News - 2011
Management restructure and operations update
December 7th, 2011
Uscom today announced the appointment of Mr Tom Rowe as the new Company Secretary of Uscom Ltd. This appointment completes the restructure of the Company triggered by the failed reelection of two Board members at the AGM on November 22nd.
Tom is a practicing lawyer with qualifications in both applied finance and corporate governance and over 10yrs experience as in house counsel and consultant to both ASX 100 and small cap companies. He specialises in corporate transactions, capital raising, listed company secretarial practice and corporate governance.
Mr Carl Swindle, based in California, has also been appointed as the consultant in charge of development of Uscom Strategic Partnerships. Carl has over 20yrs in the medical device business having been previously employed by Edwards Life Sciences and Research Medical as Director of Business Development. More recently Carl has been active in the bio-device sector specialising in capital raising and strategic partnerships.
As part of the global restructuring Mr Joe Trygar, Senior VP Global Sales and more recently CEO, has left Uscom Ltd. Mr Rob Phillips will assume the vacant CEO role.
As part of the restructuring a review of operations was conducted by the incoming Board to allow development of a new budget in response to the circumstances left by the departing Board. From June 30th revenue from sales until Nov 22 was $0.29m, the capitalised value of the Company was $6.25m and cash on hand was approximately $1m.
Executive Director of Uscom, Rob Phillips said, “The current financial situation reflects the prior management strategy, and we are hopeful that the re-motivation of our global distribution partners, particularly in the USA, will result in a boost to revenue, while a renewed focus on cost will further consolidate the Company’s finances. Carl Swindle has been briefed to re-initiate conversations with potential international business partners and investigate opportunities to generate incremental growth. The appointment of Tom Rowe completes the new Board and management appointments and will provide a fresh and objective approach to optimizing the opportunities that are the future of Uscom.”
New board appointments
November 25th, 2011
Uscom today announced the appointment of Ms Sheena Jack and Mr Christian Bernecker to the Board of Directors of Uscom Ltd. The appointment of the new Board will bring to an end the voluntary ASX trading halt. This trading halt was necessary after two Board vacancies were announced to the market as a result of the failed re-election of two Board members at the AGM on November 22nd.
Both new Board appointees bring substantial skills in health management and corporate financial administration to Uscom and have been appointed to oversee the consolidation of Uscom, the management of costs in the short term, and the drive new incremental growth opportunities including business partnerships and technology licensing.
Ms Sheena Jack is currently the Chief Financial Officer of HCF and has 26 years experience as a finance professional and corporate executive. Sheena has had experience across a range of corporate organisations including ASX listed, Government and not for profit and in both mature and start up businesses. Sheena has significant experience in mergers and acquisitions, business integration, strategy development and implementation, capital markets and organisational transformation. Sheena is a Chartered Accountant and a graduate member of the Australian Institute of Company Directors.
Mr Christian Bernecker has experience as a Corporate Executive and Non executive Director with a background of capital management and investment across a range of companies including life sciences in listed and unlisted entities. Christian is a member of the Institute of Chartered Accountants and holds a Bachelor of Commerce degree.
Executive Director of Uscom, Rob Phillips said, “Sheena and Christian bring the right skill sets to Uscom to consolidate the Company as it moves to re-establish sound operations overseen by a transparent and stable Board. I welcome Sheena and Christian to Uscom and look forward to the contribution they will both make in growing the Company.”
In coming Board member, Sheena Jack said, “Uscom is a great emerging Australian Company with established technology and global product recognition. While Uscom technology is saving the lives of children and adults worldwide, our immediate task is to convert this to return on investments for shareholders. While the task is complex, I look forward to working with the Board and management to develop strategies to grow the Company.”
Ms Sheena Jack and Mr Christian Bernecker have been appointed to the Uscom Board to replace Mr Phil Kiely and Mr Jochen Bonitz. Mr Rob Phillips was re-elected at the AGM and continues on the Board.
