Artificial Intelligence
QHSLab, Inc’s CEO Addresses Current Market Conditions & Recent Quarterly Performance
WEST PALM BEACH, FL, May 24, 2022 (GLOBE NEWSWIRE) — QHSLab, Inc. (OTCQB: USAQ) a company focused on providing clinicians with tools to leverage proactive, value-based healthcare solutions through emerging digital health and point of care technologies, released the following letter to its shareholders from Troy Grogan, its Chief Executive Officer, addressing current market conditions & the Company’s recent quarterly performance.
Dear Valued Shareholders and Friends of QHSLab, Inc.
Recent headlines undoubtedly caused concern for investors across all industries. However, at QHSLab, Inc., we are confident in our ability to weather the market volatility with our sound fundamental point of care and digital healthcare business focus. Since our inception we have been focused on achieving earnings and positive cash flow and have steadily moved towards those goals. Despite these challenging times, we have been generating growing revenue over the past six quarters and see continuing progress, while keeping our expenses down.
Highlights from our Q122 quarterly report include:
- Revenue increased by 17% to $355,330 compared to Q1 2021 and increased 7% sequentially compared to Q421.
- Gross profit increased by 41% to $188,688 compared to Q121 due to the acquisition of the AllergiEnd® assets and a decrease in the cost of goods due to the acquisition.
- Net Operating Loss (NOL) of $61,127 in Q122 decreased by 20% compared to Q121 due to increases in gross profit margin and top line revenue.
If you reviewed our Q122 financials and noticed the “other expenses” relating to interest expenses, I’d like to explain this entry. The increase of $116,728 compared to Q121 reflects non-cash amortization costs of $83,041 related to warrants issued in 2021. Let me repeat this, this is a non-cash expense. We did not pay the $83,041 out in actual cash during Q122; this was US GAAP accounting for expenses associated with and warrants issued in Q321 in connection with a significant financing for the Company. These warrants have been registered with the SEC and, if exercised by the investor, at the strike price of $1.25 per share would result in $1,162,500 of capital flowing into the Company at a low dilution impact to our recent share price. These warrants are described in Note 6 of our financial statements.
Items impacting Q122 growth:
Recent industry wide shipping delays unfortunately impacted our ability to expand our physician base due to limited available inventory. As supplies were delayed, we chose to prioritize the needs of our existing physician accounts to maintain profitable relationships. Our supplier has reported that shipping delays and freight costs have come down over the past few months and we expect to see the resumption of timely shipments. Therefore, we don’t expect any further inventory shortages for 2022 and we are resuming our aggressive solicitation of new accounts.
Like many leading technology companies, we employ a handful of excellent software developers from Ukraine and Russia. They have worked with us for the past two years under the direction of our U.S. based team. Russia’s invasion of Ukraine in February interrupted the work of these individuals on the expansion of our systems. I can thankfully report that we have been in daily contact with these great people, and they have all safely relocated to various countries out of harm’s way. While the war pushed out some of our production timelines, these dedicated professionals continued to work throughout and are now back full-time. We are very grateful for their efforts and professionalism during this crisis. Rest assured that our U.S. software engineers are highly proficient, competent software development professionals, and there has been no impact on our live production systems.
The Future
The summer months have typically been slower for most physician offices, due to staff and patient vacations. We anticipate that our physician clients will take advantage of the revenue generating opportunity presented by our innovative QHSLab clinical decision support and patient monitoring system to sustain revenues for their practices during the otherwise slow summer months.
Physicians are not immune from current economic conditions. Supply chain, labor shortages, and logistics also heavily affect the allergy-specialist market, providing an opportunity for us to disrupt the traditional supply lines used by these allergy and ENT specialists for much-needed allergy testing equipment. We are in preliminary discussions with our contract manufacturer about the license or acquisition of the technologies and intellectual properties necessary for us to enter this market, enabling us to offer significant cost advantages to these allergy specialist physicians.
While we focus on the vast primary care market, which accounts for 52% of all healthcare utilization in the U.S. each year, we believe the niche market for allergy skin test equipment to be around $40M annually in the U.S. alone. I believe that we could take a nice ‘chunk’ of this annual revenue by targeting allergy specialists with a newer and improved skin testing device, the first such industry innovation in some three decades.
