Wearable Health Solutions, Inc. (the “Company” or “WHSI”), formerly known as Medical Alarm Concepts Holdings Inc., headquartered in Toronto, Canada with satellite U.S. offices in King of Prussia, PA, Syracuse, and Westchester County, NY and Orlando, FL, is a personal monitoring technology developer focused on mobile alert and tracking devices for emergency medical and occupational safety markets worldwide, concentrating on North American markets. Incorporated under Nevada laws in July 2008 and operating primarily through its wholly-owned Pennsylvania-registered subsidiary, Medical Alarm Concepts LLC, the Company (www.wearablehealthsolutions.com) has over the years introduced several generations of cutting-edge Personal Emergency Response System (“PERS”) solutions, ranging from at-home medical alarms called MediPendant® (www.MediPendant.com), designed mainly for independently-living seniors, to advanced mobile-alert smart-devices branded iHelp™ (www. ihelpalarm.com), which have also been recently marketed as employee check-in and safety trackers for lone field workers.
WHSI generates revenues from sale of its PERS devices and recurring service fees based on monitoring subscription plans. In addition to the U.S. and Canada, which contribute a vast majority of the Company’s business volume, WHSI has also in the past sold its solutions practically across all continents, including countries such as New Zealand, Denmark, Ireland, Brazil, Barbados, Bermuda and the People’s Republic of China. Unlike the majority of existing PERS companies, the Company’s products are distributed predominantly on a wholesale basis to dealers consisting mainly of residential security companies, home healthcare providers and rehabilitation centers, and to retail customers through mass outlet chains or direct in-house sales channels. Working with more than 15 central monitoring stations and approximately 200 dealers, WHSI reported serving over 7,000 end-users as of November 2020 and filling an order book of 2,000+ potential activations.
Fueled by rapidly-growing worldwide geriatric populations, especially in developed countries targeted by WHSI, and technology-driven mobile healthcare (“mHealth”) trends invigorated globally by the COVID-19 pandemic, the already-vibrant PERS industry was estimated by ReportLinker.com to post a 14.8% revenue growth spike in 2020, benefitting long-term from the converging telemedicine practices and Internet-of-Things (“IoT”) communication technologies. The Company is currently preparing to launch its next-generation state-of-the-art iHelp MAX, a telehealth-ready 4G cellular network device fully-integrated with the Company’s proprietary mHealth Central Cloud Management and Automation platform, which will provide the capacity to connect to various body-mounted biological function sensors and other wearable equipment for remote monitoring, data collection and processing.
Recent Highlights
- March 23, 2021, the Company announced continued progress on its new iHelp MAX Telehealth Ready and Emergency Device to be manufactured and distributed to its dealers and partnerships. In addition, the Lone Worker product development for the commercial markets is making solid progress.
- December 31, 2020, the Company announced that it has started to develop its new 4G Telehealth Ready Device product to be manufactured and distributed to its dealers and partnerships. The product will have more advanced features and Bluetooth capabilities to recognize other devices to register data to be used to monitor health vitals of users. The device will serve the baby boomers population which is estimated at growing uo to 10,000 people per day and address the growing markets of telehealth needs to help reduce healthcare insurance costs.
- December 21, 2020, the Company announced that it has received SEC approval for its 1-A offering effective November 10, 2020. The company intends to access the capital markets in an effort to raise up to $5,000,000 in equity capital. The proceeds from this offering may be used for various corporate activities including funding of our new 4G Telehealth Ready Device and our Lone Worker Products for commercial market use, applications and distribution and for debt reduction.
Outlook
Facing highly conducive market conditions triggered in part by the COVID-19 pandemic, the Company is on the verge of executing a pivotal product launch of its iHelp MAX 4G™ device designed specifically to capitalize on latest mPERS real-time location tracking features and emerging wearable health monitoring technologies. The multifaceted multilingual iHelp MAX 4G™ along with the versatile mHealth Central Cloud Management and Automation platform will offer a simple easily-customizable turn-key solution with a greatly enhanced marketability profile, marking an unprecedented opportunity for more extensive North American market penetration, where the Company’s subscribers are currently concentrated and intensified global expansion beyond presently served regions, especially in less developed countries, where life expectancy levels keep rising, fertility rates continue falling and technology adoption increases consistently. As social isolation standards and independent remote work practices become increasingly and even perennially accepted worldwide, the iHelp MAX 4G™ solution will be marketed for two distinct applications targeting separate global markets, namely: (1) medical emergency and health condition trackers for vulnerable segments of the aging and medically-at-risk populations, and (2) occupational safety and employee performance alerts for lone workers in a variety of industries.
As such, the introduction of iHelp MAX 4G™ is expected to provide a significant upsurge in revenues from new product sales and upsell opportunities, as well as increased levels of general monitoring, premium data and other optional high-margin services. With prior reports of product development activities nearing finalization, the Company’s groundbreaking release could be imminent, allowing a 60-90 days period for arrangement of outsourced manufacturing capacity, production turn-around and proper build-up of deployment infrastructure, subject to available funding. The Reg-A offering, if successful, will also significantly improve the Company’s financial standing and sure-up its balance sheet.
The Company plans to sell the iHelp MAX 4G™ solution wholesale through its dealer network, which it intends to expand to include healthcare companies, including hospitals, insurance providers and managed care organizations. The management claims to currently be in discussions with several wholesale groups looking to distribute its products through their own independent channels and in conjunction with their own monitoring services. The Company is also developing a program designed for specific retailers, for sale of WHSI branded and white label products. Finally, the Company anticipates to recruit one or two sales and customer service experts, adding to its current count of 10 full-time employees.
Provided that the management can secure additional financing and execute its product roll-out strategy, the Company appears poised to experience unparalleled revenue growth over the next 12 to 24 months following the iHelp MAX 4G™ launch. This could potentially return the Company to profitability when profit margins improve from the current levels. The Company anticipates significant revenue growth in the near future.
