Highlights:
As I noted in our last quarterly, we’re on track for record revenues for FY24 with strong performance from our pharma sales group, as well as in our traditional sales to the research and clinician markets. Currently, we are on track to exceed $12m for FY24 compared to $6.01m for FY23.
Sales to the research market in May were the highest for the previous 6 month period, and with June traditionally being our strongest sales month in this sector, we are confident of achieving a record year of research sales by financial year-end.
With new leadership in our pharma team, we also have an active dialogue on multiple new pharma opportunities as we look to extend our FY24 sales growth into FY25.
New product update
Our initial production units of the Conneqt Pulse are scheduled to arrive the first week of July. These units are being distributed to our initial “pilot” partners, key opinion leaders (KOL’s), and members of our clinician network.
The first full (3,000 unit) production run and deliveries to the US are scheduled for Q1 FY25, with further deliveries ramping up throughout the remainder of the year based on what we anticipate being strong demand from our waitlist campaign (discussed below). It’s worth noting that we are well prepared for future orders with a chip inventory in excess of 30,000 units and a strong relationship with our chip suppliers to meet future demand.
New product sales and pre-launch activity
Importantly, we are strongly focused on sales and pre-launch activity surrounding the Pulse in advance of product delivery. On this front, I am pleased to report on some of our recent commercialization efforts:
1. Pulse “Waitlist” Campaign. This month we relaunched the ConneqtHealth.com website, which now includes a “waitlist” for those looking to get first access to the Pulse. I’m excited to report that based on current trends for our ongoing waitlist signup program it’s anticipated that we’ll have over 20,000 people on the waitlist by the time we plan on taking orders for the Pulse. It’s especially exciting as the waitlist only represents our initial marketing outreach efforts in 1 of the 4 target customer segments for the Pulse – consumers and patients. For those on the waitlist, we have also started an active digital “nurturing” campaign to continue to excite and educate our community as to the value of monitoring arterial biomarkers using the Pulse. Our marketing team has done an excellent job of engaging with potential customers and we are thrilled with the response to our waitlist campaign so far. I would invite you to sign up for the waitlist at ConneqtHealth.com to get updates as we move towards launch.
2. First Global Physician Partnership Signed. I’m also happy to announce the signing of our first physician partnership for the Pulse with PhysioAge. PhysioAge is a global network of clinicians specializing in naturopathic, functional, and longevity medicine. The partnership provides for Conneqt and PhysioAge to work together to incorporate the Pulse across the PhysioAge network.
3. Conneqt Telehealth Partnership. This quarter we confirmed a partnership with Heartbeat Health, the largest decentralized cardiology practice in the United States. Through the partnership, Heartbeat Health clinicians will provide telehealth services to Pulse users, starting with a virtual consultation to obtain the initial prescription for the device. When fully integrated into the Conneqt Health app, we envision that through this partnership Pulse users will be able to receive quarterly reports from a cardiology specialist on their arterial health based on analysis of the Pulse biomarkers, as well as other premium subscriber services.
4. Relaunch of ConneqtHealth.com and Cardiex.com. As mentioned above, we recently relaunched our ConneqtHealth.com website as the main gateway for eCommerce sales of the Pulse to consumers and patients. At the moment the site is set up to secure sales leads via our waitlist campaign. In the coming months you’ll also see expanded product pages, our blog, and full eCommerce capabilities being launched on the site, as well as integration of Heartbeat Health telehealth services.
Separately, this month we also relaunched a completely new Cardiex.com website. Cardiex.com will continue to be the main corporate site for the company as well as the main platform for marketing our technology and products to our traditional clinician, pharma, and research markets. It’s a great new website with a lot of valuable information to support sales, marketing, and customer service to our traditional customer base.
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