We are also thrilled to announce that we began charging subscriptions for QHSLab this May. In addition, we validated the current Medicare reimbursement for our non-face-to-face digital medical assessments at approximately $100 per encounter. We also announced the projected launch of our new product, the Allergy Quick Test, branded AllergiQT™, that addresses a projected $90M annual market. The Allergy Quick Test enables the primary care physician’s office to administer a simple pain-free allergy skin test, involving only the forearms, no needles, and results in 15 minutes or less, reducing healthcare costs while providing a reimbursable revenue source for the physician office. This product could prove to be a major change managing allergies in primary care.
Additionally, we have been in discussions with our lender about extending the maturity of our debt due to mature in August and are confident that we will come to an accommodation. We are also preparing for an additional capital raise to strengthen our cash and inventory balances. Both of these steps should support long-term growth in our stock price.
I won’t make any forward earnings projections here; the recent and current market conditions and our lack of operating history provide too many uncertainties relating to customer buying patterns in the near term. Likewise, whether we can achieve the milestones referenced in this letter is subject to various risks and uncertainties. However, our expenses are meager compared to our peers, and we continue to look for alternatives where appropriate to lower costs while navigating growth opportunities simultaneously. I believe this is evident from our Q122 earnings report and fiscal year 2021 financial statements.
I believe that QHSLab, Inc. (USAQ)’s current market cap is not reflective of the Company’s true value, prospects, or addressable market opportunities. I stand in the same shoes as you as a shareholder, and I remain dedicated to the mission and my conviction to getting the long-term job done. I am confident in our ability to move forward and flourish as we create the tools needed to shape the future of medicine.
To view our most recent investor presentation, click here and for complete information regarding our Q122 financial results, please refer to our quarterly filing here.
While there is no guarantee of future success or that any of the developments described in this letter will be achieved, I remain confident.
Sincerely,
Troy Grogan
President and CEO
QHSLab, Inc.
For more information, please visit www.usaqcorp.com.
About QHSLab, Inc.
QHSLab, Inc. (OTCQB: USAQ) is a medical device company providing digital healthcare solutions and point-of-care-diagnostic tests to primary care physicians. Digital healthcare allows doctors to assess their patients’ responses quickly and effectively using advanced artificial intelligence algorithms. Digital healthcare can also remotely monitor patients’ vital signs and evaluate the effects of prescribed medicines and treatments on patients’ health through real-time data transferred from patient to doctor. QHSLab, Inc. also markets and sells point-of-care, rapid-response diagnostic tests used in the primary care practice. QHSLab, Inc.’s products and services are designed to help physicians improve patient monitoring and medical care while also improving the revenues of their practice.
Forward-Looking Statements
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, future products, and potential future results and acquisitions are examples of such forward-looking statements. Forward-looking statements are generally identified by words such as ‘may,’ ‘could,’ ‘believes,’ ‘estimates,’ ‘targets,’ ‘expects,’ or ‘intends,’ and other similar words that express risks and uncertainties. These statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of the introduction of new products, the inherent discrepancy in actual results from estimates, projections, and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Investor Relations Contact:
Olivia Giamanco
QHSLab, Inc.
(929) 379-6503
[email protected]
https://twitter.com/USAQcorp
Artificial Intelligence
Tyne and Wear Fire and Rescue Service U.K. to Deploy Motorola Solutions’ Cloud-Hosted Control Room Solution
New response system helps streamlining workflows, strengthening resilience and improving safety for more than 1 million people in Northeast England
LONDON, Sept. 30, 2024 /PRNewswire/ — Tyne and Wear Fire and Rescue Service has announced that it is strengthening its emergency response capabilities through a cloud-hosted Control Room Solution (CRS) from Motorola Solutions (NYSE: MSI). This move will foster digitalisation, streamline workflows and offer the agency the ability to better scale operations in critical situations such as flooding and wildfires, which have increased in frequency in the U.K. in recent years.
“Our objective is to create one of the safest communities in the country,” said Phil Clark, Area Manager for mobilising and digital transformation at Tyne and Wear Fire and Rescue Service. “We are amongst the fastest responding fire and rescue services in the U.K. for dwelling fires with an average response time of 5 minutes 58 seconds.”
