Stock Exchange Release
Free for publication on September 10, 2020 at 8.00 a.m. (CEST+1)
Bittium Biosignals Ltd, a subsidiary of Bittium Corporation, and Preventice Technologies, Inc., a subsidiary of Preventice Solutions, Inc., and a leader in digital healthcare solutions and remote cardiac monitoring services powered by deep learning and artificial intelligence, have signed a supply agreement under which Bittium will supply Preventice with BodyGuardianŽ MINI cardiac arrhythmia monitors. This agreement is an extension to the supply agreement between Bittium and Preventice, signed in February 2018, under which Bittium has supplied customized wireless ECG monitoring devices during the last three years. Bittium issued a stock exchange release in reference to the original agreement on February 13, 2018.
If materialized in full, the total value of the agreement signed today is approximately USD 22.9 million, (approximately EUR 19.4 million based on an exchange rate of September 9, 2020), with revenues recognized gradually during the years 2021, 2022, 2023 and 2024. This agreement does not change Bittium's 2020 financial outlook published in the Half Year Financial Report January-June 2020 on August 6, 2020.
Bittium and Preventice entered into a strategic partnership in 2018 and it has been strengthened with further development of the world's first 16-day, IP67 BodyGuardianŽ MINI ECG arrhythmia Holter monitor designed to enhance wearability through ease-of-use and comfort. Bittium provides its high-end ECG technology that, together with Preventice, has been tailored and advanced to enhance physician and patient experience in remote cardiac monitoring. Preventice is the exclusive worldwide sales and marketing distributor of the customized BodyGuardianŽ MINI EL wireless ECG monitor and exclusive U.S. sales and marketing distributor for Bittium's ECG device technology. Known as the BodyGuardianŽ MINI family of monitors, these ECG sensors record and continuously store electrocardiography waveforms, and provide multiple modalities in a single device including short and long-term Holter, cardiac event monitoring (CEM) and mobile cardiac telemetry (MCT).
"With our 35 years of experience in biosignal processing we are pleased to continue and enhance our strategic partnership with one of the world's leading cardiac monitoring companies. We welcome the future collaboration with Preventice to provide industry leading cardiac monitoring capabilities and solutions to the market," says Hannu Huttunen, CEO of Bittium Corporation.
"We are pleased to extend our supply agreement and the strategic relationship with Bittium to better serve our customers. Our continued collaboration will help us bring even more innovative solutions to patients and physicians," says Jon P. Otterstatter, CEO of Preventice Solutions.
In Oulu, Finland, and Minneapolis, Minnesota (U.S.),
September 10, 2020
CEO, Bittium Corporation
Tel. +358 40 344 3507
Nasdaq Helsinki Oy
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its 35 year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology, neurology, rehabilitation, occupational health and sports medicine. Net sales in 2019 were EUR 75.2 million and operating profit was EUR 6.3 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com
Preventice Solutions is a leading developer of mobile health solutions and remote monitoring services that connect patients threatened by cardiac arrhythmias. Using insights to create revolutionary monitoring technologies, this tech-enabled, service-based approach can ultimately reduce the cost of care and improve health outcomes. The Preventice wearable portfolio includes the PatientCare Platform and BodyGuardianŽ family of monitors. For more information please visit www.preventicesolutions.com .