(NewsDirect)
Irvine, CA – May18, 2022 – G Medical Innovations Holdings Ltd. (NASDAQ: GMVD) (the“Company”), today announced that it will not meet its forecast of$30 million in revenues for the first quarter of 2022. While theCompany is still working on finalizing most of the revenue figures forthe first quarter, the previously reported purchase orders received bythe Company from McDade Products, LLC for 6 million co-branded LiveNowCOVID-19 PCR Test Collection Kits (approximately $20 million inorders) have not materialized into revenues due to a slowdown of thepandemic in the US during the first quarter. Approximately $6 millionof invoices have been submitted for payment, out of which $0.7 millionhas been received and another batch of claims of approximately $1million is to be filed for payment. Further, the proposed budget forCOVID-19 tests which has not yet been approved by the U.S. Congresscreates further uncertainty as to revenue the Company expected toreceive and recognize from sales of such tests in its testing centers.The Company plans to announce the final revenues numbers for the firstquarter of 2022 as part of its financial results release for the firstsix months of 2022. The Biden administration has announced that itexpects another outbreak of the pandemic as early as this fall withnew variants and expects about 100 million patients, which we believewill increase the need for tests.
About G Medical Innovations
G Medical Innovations Holdings Ltd. isan early commercial stage healthcare company engaged in thedevelopment of next generation mHealth and telemedicine solutions andmonitoring service platforms. The Company’s solutions and servicescan empower consumers, patients, and providers to better monitor,manage and improve clinical and personal health outcomes, especiallyfor those who suffer from cardiovascular disease (or CVD), pulmonarydisease and diabetes. The Company’s current product lines consist ofits Prizma medical device (or Prizma), a clinical grade device thatcan transform almost any smartphone into a medical monitoring deviceenabling both healthcare providers and individuals to monitor, manageand share a wide range of vital signs and biometric indicators; itsExtended Holter Patch System, a multi-channel patient-worn biosensorthat captures electrocardiography (or ECG) data continuously,including its QT Syndrome Prolongation Detection Capabilities Patch.In addition, the Company is developing its Wireless Vital SignsMonitoring System (or VSMS), which is expected to provide full,continuous, and real time monitoring of a wide range of vital signsand biometrics. Its monitoring services include provision ofIndependent Diagnostic Testing Facility (or IDTF) monitoring servicesand private monitoring services. Visithttps://gmedinnovations.com/.
Forward-Looking Statements
This press release containsforward-looking statements within the meaning of the “safe harbor”provisions of the Private Securities Litigation Reform Act of 1995 andother Federal securities laws. Words such as “expects,”“anticipates,” “intends,” “plans,” “believes,”“seeks,” “estimates” and similar expressions or variations ofsuch words are intended to identify forward-looking statements. Forexample, the Company is using forward looking statement in this pressrelease when it is providing an update regarding its forecast forfirst quarter 2022 revenue in connection with the previously reportedpurchase orders, uncertainty of additional government funding forCOVID-19 tests and the belief in an increased need for COVID-19testing in the future. Because such actions deal with future eventsand are based on the Company’s current expectations, they aresubject to various risks and uncertainties, and actual results,performance, or achievements of the Company could differ materiallyfrom those described in or implied by the statements in this pressrelease. The forward looking statements contained or implied in thispress release are subject to other risks and uncertainties, many ofwhich are beyond the control of the Company, including those set forthin the Risk Factors section of the Company's Annual Report on Form20-F for the year ended December 31, 2021 filed with the Securitiesand Exchange Commission (“SEC”) on April 29, 2022, and in anysubsequent filings with the SEC. Except as otherwise required by law,the companies undertakes no obligation to publicly release anyrevisions to these forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events. References and links to websites have beenprovided as a convenience, and the information contained on suchwebsites is not incorporated by reference into this press release.
Contact Details
G MedicalInnovations
Kobi Ben-Efraim, CFO
+9728-958-4777
CompanyWebsite
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