmonary monitoring devices
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Addressing the growing threat of superbugs, heart failure, hypertension and asthma
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Validated, clinically accepted, cost and life saving devices with critical applications
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Aggressive global growth strategy
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IP protected with regulatory approvals
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Uscom BP+ and SpiroSonic for market FY 2017
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+50% revenue growth from USCOM alone, with BP+ and SpiroSonic revenue ahead
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Corporate Board & Management Financials
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� 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 $18m
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� 100m shares on issue � Christian Bernecker, Director � Cash consumption - <$1m � Rob Phillips, Founder and (Stream) � Gross Margins ~ 78% � Nick Schicht, General Manager �
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CEO, holds 20% of Cash ~ $1m company
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Uscom Annual report
Strategic growth
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Rapidly strengthening balance sheet Acquisitive, strategic and diversified entity Acquired and integrated Pulsecor (2013) and Thor (2015) Debt free acquisitions – scrip, raising and operations Scientific, operational and strategic synergy New product developments funded from operations Two new product suites ready for revenue/market UK entity established Budapest manufacturing profitable Preparing for volume manufacture of BP+ and SpiroSonic
Uscom – Devices the experts use
Products and Market
Multiple high fidelity noninvasive digital medical devices
Fluid, Sepsis
& Heart Failure
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US 1.3bn market[*]
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CAGR of 7.6%[*]
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CE, FDA, TGA, CFDA
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Hypertension & Vascular Health
COPD
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& Asthma
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US 1.7bn market[*]
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US 400m market[*]
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CAGR of 11.5%[*]
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CAGR of 6.5%[*]
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CE, FDA, TGA
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CE, TGA, FDA
USCOM 1A
BP+
Cardiac Output Monitoring Blood Pressure Monitoring
SpiroSonic Pulmonary Monitoring
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- Source: MedTech Insight; Transparency Market Research
Products - USCOM 1A
Heart failure, hypertension, sepsis, fluid Non invasive, accurate, compact, platform technology
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
Products - Uscom BP+
Hypertension, heart failure and vascular disease Central Blood Pressure and Pulse Wave Analysis The new standard for hypertension
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FDA, CE Mark, TGA approvals
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Supra-systolic Oscollometry
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• Reliable and
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• accurate
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• Central and
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• Brachial BP
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• Replaces sub-systolic methods (cuff)
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Home or clinic
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• PPW Analysis
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• Results in
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30 seconds
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• No training required
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• Platform technology with multiple uses
Stand alone, non invasive, accurate, compact system with BP+Reporter
Products - Uscom SpiroSonic
Asthma, COPD, Occupational Lung Disease and drug compliance High fidelity digital Ultrasonic spirometry
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Digital ultrasonic spirometry
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Multi-path ultrasonic sensing
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FDA, CE, and TGA approvals
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Reliable and accurate
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Auto calibration
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Research, home and clinic
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Wireless transmission
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SpiroReporter analysis software
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FloFree tube – low resistance
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Software guided examination and report
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Simple disinfection
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Platform sensors with medical and industrial applications
Stand alone, non invasive, accurate, compact system with SpiroReporter
Future - Big Data
Big data needs high quality sensors Uscom specialises in high quality non-invasive sensors
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Software analytics
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Telemetric signals
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Cloud based processing/diagnosis
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Personalised clinical advice
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Medication and dosage
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Serial monitoring
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Multiple measures
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Home care market
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Subscription service model
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Global partners – China, US, Euro
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Multiple software providers – few hardware providers
Stand alone, wireless, accurate, compact, digital devices
De-Risked Technology
Featured in 400+ 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……..