Appointment of new CEO
September 16th, 2011
Uscom announces today that Mr. Joe Trygar has been appointed Chief Executive Officer of the company.
Mr. Trygar is based in North America and has been with the company since July 2011 when he joined as SVP of Sales. His promotion to CEO comes at a time when the company needs to start improving the support to its new distributors and develop partnerships that will enhance the effectiveness of our global channels strategy in generating sales.
Mr. Trygar joins Uscom with more than 30 years experience in the medical instrumentation and automation markets including research, engineering, strategic development, & global distribution. He has effectively turned around several small to mid sized companies, launched innovative products into new markets, and has combined a successful entrepreneurial career with equal success with Fortune 500 companies.
Executive Chairman of Uscom, Phil Kiely said, “We have put much effort into building a global distribution network and now need to develop sound strategies to capitalize on these relationships. We also need to develop a coordinated approach across our entire channel initiatives and production capabilities and Joe is the right person to achieve this. Joe is recognized for his ability to distill complex issues to fundamentals, create blueprints for growth, & implement systems & initiatives to grow sales revenues, profitability, sustainability, competitive advantage, & high close ratios.”
Mr. Kiely said, “We have barely scratched the surface of the US$2.8b revenues generated in the cardiac patient monitor market and Mr. Trygar’s pivotal appointment at this time will help Uscom secure its fair share of this rapidly expanding marketplace”.
Mr Trygar said, “I fully believe in Uscom’s unique technology and with the right execution plan we can become a market leader in this space. I bring a wealth of knowledge and contacts in the medical device industry to Uscom and am already in the process of implementing a comprehensive plan to achieve sales growth with sustainability.”
Mr Rob Phillips, the company founder, will continue in the role of Chief Science Officer.
Update on full year results
July 13th, 2011
Uscom Limited advises that, based on preliminary financials, the company expects its reported revenues from ordinary operations to be in line with the previous year but estimates the loss for the year will increase around 45% on the previous period to $2,869k (Loss $1,978k 30 June 2010).
Expenditure has increased predominantly in relation to the implementation of the US marketing strategy which has seen a number of new distributors signed to company. This is a significant investment for the future and will be a positive impact on revenues in going forward.
Significantly for FY11 results, the company will incur a large expense related to vested options which accounts for approximately 40% of the increase in expenditure or $332k.
The results reflect the major change in strategy adopted after the termination of the company’s relationship with Spacelabs, the exclusive distributor for all markets except Asia Pacific in December last year.
Since the beginning of the calendar year the company has focused on signing new distributors globally and this has resulted in 6 appointments in the North American market, 4 in Europe, 1 in South Africa, 1 in the Middle East and 2 in Latin America. The company has also enhanced its Asia Pacific distribution capability with the appointment of a senior business development executive to drive sales results across this important high growth market.
The company expects that the benefit of these intitiatives should materialise during the course of the 2011-12 financial year in the form of sales growth and shareholders will be kept advised in this regard.
Uscom advances into Europe
May 23rd, 2011
Uscom Ltd (ASX code UCM) today announced that it had established a significant presence in Europe with the appointment of two important distributors, Genesys Medical Solutions (UK) and DutchMed (Eastern Europe).
Whilst the UK already has several impressive reference sites for Uscom, Genesys will now leverage these to extend our reach across the entire country.
DutchMed, have developed a strong sales organisation covering Bulgaria, Romania, Moldavia, Hungary, Poland and Slovakia.
Both organisations have sound experience in selling innovative healthcare products into those hospital departments where Uscom is finding best traction in Paediatrics, Emergency and Intensive Care.
Uscom’s Executive Chairman, Mr Kiely said,”I have met the principals of both these organisations and have confidence in their ability to quickly exploit the opportunities for Uscom. Each have developed credible sales operations with knowledge of patient monitoring devices and well established contacts with clinicians who can make use of our monitor. It is also imperative that we begin to advance our offering into the burgeoning markets of Eastern Europe.