“We will continue to invest in new technologies and plan to offer other fire and rescue services the opportunity to join our newly created control room solution,” said Area Manager Clark. “In doing so, we’ll be able to seamlessly exchange information during joint operations, increase scalability to accommodate varying demand levels, and foster greater cooperation and faster responses in critical situations. Our relationship with Motorola Solutions will enable us to realise and deliver our operational vision, which will ultimately help to save lives and put Tyne and Wear Fire and Rescue Service at the forefront of Control Room technology in the U.K.”
Every day, more than 1 million people rely on Tyne and Wear Fire and Rescue Service, who operate 17 community fire stations in Northeast England. Their responsibilities across the community include responding to primary and secondary fires, road traffic collisions, civil emergencies, water and structural rescues and delivering fire safety advice to residents and businesses.
The browser-based CRS enables staff to access the control room by securely logging on from any location to set up mobile command posts or provide remote support for incidents. The new platform will integrate Motorola Solutions’ CommandCentral Evidence software for storing and securely handling control room voice recordings, unifying critical communications and data in one platform, while also linking to the appropriate cases.
“Demand on the fire and rescue service has evolved over the years, and emergency services continue to respond to a wide range of complex incidents,” said Fergus Mayne, U.K. and Ireland country manager at Motorola Solutions. “Our cloud-hosted CRS solution benefits Tyne and Wear Fire and Rescue Service with an intuitive and unified response system that integrates all communications into one efficient and resilient work environment.”
About Motorola Solutions
Motorola Solutions is solving for safer. We build and connect technologies to help protect people, property and places. Our solutions enable the collaboration between public safety agencies and enterprises that’s critical for a proactive approach to safety and security. Learn more about how we’re solving for safer communities, safer schools, safer hospitals, safer businesses – safer everywhere – at www.motorolasolutions.com.
Tyne and Wear Fire and Rescue Service
Tyne and Wear Fire and Rescue Service leads the operational delivery of fire and rescue, including public protection, emergency prevention and resilience for the five local authority areas of Gateshead, Newcastle, North Tyneside, South Tyneside and Sunderland.
The fire service operates from 17 community fire stations across Tyne and Wear, with our stations, employees and appliances strategically placed across the region to ensure efficient and effective response to fire and rescue emergencies. www.twfire.gov.uk
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View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/tyne-and-wear-fire-and-rescue-service-uk-to-deploy-motorola-solutions-cloud-hosted-control-room-solution-302261318.html
Artificial Intelligence
Heimdal and emt Distribution Aim to Dominate the Middle East Cybersecurity Market
COPENHAGEN, Denmark and DUBAI, UAE, Sept. 30, 2024 /PRNewswire/ — Heimdal and emt Distribution announce a strategic partnership that combines Heimdal’s advanced cybersecurity solutions with emt Distribution’s deep market expertise.
The collaboration will deliver sophisticated yet user friendly products to the Middle East. With Heimdal offering the widest cybersecurity stack in the world, and emt Distribution being the region’s leading distributor, the partnership is well-positioned for success.
Together, they are committed to educating the market on how strategic consolidation, training, and strong vendor relationships will maximize value.
Bringing a new dynamic to the market
Under this partnership, the two parties have promised to:
Roll out Heimdal’s Patch Management solution right away, as it’s a clear improvement over existing tools in the market.Provide local hosting in the United Arab Emirates by 2025, offering compliant, high-performance cloud services tailored to regional needs.Drive new technology adoption with pioneering tools, like the Threat Hunting and Action Center, along with emt Distribution’s market know-how.Offer easy-to-use technology, hands-on training, and show how a SOC can close security gaps while boosting profits.M Mobasseri, Co-Founder and CEO of emt Distribution META: “As we work closely with many cybersecurity experts and CISOs, we consistently encounter a range of challenges, particularly the complexity of managing numerous platforms. These platforms not only require specialized expertise but are also resource-intensive and costly.”
“Having known Heimdal for many years, I’ve witnessed their substantial investments in addressing these challenges and their development of a comprehensive cybersecurity platform that meets the critical needs of customers in the region.”
“Together with Heimdal, we are striving to integrate best-of-breed technologies into a unified platform, with plans for local hosting in 2025 to ensure compliance for businesses of all sizes. In addition, we are excited to announce special terms for our channel partners, aimed at maximizing their growth and profitability.”
