After tailing off for much of 2012, shares of Cardiocomm (TSXV:EKG) have perked up of late. The company’s stock hit a recent high of $.39 cents last Tuesday after announcing it had submitted an application with the U.S. Food and Drug Administration for clearance of an electrocardiogram viewer technology called GUAVA II.
GUAVA is a medical software device with a formal application programming interface that can be used to capture, store and analyze electrocardiograms. Management says the device, which may be licensed to other software developers, will streamline workflow and reduce staffing costs for high-volume ECG call centres
“We believe GUAVA will continue to be one of the most sought-after ECG viewers in our market. Given its ease of use, efficient editing tools and customizable features, and with the enhancements scheduled with an FDA clearance, GUAVA II will continue to be the favoured solution in the industry,” said Mona Palfreyman, director of quality assurance and customer support for the company.
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Shares of Victoria-based CardioComm caught fire early in January after the company announced it had cleared an important hurdle in its goal to market a new handheld ECG device called the HeartCheck Pen. CardioComm’s ECG solutions, including its Global ECG Monitoring System, have been built from the ground up to capitalize on a changing healthcare landscape, where intelligent networks and remote access are meant to ease the burden on busy hospitals and clinics. BCC Research estimates that The global telemedicine market is expected to grow from $9.8 billion in 2010 to $23 billion in 2015, for a compound annual growth rate (CAGR) of 18.6% over the next 5 years.
CardioComm lost of $951,488 on sales of $1,110,974 for the six months ended June 30, 2012.
Shares of Cardiocomm closed Friday down 1.4% to $.365 cents.