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Medipattern's Visualize:Vascular(TM) Usage Doubles(July 16, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 07/16/12 --
Attention: Business/Financial Editors
The Medipattern Corporation ("Medipattern" or "the Company") (TSX VENTURE:MKI), announced today that volume for its patented and FDA cleared Visualize:Vascular(TM) 3D carotid rendering product doubled during the quarter ended June 30, 2012 as compared to the previous quarter. Visualize:Vascular is sold to the medical imaging market on a fee per use basis.
"Visualize:Vascular offers an exceptional value proposition for the vascular market. Usage is measured through scan volume or the number of patients scanned for evaluating their carotid arteries using Visualize:Vascular. As previously reported scan volume for the quarter ended March 31, 2102 was 355. Scan volume for the quarter ended June 30th was 723 which is an increase of 103% over the prior quarter. However, the more important metric is the increase in customers regularly using Visualize:Vascular. These customers have more than doubled and include large multi-facility private practices which perform a large volume of carotid procedures placing them in the over 3,000 procedures per year category. More recent installations also include mobile ultrasound practices such as SonoCare and MD&T of New Jersey which can average over 10,000 carotid exams per year. Visualize:Vascular is now installed and in use in the states of North Carolina, Pennsylvania, New Jersey, New York, and New Hampshire where reimbursement for the procedure has been established and proves to be strongly supported by all of the major US healthcare insurance payers including Medicare, Blue Cross/Blue Shield, Blue Card, United Healthcare, Met Life and over 20 other payers," stated Jeff Collins, President and CEO of Medipattern.
"While there may be other 3D software packages, Visualize:Vascular is the only product which renders carotid residual lumen which is the pathway of blood to the brain. Looking at the lumen in 3D gives a different perspective from the commonly used Doppler method which measure the velocity of the blood. Visualize:Vascular shows you the detailed shape of every restriction in the artery and measures the change in diameter directly. Experts consider Visualize:Vascular to be a good adjunct procedure with Doppler "Visualize:Vascular's value proposition is strong: increased understanding of carotid blockages which in turn leads to better patient care, and it directly increases practice revenue while using the same ultrasound equipment that the practice already has with no need for capital investment. Visualize:Vascular is a win-win for patient care, medical practices, medical providers and healthcare insurance payers," added Mr. Collins.
Carotid disease, which can lead to stroke, is linked to obesity and diabetes. Stroke is the leading cause of morbidity and is the third leading cause of death in the world today. The US Government Accountability Office (GAO)(1) reported that there were more than 41 million ultrasound procedures performed in 2005; where 75% of these procedures were cardiovascular procedures and 20% of cardiovascular procedures or roughly 8 million were vascular procedures. Updating this to today's volume, estimates that more than 80 million ultrasound procedures will be performed in 2012 in the US alone, with over 55 million cardiovascular procedures where specifically over 16 million of these are vascular imaging; making the vascular ultrasound imaging market a $5 billion to $8 billion a year segment within the $15 billion to $20 billion a year cardiology ultrasound segment in the US alone. Globally, cardiovascular ultrasound equipment is considered to be a greater than $100 billion market by independent industry analyst Frost and Sullivan.(2)
"As we bring on each new account there is a significant start up cycle. Practices have to contact their referring physicians to educate them so that they prescribe the procedure for qualifying patients. Technologists need to be certified to scan using the proprietary Medipattern protocol and reading physicians need to be trained to understand how to use the results. Large practices begin to use Visualize;Vascular on a limited site / limited resource scale and then roll-out the procedure to their other facilities and full referring base. Our results during the past two quarters are from a mix of older customers that are fully implemented and new customers that are still in the roll-out phase. These sites have far greater potential which the company will benefit from an increased scanning volume in ensuing months. Our goal is to continue to increase volume by focusing on adding large new accounts while continuing to deploy throughout existing accounts," concluded Mr. Collins.
(1) United States Government Accountability Office (GAO), "Medicare Ultrasound Procedures, Consideration of Payment Reforms and Technician Qualification Requirements" 2007 based upon 2005 data. (2) Frost and Sullivan, "US Ultrasound Markets Research Report", 2004 #A675-50. "European Markets for Ultrasound Report, 2008", #M0D4-50.
About the Medipattern Corporation:
Medipattern is a pioneer in the development of imaging software solutions that help medical practitioners to better understand lesions and critical anatomy. Medipattern's technology is patented and FDA approved. Medipattern uses its Cadenza(TM) technology to process images, finding the salient region of interest and presenting them in 2D and 3D formats that enhance the reader's perception. For more information, please visit the Company's website: www.medipattern.com.
Medipattern is a registered mark of The Medipattern Corporation. Cadenza(TM) and Visualize:Vascular(TM) are trademarks of the Medipattern Corporation. MYTRAK is a registered trademark of MyTrak Health Solutions, Inc.
This document contains forward-looking statements relating to Medipattern's performance, operations, or business environment. These statements are based on what we believe are reasonable assumptions given currently available information and our understanding of Medipattern's current activities. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential", and similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. These factors include but are not limited to those set forth in the Company's corporate filings, (posted at www.sedar.com). In addition, these forward-looking statements relate to the date on which they are made. The Company disclaims any intention or obligation to update or revise any forward-looking statements for any reason. Readers should not rely on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Medipattern Corporation
(416) 744-0009 ext. 224
Spinnaker Capital Markets Inc.
(416) 962-3300 ext. 226
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