Global
Continued Global Growth
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Uscom Aus
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Uscom UK
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Uscom Budapest 4. Uscom USA
2 •[•] • •[• •] • •• 3
[• ] • • • • •[•] •
[•] • •
[•] •
4 •• • •• • • • • • • • • •
[[•]] • 1
• Key Markets • 1. AsiaPAC – 65% •[[•]] • 2/3. Europe – 27% 4. Nth America – 8%
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US Focus FY 2017 Stephen Wilson – Former VP Corporate Development Welch Allyn appointed
New US Products
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For launch early FY 2017
Uscom – Devices the experts use
US CPT Codes
US Reimbursement Codes for Uscom Technologies
| Uscom Products |
CPT Code |
Descriptor | Value (USD) |
|---|---|---|---|
| BP+ | 93050 | Central BP and PWA | $17.91 |
| SpiroSonic | 94010 | Spirometry | $36 |
| 94060 | Pre andpost bronchodilator administration, spirometry | $61 | |
| 94375 | Respiratoryflow volume loop | $40 | |
| USCOM | 76999 | Unlisted ultrasound services - TDM* and EDM | $76 |
- In review
Uscom – Devices the experts use
Growth - UCM
A blue sky story with de-risked operations
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UCM Revenue and Income
$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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UCM Distribution Agreements
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 SpiroSonic revenue in FY 2017
Growth - UCM
UCM Quarterly Sales Revenue
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800,000
700,000
600,000
500,000
$ 400,000
300,000
200,000
100,000
0
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16
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Current revenue only from USCOM 1A BP+ and SpiroSonic revenue in FY 2017
Multi-Products
Three product ranges entering profit phase
| Concept | Product | Pilot | Validation | Regulatory | Revenue | Global Distribution |
Profit 2016 |
|
|---|---|---|---|---|---|---|---|---|
| USCOM 1A | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ±✓ |
| Uscom BP+ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ±✓ |
| SpiroSonic | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Investment to Profit
IP shifting to profit
Revenue Targets
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SpiroSonic – FY 2017
BP+ - FY 2017
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Total Revenue
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20,000,000
18,000,000
16,000,000
BP+ - FY 2017
14,000,000
12,000,000
SpiroSonic
$ 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
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Products Sales Operations Opportunities USCOM 1A New appointments Global operations Share price growth Uscom BP+ Current distribution Increased products Dividend BP+Reporter Thor distribution Increased scale Transaction SpiroSonic Completion of New distribution Cost effective Capital RaiseSmart manufacture Mobile Major partners Revenue growth Tube Re-imbursement Profitability SpiroReporter US market focus
Converting in off balance sheet assets to revenue.
Right Sector - Health
ASX 10 yr CAGR % pa
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14.0
12.1
12.0
10.0
8.0
6.0
3.5
% 4.0
2.0
0.1 0.0
0.0
S&P 200 Financial NAB Materials BHP RMD Healthcare
-2.0 Index (Mining) Index
Index
-2.4
-4.0
-4.5 -4.3
-6.0
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UCM sales growth 2014 – 67% 2015 – 59%
-
1[st] Feb 2006 – 1[st] Feb 2016
-
Exclusive of dividends
Health - Growth sector
Uscom – Devices the experts use
Right Time for Growth
Revenue Growth % pa
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60
50
40
Uscom
30
Resmed
%
CSL
20
Cochlear
10
0
2013 2014 2015
-10
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Right company, right time…..
Industry Comparators
Reported and Predicted EBITDA
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2 1.5
1
0
UCM ACG ADH
-1
-0.7
FY 15
-1.1 -1.1
-2 FY16
-1.81
-2.2 FY 17
-3
-2.76
-4
-4
-5
-5.15
-
6
Code Cap Value Current Target
UCM 16m 0.17 0.42
ACG 36m 0.18 0.28
ADR 70m 0.50 1.19
AUD (m)
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-
Estimate *
-
Paterson’s, Taylor Collison, BellPotter.
ASX:UCM
Disconnect between performance and price!
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
$1,500,000 $1,377,716
$1,010,942
$1,000,000
$500,000
$0
2013 2014 2015 2016
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Investment opportunity…..
- Estimate
Research - UCM
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5[th] Oct 2015 5[th] Oct 2016 12mth Change 0.14c (14m) 0.42c (42m) +200%
12 month Projections and price and cap value targets
Ben Kakoschke – 5[th] October, 2015
Uscom
Value investment ✓ Experienced management ✓ Strong underlying business ✓ Strong growth phase ✓ ✓ Invested in growth Premium global markets ✓ Diversified and lifesaving technologies ✓ Aggressive global growth strategy ✓ Two new product ranges for market in the next 12mths ✓ Right time – Q3 2016 results imminent ✓
Uscom
“Has acquired global assets to ensure reliable revenue growth for investors for the coming decade.”
Uscom – Devices the experts use
March 2016 – Canary Investors Presentation
Uscom (UCM) – Global Medical Devices and Revenue Growth
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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 – Devices the experts use
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 | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ |
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
Uscom – Devices the experts use
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 |
Uscom – Devices the experts use
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
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 SpiroSonic |
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 1,890 | USD 2,100 | USD 1,850 | USD 2,300 | USD 2,030 | USD 1,580 | USD 2,180 | USD 1,990 |
| Dual 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 |
Uscom – Devices the experts use