Uscom has also signed up Prhoinsa to cover its Spanish opportunities and is currently in negotiation with several companies in Germany. It has previously announced the appointment of Vok Medical Systems to cover the Russian market.
Uscom secures Inspired Medical Systems in US and strong presence in Canada
April 13th, 2011
Uscom Ltd announce the appointment of US medical device distributor Inspired Medical Systems (IMS).
IMS is based in New Hampshire and this appointment secures a highly reputable distributor covering hospitals in the north east states of USA.
Uscom also announces the appointment of two distributors in the Canadian market. Caster Medical Systems based in Toronto and Braemed Limited based in Dartmouth, Nova Scotia. This brings the total coverage of the North American hospital market to 80% with agreements in principle for the remaining 20% from distributors still under negotiation.
All three distributors are well acquainted with servicing hospitals with ground breaking new medical devices and have committed to leveraging their established client sites and networks on behalf of Uscom to build Uscom’s presence in these important markets.
Uscom’s Executive Chairman, Mr Phil Kiely said, “I have now personally met all our new distributors in the North American market and am confident that they will quickly begin to produce sound sales results for the business. Each have been carefully selected for their sales capabilities in Uscom’s hospital markets in Pediatrics, Intensive care and Emergency departments. We are excited that IMS, Caster and Braemed have joined us in helping to establish Uscom as the leader in non invasive Haemodynamic management.”
Uscom doubles US coverage & enters Eastern Europe
January 14th, 2011
Uscom Ltd today announced the appointment of US medical device distributor Provider Enterprises, based in Nashville Tennessee, thereby doubling its coverage of US hospital beds through its new distribution channel from 23% to 56%.
Provider Enterprises services approximately 33% of all hospital beds in the US. This appointment is in addition to the recent appointment of Medical Dynamics, a California based distributor covering approximately 23% of the US Hospital market. Both Provider Enterprises and Medical Dynamics are growing strongly and have a track record of building brands and sales for their partners. They are committed to undertaking strong marketing and sales programs for USCOM’s unique heart monitor. Negotiations are progressing very positively with leading distributors for the other areas of the USA and new International locations.
Uscom also announces the appointment of its first distributor in Eastern Europe with the appointment of Vok Medical to service the Russian Federation. It has also appointed Medtel to cover the Australian market and is actively working with its partner in Asia, Pacific Medical Systems to establish greater penetration across the rapidly growing Asian markets.
Uscom’s newly appointed Executive Chairman, Mr Phil Kiely said, “These distributors have been carefully selected for their sales capabilities in Uscom’s hospital markets in Pediatrics, Intensive care and Emergency departments. We are now well funded and will be working with all our new partners to give them the support and tools they require to make the strongest drive for sales we have ever undertaken.”
Expected differences in financial results
January 14th, 2011
Under listing rule 3.1 in relation to any expected material variations in their financial results (variance of 15% or greater), Uscom Limited today announced that it expected its results for the period ending 31 December 2010 to be lower than the corresponding period ending 31 December 2009, primarily due to the effect of the strong Australian dollar.
The net loss for the period ending 31 December 2010, before the foreign exchange impact, is expected to be $78k lower than the previous corresponding period ending 31 December 2009. This represents a 9% increase in the loss which is well below the material difference guideline of 15%.
Including the impact of the high Australia dollar on the results for the period ending 31 December 2010, the net loss for the period ending 31 December 2010 is expected to be $1,050m ($830k 31 December 2009). This represents a $218k variance which is a 26% change from the corresponding period. The impact from the foreign exchange calculation is $140k which is a significant portion of the variance.
Uscom also announces separately today, the signing of a 2nd Distribution partner in the US market and that the company is progressing its plans to create a global distribution channel for Uscom.
Uscom also recently announced that it had reconstituted its board with the appointment of Phil Kiely as Executive Chairman and Yochen Bonitz as a new Director. Uscom has also successfully completed a private placement for $3million which was fully allocated and has embarked on an ambitious plan to create a new global distribution channel and re energise its sales and marketing focus.