Growing revenue for dorsaVi

Company News

dorsaVi has announced its Preliminary Financial Report for financial year 2015, reporting a 141 per cent increase in revenue to $1.85 million.

A full year loss of $8.03 million reflected expenses related to the company's decision to establish a global sales force along with significant marketing activity.

According to the company, the year was highlighted by stronger sales performance in the second half and what it described as a significant new business pipeline.

Second half revenue grew by $0.74 million, up 20 per cent on the first half result of $0.62 million and 334 per cent on the corresponding period last year.

"The regulatory, economic and clinical environment for our products continues to strengthen globally and this has been evident in the progress illustrated in the this end of year Financial Report," said CEO, Dr Andrew Ronchi. "We are proud of our achievements as we continue to develop as a global company in the researched backed, medical grade, wearable technology space. The year ahead looks very promising for dorsaVi."

"There are currently more than 163 active customers and 171 devices in the market with the company signing both new customers and extending existing company relationships," it said. "dorsaVi Workplace Solutions, the occupational health and safety arm of the business, is the largest contributor to revenue followed by dorsaVi Clinical and dorsaVi Elite Sport."

The company recently announced that a number of leading US professional and college sports teams have adopted its ViPerform technology.

"ViPerform serves an important role in raising awareness and validating dorsaVi's technology, as well as informing its product development pipeline which has resulted in new software such as the running application," it said.

"dorsaVi Workplace Solutions was only launched in the UK and US in March but has since signed a number of major, international companies including Caterpillar, VInci, Transport for London, Napp Pharmaceuticals, Anaheim Police Department and Skansia."

Its Workplace Solutions business is underpinned by the ViSafe wireless sensor technology, which tracks and measures how people move in real-time work situations, so companies can assess risky movements with hard data, and then design fact-based solutions to create a safer work environment.

The company's ViMove business helps clinicians manage their patients by providing objective data that measures human movement with a view to minimise the risk of injury and support rehabilitation.

The FDA recently granted 510(k) clearance for the expanded use of ViMove. It can now display lower back and pelvic movement data, allowing clinicians to independently isolate lumbar spine and pelvic movements.

The company said new clinical data showed that patients monitored and treated using ViMove had a significant and sustained improvement in pain and functional ability.