Control Bionics gears up for global growth
Health & Biotech
Health & Biotech
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Medical technology company Control Bionics (ASX:CBL) focuses on international expansion in Australia, Japan and the US in 2021.
Control Bionics continues to execute on the global strategy outlined in last year’s prospectus, announcing key appointments to support accelerated growth in Australia and key markets in the US and Japan.
The company makes a portable wearable device that lets people with severe disabilities communicate via computer and neural signals.
The devices are usually funded by the Nation Disability Insurance Scheme (NDIS) in Australia or by a person’s insurance in the US.
In its March quarterly report, the company said it was deploying capital towards key sales, marketing and operational infrastructure to support further expansion into markets in Australia and the US.
It had also earlier announced a targeted entry into Japan, as well as a new distribution agreement in the US.
CEO Rob Wong said the company was putting the $15 million raised in the IPO to good use.
“We continue to invest in multiples facets of the business to support our expansion in the US, Australia and Japan,” he said.
“We have a clear vision and world-class product technology to take to the world and are making good progress.”
The company has appointed an International Market Development Director, along with a local Japanese Tokyo based business consultant to support the company’s expansion there.
It has also commenced market trialling in Japan with a specialist assistive technology distributor.
Control Bionics said it expected to commence trials with a Japanese-based assistive technology distributor/reseller by the end of the year.
Receipts from customers for the third quarter was $700,000.The company reported its sales pipeline for the year ahead was building however, the March quarter was impacted by ongoing effects of COVID.
Rob Wong said he was optimistic this would improve in the near term as the company reported a cash balance of $13.5 million with a strong pipeline of new and well-advanced prospective customers.
He also said access to patients and clinicians in the US and Australia continued to improve with an increase in the number of trial units in the field continued to support that pipeline.
“As the benefits of our investments bear fruit, we see a clear path forward in key markets, continued leadership in product innovation within the disability sector and opportunities for our technology in new markets,” he said.
“Our focus remains on executing our strategy: train, sell and surpass customer expectations. Above all continue to create life-changing connections for our users and their families.”
This article was developed in collaboration with Control Bionics, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.