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Research firmLitchfield Hills Research reiterates its ‘Buy Rating’ and $0.20price target on Wearable Health Solutions, Inc. (OTCMKTS: WHSI) in itsnewest November 2, 2022 Report. Analyst Theodore O’Neill sees WHSIovercoming logistics headwinds, achieving triple digit growth andcreating revenue of $2,650,000 in FY2023
“The volume numbers seem reasonable,” saysO’Neill. “We plan to update reports quarterly.” A ‘Buy’rating implies an expectation that the stock is anticipated to providea total return of 15% or more within a 12-month period,” LitchfieldHills Research says.
Investors can review the research report by clicking this link http://www.hillsresearch.com/wp-content/uploads/2022/06/WHSI-Initiation-2.pdf
“We find this to be aninteresting product for silver medical care online,” he concludes.“There are a growing number of internet savvy older people who wishto remain at home — not in nursing homes.”
Technology Growth OfiHelp4GMAX™ And Web-Based Platform
O’Neill sees a short-term $75K shortfall involume in Q4FY2022 due to logistics and supply chain issues. But healso views those as being overcome by Wearable Health Solutions, Inc. (OTCMKTS: WHSI) and the increasing internet knowledge of anelderly population.
As a result, WHSIis viewed as already selling and building inventory of itsiHelp4GMAX™ Personal Care pendant device and is seen as anext-generation unit. It is perceived to be telehealth ready alongwith its platform which can be plugged into numerous other devices toenable remote monitoring and data collection of essential vital signsin real time. Its IoT backend platform is a cloud-hosted service. Theresult is state of the art remote patientmonitoring.
Triple-Digit Volume Growth Ahead ForWHSI
Litchfield Hills Research initiated coverage of WHSI with a‘buy’ rating and a $0.20 price target. That target is basedpartially on Litchfield’s assumption of a WHSI break-even by FY 2024and remaining profitable. “WHSI’s iHelp4GMAX™ is beingintroduced and appears to us to be one of, if not the most, advancedmedical monitoring system on the market. It connects through WIFI,Bluetooth and 4G and can be used from nearly anywhere, LitchfieldHills says.
“Ifit becomes profitable, this is a milestone. I don’t think they needto raise more money now But if they need to do so 12-24 months fromnow, it would be to raise more money to build even more units in thefuture,” he projects.
“We consider FY22 to be a transitional year as the companyintroduces its new products. We expected FY22 revenue to be belowFY21, however we are forecasting triple digit growth in FY23.” Itwould then reach an estimated $2,650,000 or 153% per annum YOY growth,Litchfield concludes.
Addressing Opportunities In The Future
WHSI is nowbalancing its sales to two markets: dealers and end-users. It is nowheavily concentrated on selling dealers, but has made significantstrides in the past year, especially using social media, to balancethese streams out.
In its new 10K filing, WHSI reported 2022 hardware revenue of$134,045 and service revenue of $911,845. In 2021, those streams hadbeen $399,602 for hardware revenue and $994,547 for service. In thefuture, WHSI is working to level those streams out and achieve sharplyhigher margins as more end user sales are made.
The PERS market IsMoving In The Right Direction
WHSI sees these positive moves in the PERSMarket:
- According to UN statistics, by 2060 theworldwide population will have aged to over 75 to 61.6%.
- 90%of seniors say they intend to remain in their homes for the next 5-10years.
- According to market research, three million Americansaged 65 and older are treated for falls annually
- The coreoffering solution for all these issues is 24/7 monitoring. Theseinclude end user portal monitoring, call triage andtelemedicine.
- At just a 12.4% penetration of the market todayof ages 70 and older, this is a marketplace — with plenty of room togrow forward in the future, Research shows.
WHSI’s Track Record In PERSMarket
Its iHelp MAX™4Gpendant device is seen as a next-generation unit to be telehealthready along with its platform which can be plugged into numerous otherdevices to enable remote monitoring and data collection of essentialvital signs in real time. Its IoT backend platform is a cloud-hostedservice. The result is state of the art remote patientmonitoring
- WHSI’s own investor’s deck shows it has served 8,500end users as of October 2022. This includes a current order book ofsome 2,000+ potential activations.
- WHSI sees the PERS marketas highly fragmented and highly competitive. It is bullish and seekssome 5,000 new devices to feed the marketplace.
CONCLUSION
WHSI’s high-tech new iHelp MAX™ 4Gdevice is built for dual-action entry into a low-penetration,fast-growth marketplace of dealers and end-users. Overriding globallogistics concerns, WHSI now has proper inventory levels to sell intothe market this state-of-the-art device. Its newest 10K shows this isa Company able to de-lever its debt — loans and payables — and isready to grow. The new report by Litchfield Hills Research recommendsa ‘Buy’ rating. The market is positive and WHSI is using bothsocial media and its established contacts with an established networkof dealers and end users to grow.
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