BioSig (BSGM) Revenues have started kicking in now let’s look at where sales of Pure EP could realistically take the market cap of this company.
Good day everyone,
We are continuing our coverage on BioSig Technologies, Inc. (NASDAQ: BSGM), a medical technology company developing a proprietary biomedical signal processing platform designed to improve the electrophysiology (EP) marketplace.
Current price $5.12 per share
After opening at $4.55 BSGM shares closed yesterday’s session at $5.12/share (+13.53%). The high of the day was $5.44, up 20% in mid-day trading. Trading volume was 1.2 million shares exceeding the daily average by a factor of 3.1X.
PURE (Precise Uninterrupted Real-time evaluation of Electrograms) EP System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring, and calculating, displaying, recording, and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP room.
Atrial fibrillation is the leading indication segment in the electrophysiology devices market in terms of revenue. It is a common type of arrhythmia associated with a high risk of stroke and blood clotting. Afib is a condition affecting many including Gene Simmons, Elton John, Miley Cyrus, Howie Mandel, and yes, Joe Biden (hope Walter Reed has a PURE EP System).
Sudden Cardiac Arrest due to abnormal heart rhythm is one of the major reasons for deaths in western countries. It affects approximately 1 in 1000 inhabitants per year.
Yesterday, we broke the news to you that BSGM completed the first commercial sales of their PURE EP System. It’s a milestone that could propel the company into growing revenues and a higher share price.
There are 7,340 EP rooms at hospitals across the globe and 3,425 of them are in the USA. Each one of those EP rooms is a candidate for a PURE EP System. BSGM has units installed at less than 10 of those EP Rooms. The Mayo Clinic has it, they’ve been working with BioSig on product development for ten years.
The global electrophysiology devices market size was valued at 5.1 billion in 2018 and is expected to rise to $10.61 billion in 2025 indicating a CAGR of 9.6%. Increasing use of electrophysiology devices in the diagnosis and treatment of cardiovascular diseases such as atrial fibrillation will drive that growth.
The market is highly competitive with companies such as Boston Scientific Corporation, Medtronic Plc., Abbot Laboratories, and Biosense Webster, Inc. Biotronik SE & Co. KG., GE Healthcare, and Siemens Healthcare all involved.
Boston Scientific boosted its presence in the EP sector with the acquisition of privately held Apama Medical for $300 million.
The company has been awarded 5 patents and eleven additional worldwide utility patent applications are pending covering various aspects of its PURE EP System.
BSGM will generate revenues from PURE EP Systems on two levels. The first would be the sale of the actual hardware and the second will be for software, software updates, maintenance, and other charges to customers in the form of a contract.
BSGM has about 60 PURE EP Systems in inventory, already paid for. The PURE EP System units sell for $250,000 each with additional revenues from software and product support. Cardiac operating rooms can cost up to $20 million to equip and with the defined advantages of PURE EP, the cost of the units could be easily justified.
If we do the math, with 7,340 EP rooms across the world as potential customers and a potential sale price of $250,000 we arrive at $1.8 billion and that would just be hardware sales. We don’t expect every EP room in the world to get a Pure EP system. But, if BSGM penetrated just 10% of the USA EP rooms per year (342 units), along with software support, they could realistically reach $100 million in annual revenue.
A biotech company with $100M in revenue trading at just 3.0X revenues, in the case of BSGM that would be $9.77 per share. The 2 analysts offering 12-month price forecasts for BioSig Technologies Inc have a median target of $10.63, with a high estimate of $13.00 and a low estimate of $8.25.
BSGM shares could have a good upward move near term.
Stay tuned and stay informed,
The Traders News Group
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