<div>
  <ul>
    <li>
      <p>
        Biotricity, a remote patient monitoring company, has received the US Food and Drug Administration (FDA)-clearance for its cardiac monitoring device, Biotres. The company claims Biotres is the first device to provide continuous 3 channel recording of electrocardiogram (ECG) data.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The wearable holder patch records real-time ECG data for early detection of cardiac arrhythmias focusing on lower-risk patients. The technology allows cardiologists to access collected cardiac data for warning signs and integrates with existing health systems, facilitating cardiac prevention and monitoring. It can be worn continuously for 48 hours after a single charge and will be available to the users from April 2022.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The device is expected to expand Biotricity&rsquo;s product portfolio and market reach from USD 1 billion to USD 5.7 billion. The FDA approval comes after the company raised non-dilutive financing of USD 12 million in December 2021.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.biotricity.com/biotricity-receives-fda-510k-clearance-for-its-biotres-cardiac-monitoring-device/">
      Company press release
    </a>
  </p>
  <p>
    <a href="https://hitconsultant.net/2022/01/24/biotricity-awarded-fda-510k-clearance/#.Ye-3x-pBzIU">
      HIT Consultant
    </a>
  </p>
</div>


Telehealth

Biotricity receives FDA approval for its cardiac monitoring device

<div>
 
 <p>Hinge Health, a company that provides digital solutions for musculoskeletal conditions, is planning to reduce its workforce by approximately 10%. This decision is a strategic move to speed up the company's profitability, improve decision-making, and prioritize investments as it prepares for an Initial Public Offering (IPO).</p>
 <p>Various departments will be impacted by the layoffs, including the engineering department. Prior to this, the firm had over 1,700 employees. Amid these changes, Hinge Health plans to dedicate resources to assist the employees leaving the company during this period of transition.</p>
 
</div>

Hinge Health cuts 10% of workforce aiming for increased profitability

PROMINENT_CATEGORY

<div>
 
 <p>The California health system, Cedars-Sinai, has expanded its virtual healthcare platform, Cedars-Sinai Connect, by introducing a Spanish version of the app for parents of children aged three to 17 and Spanish-speaking adults. The AI-powered platform provides access to healthcare providers for urgent issues such as colds, rashes, flu, and coughs on-demand or via scheduled visits. Spanish-speaking users can navigate the app in their native language to access primary care services for managing chronic conditions.</p>
 <p>Cedars-Sinai, a non-profit medical center, provides both in-person and virtual healthcare services. The organization's in-care facilities include a comprehensive suite of testing and treatment facilities. Meanwhile, their Cedars-Sinai Connect platform caters to primary, urgent, and mental health care services. Cedars-Sinai also engages in numerous research initiatives and functions as a clinical research organization conducting trials across various fields, such as stem cell biology, immunology, and genetics. As of April 2024, the organization operated over 40 in-person care facilities offering treatment in over 17 specialties. It had a staff size exceeding 4,500 physicians and nurses and was managing 1,500 ongoing research projects.</p>
 
</div>

Cedars-Sinai expands virtual healthcare platform

<div>

 <p>AI-based automation platform, Augmedix, has collaborated with Andor Health to integrate its system with Andor's ThinkAndor platform, a tool designed for provider-patient virtual communication and monitoring. The partnership enables instant availability of physician notes within ThinkAndor after a virtual visit, made possible through Augmedix's AI.</p>
 <p>This joint venture is focused on effortlessly blending into the existing workflow while making certain of high-quality documentation and care delivery.</p>

</div>

Augmedix partners with Andor Health to integrate AI-enabled physician notes into virtual care

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

<div>
 <p>Telehealth firm, American Well (Amwell) has been warned by the New York Stock Exchange (NYSE) due to its share price averaging less than USD 1. The company has six months to get its share price back over this level. </p>
 <p>Amwell's share price decline is largely attributed to strategic failures, increased competition, hastened product releases, and reduced revenue. The company plans to address these problems and is considering a reverse stock split, provided it gets the approval of its board and stockholders.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Despite reporting total virtual visits of 6.3 million and having about USD 372 million in cash and short-term securities, Amwell recorded gross losses of USD 679 million in <a href="https:<br>
//s25.q4cdn.com/628195074/files/doc_financials/2023/q4/AMWL-Q4-2023-Earnings-Report-FINAL.pdf"> FY2023 </a> . The company, however, expects improvements by 2025 with projected YoY revenue growth of ~30% between 2024 and 2025, and a 72%–77% improvement in its YoY adjusted EBITDA during the same period.</p>

Amwell receives warning from NYSE; delisting risk amid stock price downturn

<div>

<p>Teladoc Health's CEO, Jason Gorevic, has decided to step down from his position after a 15-year tenure and amid a 22% stock decline in February. The current Chief Financial Officer, Mala Murthy, will take on the role of interim CEO until a permanent successor is found.</p>