Jesper Frederiksen, CEO of Heimdal, commented on the announcement: “Heimdal is pleased to announce a strategic partnership with emt Distribution, the leading security distributor in the Middle East. This collaboration comes in response to the rapidly growing demand for advanced cybersecurity solutions across the region.”
“By joining forces with emt Distribution, Heimdal aims to leverage their extensive network of resellers to provide cybersecurity solutions to organizations throughout the Middle East. Our joint initiative will focus on empowering organizations to significantly reduce their cyber risk exposure through Heimdal’s easy-to-use and cost-effective security solutions and emt Distribution’s unparalleled market reach.”, he added.
About emt Distribution META
emt Distribution META is a channel company with over 30 years of experience in security distribution, offering cyber threat mitigation solutions for Enterprises, SMBs, and MSPs. Committed to selling through channel partners, emt supports a large reseller base and provides technical support and professional services.
For more information, visit emt Distribution.
About Heimdal
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For more information, visit Heimdal.
For further press information:
Madalina PopoviciMedia Relations [email protected]
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/heimdal-security/r/heimdal-and-emt-distribution-aim-to-dominate-the-middle-east-cybersecurity-market,c4044480
The following files are available for download:
https://mb.cision.com/Main/22623/4044480/3028629.pdf
Heimdal and emt Distribution Partnership – Press Release
https://news.cision.com/heimdal-security/i/heimdal-and-emt-distribution-partnership,c3338145
Heimdal and emt Distribution Partnership
View original content:https://www.prnewswire.co.uk/news-releases/heimdal-and-emt-distribution-aim-to-dominate-the-middle-east-cybersecurity-market-302262358.html
Artificial Intelligence
MSD in Strategic collaboration with Briya for Innovative RWE data analysis projects
TEL AVIV, Israel, Sept. 30, 2024 /PRNewswire/ — MSD, a leading multinational pharmaceutical company successfully completes a first-of-its-kind strategic collaboration with Briya, a medical data retrieval network. This groundbreaking partnership enabled innovative data analysis projects on three critical disease areas MSD plays a part in. Leveraging Briya’s advanced data platform, the partnership facilitated comprehensive data access for these important data analysis projects.
By utilizing Briya’s cutting-edge technology, MSD was able to access, standardize, and analyze real-world and accurate data from diverse sources in real time. This enabled the project to provide a more accurate and holistic view of the patient journey.
“We are happy to have partnered with Briya on this important initiative.” said Udi Cohen, MSD Israel Commercial Operations Director. “Briya’s data curation techniques shed new light on analyzing clinical data, including free text and medical notes, to generate insights about patients. I believe this will allow meaningful clinical insights to be obtained in the future.”
Briya’s platform ensured that all data was handled with the highest standards of security and privacy, complying with regulatory requirements and safeguarding patient information. This collaboration not only exemplifies the power of data in driving medical research but also underscores the importance of strategic partnerships in addressing healthcare challenges.
“Our collaboration with MSD marks a significant milestone in our mission to support innovative research through our robust data solutions,” said David Lazerson, CEO and Co-founder of Briya. “We are proud to have enabled this RWE project and look forward to continuing to work together to improve patient care and outcomes.”
This collaboration demonstrates that combining advanced data capabilities with pharmaceutical expertise can drive impactful healthcare outcomes. MSD and Briya are committed to ongoing innovation and partnership to further the advancement of medical science and improve patient lives.
About MSD:
MSD is a global healthcare leader working to help the world be well. From developing new therapies that treat and prevent disease to helping people in need, we are committed to improving health and well-being around the world. For more information, visit https://www.msd.com/.
About Briya:
Briya’s global healthcare data network taps into the potential of patient-level data, fostering seamless collaboration between hospitals, clinics, health systems, researchers, and life sciences organizations worldwide while upholding regulations. Through this comprehensive solution, data sharing is securely facilitated in real-time, enabling standardization and harmonization of longitudinal data from diverse sources and systems with extreme ease. By leveraging Briya’s expansive network, organizations establish themselves as pioneers in research and innovation, enhance visibility within their sectors, and open up new avenues for revenue generation visit www.briya.com.
Contact Details:Mor Pecht [email protected]
Photo – https://mma.prnewswire.com/media/2518699/MSD_and_Briya.jpg
View original content:https://www.prnewswire.co.uk/news-releases/msd-in-strategic-collaboration-with-briya-for-innovative-rwe-data-analysis-projects-302262246.html
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