The company is hoping to sign a distribution agreement for its device with pharmaceutical chains in the coming quarters.
Medical device company InterCure Ltd. (TASE:INCR), which markets a device for regulating blood pressure, has published its financial report for the second quarter of 2007. The company posted NIS 8.3 million in sales, 40% higher than in the corresponding quarter in 2006. Gross margin for the quarter rose to 73% of sales from 60% in the corresponding quarter. Sales for the first half of the year rose 54% to NIS 18.1 million over the corresponding period last year. NIS 13.1 million of InterCure's sales were to the US market. Despite the increase in sales, the company still ended the quarter with a loss of NIS 6.2 million.
InterCure floated on the Tel Aviv Stock Exchange (TASE) in the preceding quarter, and it currently has a market cap of NIS 236 million, 7.5% higher than its IPO price. The company's flagship device, "RESPeRATE" has received US Food and Drug Administration (FDA) approval for use as a non-invasive device for regulating blood pressure. The device uses a personalized musical melody composed of two distinct inhale and exhale guiding tones, designed to help users regulate their breathing patterns in order to lower their blood pressure. InterCure still does not have approved insurance reimbursement for the device, although it is already selling it at the regular price through doctors, and directly to customers. The company is hoping to sign a distribution agreement with pharmaceutical chains in the coming quarters.
Published by Globes [online], Israel business news - www.globes.co.il - on August 22, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007