<p>The company's stocks began to plummet after Teladoc revealed its financial results for FY2023, showing that it hadn't met its fourth-quarter earnings estimates for 2023. The firm is expecting revenues in the range of $630 million to $645 million, which would result in a per share net loss of $0.45 to $0.55.</p>

<p>Murthy has assured that Teladoc plans to maintain its operations efficiently during this transition phase. An executive search firm has been employed to identify the next CEO, with potential candidates being sourced both from within the company and externally.</p>

</div> <p><b>Analyst Quicktake:<br>
 </b> Teladoc has faced some difficulties in the recent past. From its historic USD 13.7 billion loss in <a href="https:<br>
//sp-edge.com/updates/16563"> FY2022 </a> after its acquisition of Livongo, to having to fight a multi-year <a href="https:<br>
//sp-edge.com/updates/19974"> securities class action lawsuit </a> (which was only resolved last year), the company has had its share of turbulence. These events have reflected in its share price&nbsp; which has plummeted from a high of ~USD 293 in February 2021 to its price today of ~USD 14, signaling a lack of confidence in the company.</p>

Teladoc Health CEO steps down

<div>
<p>Kyruus Health and Google Cloud have partnered to add Kyruus Connect for Payers solutions to the Google Cloud Marketplace. Kyruus Health, serving over 90 million members from various health plan brands, can now enhance its services through Google Cloud integration. This collaboration enriches the health tech solutions provided on Google Cloud Marketplace and makes it easier for customers to purchase Kyruus Health solutions.</p>
</div>

Kyruus Health partners with Google Cloud to expand healthcare data solutions for payers

<div>
 
 <p>Pager Health, a Telehealth technology service provider, unveils the development of three new applications utilizing Google Cloud's GenAI capabilities. The applications include "Chat Summation," "FAQ Bot," and "Sentiment Analysis."</p>
 <p>"Chat Summation" instantly summarizes member interactions, easing the documentation process. "FAQ Bot" quickly handles administrative tasks and responds to routine health and benefits inquiries, decreasing the need for call center interaction. "Sentiment Analysis," boosted by Google's Vertex AI, examines member sentiments via chat to improve the quality of care services.</p>
 
</div>

Pager Health launches three new applications using Google Cloud's GenAI

<div>
 
 <p>Costco, the warehouse retailer, is broadening its alliance with Sesame, a direct-pay healthcare platform, with the introduction of a new weight loss treatment program for its members.</p>
 <p>This service, accessible to almost 130 million Costco members, offers consultations with healthcare professionals who specialize in weight management. An initial virtual consultation will be conducted, which includes a comprehensive discussion on the member's medical history, weight goals, and potential treatment plan. If needed, weight loss meds might be recommended. For a three-month period of consultations, including ongoing communication access for nutritional guidance with the selected provider, Costco members will be charged USD 179 and non-Costco members USD 195. This fee does not cover prescribed medications and lab work costs.&nbsp;</p>
 
</div> <p><b>Analyst Quicktake:<br>
 </b> This new offering marks the expansion of Costco’s partnership with Sesame, originally signed in <a href="https:<br>
//sp-edge.com/updates/22160"> September 2023 </a> to provide Costco members discounted access to virtual and in-person healthcare services. This expansion and its original partnership offering indicate that Costco is expanding its presence in the healthcare market and seeking to leverage its pharmacy network. This could also be an attempt to compete with other retail giants such as CVS and Walmart, which have already established a notable presence in the healthcare space.</p>

Sesame and Costco expand partnership to launch weight loss program for members

<div>
 
 <p>Digital healthcare company, Eko Health, has received FDA 510(k) clearance for its AI-enabled cardiac tool, Eko Low Ejection Fraction Tool (ELEFT). ELEFT is designed to aid providers in detecting low ejection fraction, a primary indicator of heart failure, promptly.</p>
 <p>The tool functions by equipping healthcare providers with the ability to identify low ejection fraction within 15 seconds during a routine examination using an Eko stethoscope. It will be integrated into Eko's existing SENSORA Cardiac Early Detection Platform, which currently carries several FDA-approved algorithms for detecting AFib and structural heart murmurs.</p>
 
</div>

Eko Health receives FDA clearance for AI-enabled cardiac tool

<div>
 
 <p>Life365, a provider of a virtual care platform, has partnered with Canary Speech, a developer of vocal biomarker technology. They aim to combine AI-driven voice biomarkers with wearable sensors.</p>
 <p>The objective of this partnership is to enhance the effectiveness of remote patient monitoring. By using Canary Speech's technology, they hope to monitor aspects such as mood, stress, and energy levels. This technology will be integrated with Life365's remote patient monitoring service to improve the delivery of proactive care. The collaboration is anticipated to provide real-time health data to care providers, which could result in fewer hospital visits and improved health services delivery. The partnership could especially benefit patients in areas where access to healthcare services is limited.</p>

</div>

All Updates