VibroSense Dynamics AB receives a large order from China worth 3.8 million EUR (Clarification)
The clarification regards only the MAR-label, which is now included at the end of the press release.
VibroSense Dynamics AB (VibroSense) has received the company's largest order to date, with a value of at least 3.8 million EUR. It is the new Chinese customer and distributor Genertec Universal Medical Group (UMCARE), who placed a first order for VibroSense Meter® II in an agreement that initially extends over three years. The order is conditional on the product VibroSense Meter® II receiving a market approval in China.
Earlier today, VibroSense announced that the company has signed a distributor agreement with Genertec Universal Medical Group (UMCARE) with the exclusive right to sell VibroSense’s product VibroSense Meter® II in the Chinese market.
UMCARE which is a subsidiary of China's 42nd largest state-owned company, China General Technology Group, has an extensive infrastructure. This includes its own hospitals and a large organization for marketing, sales and distribution in the Chinese healthcare sector. Through UMCARE, which is one of three state-owned Chinese companies in Healthcare, VibroSense gains access to an extremely strong partner in the Chinese market.
UMCARE has representatives in all provinces of China, which in turn have local sales networks. UMCARE will thus sell the product VibroSense Meter® II both through its sales networks and directly to end customers in China.
Sales with deliveries can begin as soon as VibroSense Meter® II has received regulatory market approval in China, which is expected to be ready in Q2 2023. The order value of initially at least 3.8 million EUR applies for the first three years from the start of sales. The parties agree that this value may increase further during the time of the agreement.
“We are incredibly proud and happy to receive a large order from UMCARE at this early stage. The order is a strong confirmation of the trust and confidence in our company's technology and the instrument VibroSense Meter II. This is an important milestone for VibroSense and we believe that there is great potential for expansion in China. The order from UMCARE gives us the opportunity to increase the growth rate for our company in parallel to continuing our launch efforts within the diabetes segment in the Nordic region and Germany”, says Hans Wallin, CEO at VibroSense Dynamics.
About diabetes in China
According to an estimate from the American Diabetes Association (ADA) from 2020, there are about 130 million patients with diabetes in China, making China the largest market for diabetes care in the world. There are about 36,000 hospitals in China, of which 24,000 are private and 12,000 are public. The cost of diabetes care in China is estimated at the equivalent of SEK 800 billion per year
Contact
Hans Wallin, CEO VibroSense Dynamics AB,
Phone: +46 40 88 026
E-mail: info@vibrosense.com
www.vibrosense.com
This information is insider information that VibroSense Dynamics AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on February 17th 2022 at 10:40 AM.
About VibroSense Dynamics AB (publ)
VibroSense Dynamics AB (public) sells and develops efficient systems to support early detection and diagnosis of sensory neuropathy, i.e. disease of large nerve fibres and nerve trunks in e.g. legs and arms. Our vision is that the VibroSense Meter® shall be the golden standard instrument for neurological examinations to assess sensory neuropathy and help to improve life conditions for patients having a risk of getting nerve injurie