Wearable Health Solutions, Inc. (OTC: WHSI) Garners Attention in a Surging Healthcare Sector
Demand for Healthcare services is a guarantee, as the clear growth trend associated with that idea as we face an aging population in the developed world. But our established industrial delivery system for those services is ripe for disruption. That’s where technology enters the picture.
The size and scale of the opportunity are exceptional, which is why we are likely to see increasing attention on the key players in this space, including Clover Health Investments Corp (NASDAQ: CLOV), American Well Corp (NYSE: AMWL), Wearable Health Solutions, Inc. (OTC: WHSI) and Teladoc Health Inc (NYSE: TDOC).
Clover Health Investments Corp (NASDAQ: CLOV) bills itself as a company that operates as a Medicare Advantage insurer in the United States. But it is also seen as an innovative technology company committed to improving health equity for America’s underserved seniors.
The company through its software platform provides preferred provider organization and health maintenance organization health plans for Medicare-eligible consumers.
Clover Health Investments Corp (NASDAQ: CLOV) most recently announced the hiring of South Fulton City Councilwoman Carmalitha Gumbs to lead the company’s community organizing efforts and partnership development in Metro Atlanta, and throughout the southeast region to include Georgia, South Carolina (Charleston), and Mississippi (Jackson).
“We are delighted to welcome Carm to the Clover family. She brings invaluable experience serving local communities in Georgia and has spearheaded a number of initiatives to increase access to quality services for the Medicare population in the area,” said Chief Executive Officer Vivek Garipalli. “Improving health equity is core to our foundation, and Carm has a profound understanding of the needs of senior communities throughout the state.”
While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action CLOV shareholders really want to see.
American Well Corp (NYSE: AMWL) trumpets itself as a leading telehealth platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare.
The Company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives.
American Well Corp (NYSE: AMWL) most recently announced financial results for the first quarter ended March 31, 2021, including total active providers of approximately 81,000 at the end of the first quarter increased 240% compared to a year ago and total visits of 1.6 million in the first quarter increased 120% compared to a year ago.
“Our first-quarter results represent a strong start to the year and demonstrate continued momentum across our business. As telehealth evolved from a complimentary service to a fundamental enabler of mainstream healthcare, we too have advanced our innovation and investment strategy: our next generation platform Converge is designed to enable healthcare’s most trusted players to carry out digitally empowered, full-spectrum, unified online, and in-person care. At its core, we believe Converge offers exceptional usability, reliability, scalability, and flexibility. With its modular open architecture and longitudinal capabilities, we believe Converge will simplify innovative collaboration across the ecosystem. We expect to Converge to expand our market opportunity and enhance our own efficiencies over time. We also expect it to accelerate innovators’ ability to impact clinical and financial outcomes by creating a faster path to implement new technologies and services in a single integrated platform,” said Dr. Ido Schoenberg, Chairman, and Co-CEO.
Even with that news, the action hasn’t really heated up in the stock, with shares moving net sideways over the past week.
American Well Corp (NYSE: AMWL) pulled in sales of $57.6M in its last reported quarterly financials, representing top-line growth of 7.2%.
Wearable Health Solutions Inc. (OTC: WHSI) manufacturers medical alarm devices and services that are used to summon help in the event of an emergency. Their products are designed and marketed primarily to the elderly, physically disabled, and individuals living alone through a large international dealer base.
The Company is the manufacturer of the MediPendant, the first home-based medical device that enables the user to speak and listen to the operator directly through the pendant. The Company has since launched a 2G and 3G mobile medical device called the iHelp, and is currently in development of a new product referenced as the iHelp MAX. This device is a cellular medical alert system, Bluetooth and wi-fi enabled, that operates on a 4G network. Operating capabilities commence on AT&T network (GSM-Global) with further capability on Verizon (CDMA-USA) as well.
WHSI recently entered into an agreement with Worldwide Business with kathy ireland®, to create impactful video pieces designed to educate the Company’s target market of dealers and distributors of Wearable Healthcare devices, and for use in promos and social media for prospects, clients, and associates, including, but not limited to Facebook, YouTube, Instagram, Twitter and Linkedin.
Harrysen Mittler, the Chairman & CEO of Wearable Health Solutions Inc. said: “Our marketing plan is driven by the efforts of our dealers. The additional content we provide will result in more products and services sold by our dealer network. This new initiative will not only provide them with content, but also create leads for our dealers, domestic and internationally, offering them a qualified and interested pool of potential customers. Thereby, increasing our revenues of our dealers, and ours as well. It’s a win-win.”
Teladoc Health Inc (NYSE: TDOC) covers various clinical conditions, including non-critical, episodic care, chronic, and complicated cases like cancer and congestive heart failure, as well as offers telehealth solutions, expert medical services, behavioral health solutions, guidance and support, and platform and program services. Its platform enables patients and providers to have an integrated smart user experience through mobile, Web, and phone-based accessed points.
This is one of the core plays in the space at this point given its prior commitment to the Telehealth revolution ahead of the advent of the pandemic.
Teladoc Health Inc (NYSE: TDOC) most recently announced the launch of myStrength Complete, an integrated mental health service providing personalized, targeted care to consumers in a single, comprehensive experience. The announcement comes as more than half of people with mental health concerns report that they do not know where to start when getting care, highlighting the importance of the digital front door myStrength Complete will provide.
“We are connecting the full range of mental health services from apps to clinicians so that people can access timely help, tailored to their needs and on their terms,” said David Sides, chief operating officer at Teladoc Health. “myStrength Complete meets the dual consumer needs of comprehensive mental health care and a simplified experience in one service – developed through the integration of Teladoc Health and Livongo.”
Even in light of this news, TDOC hasn’t really done much of anything over the past week, with shares logging no net movement over that period.
Teladoc Health Inc (NYSE: TDOC) managed to rope in revenues totaling $453.7M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top-line growth of 150.9%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($722.6M against $260.4M).