Marc Zemel Presents Retia Medical at LSI USA '23

Transcription

Marc Zemel  0:05  

Good afternoon, everybody. Thank you for coming to my talk. Appreciate your time and attention. Ratia Medical's vision is to make consistently accurate hemodynamic information available for the care of all high risk patients. The Argos hemodynamic monitor is the leading hemodynamic monitor in that is proven superior to the market leader in the space to guide care. It's a $4 billion market for high risk surgical and critically ill patients with FDA clearance, CE mark and we're selling in 14 countries were used by leading academic medical centers for the top 10 in the world, including six hospitals in the Cleveland Clinic system. This is a high margin business that can save millions of dollars for our customers. Last July, I actually in March, I met my lead investor. And then we closed in July, on our $15 million, Series B led by Prezenius with with Medtronic, we grew our installed base last year by over 50%. And we're now in over 30 hospitals. This year, our plan is to expand into the community hospitals and increase our account penetration into our existing accounts. Now, let me tell you a little bit more about how our better data saves lives. So 15 million patients every year are at high risk of complications costing the healthcare system in the US alone over $30 billion. Whether it's the kidney, the brain or the heart, these are terrible outcomes for patients. They're very expensive to the hospital, and they ruin the morale for the clinicians. major source of these complications is the lack of perfusion to the vital organs of these patients. That's called shock. So the delivery of oxygenated blood, if there's not sufficient perfusion, these organs start to die. And the longer they don't have sufficient perfusion, the worse the outcomes. And just like a bank failure, right, there's usually signs of trouble before the emergency. So we did a recent analysis of 100 post cardiac surgical patients, and up to 70% of them had a cold or hidden shock. That is that their vital signs were normal, but their hemodynamics were abnormal. And that can transition to hypotension. That's where the organ damage is happening. That's an emergency. And that's when the regular bedside monitor will start to alarm forcing the clinicians to react quickly. Early detection is the key to protecting these patients. That's what the Argos does. With the Argos hemodynamic monitor, they can stop that emergency and allow the clinicians to be proactive to prevent that organ damage before it starts. The superior accuracy of the Argus monitor has allowed us and earned us the clinical trust from our customers. We offer 10 parameters to detect shock and guide the treatment. It's a one minute setup, driven by the nurses, so no doctor's orders are required. With our patented multi beat analysis algorithm. It's been proven to be 50% more accurate than the leading competitor in two situations when tracking changes in cardiac output, and during low flow as you would see in cardiogenic shock. In addition, we have a unique capability to accurately Mani monitor hemodynamics even during arrhythmia. This is important because a third of cardiac surgery patients experience arrhythmia, which shuts them out for using less invasive technology. To date we've been used on over 25,000 patients. Here's an example of recent patient down in Texas as a six year old in the ICU after abdominal surgery. We were doing a an evaluation and John the trauma nurse there. You know trauma nurses are really smart. I know what's going on with my patient no problem. Blood pressure was fine heart rates, fine clinical exam all fine. And so our clinical specialist said, Let's just hook up the Argos it takes a minute. Let's see what we got. They hooked it up and you see the abnormal values here. stroke volume, systemic vascular resistance, cardiac index were all way abnormal. They're looking at this, like what's going on, inspected the line turned out and had clogged. When they unclog the line, a liter of blood came out, right? post surgical bleeds have a mortality of 10 to 20%. They cost $18,000 per event, when we talked to our clinical advisory board, is this a one off is it happens every week. That's the power of the Argos to detect that hidden shock before it becomes an emergency. Not only do we detect the shock, but we help guide the care. So now over 90 Studies show that human dynamic guided care can improve outcomes by reducing those rates of complications by up to 50%. shortening their stay in the ICU by one to two days and saving 1000s. For patient. We're going after the $4 billion market, it's been growing at 10 to 15% per year. Despite that it's really dominated by one competitor with a flawed offering. Today, we're serving 20 million patients who have an arterial line to monitor for circulatory shock. Ultimately, we'll pursue the 100 million patients worldwide, who are at elevated risk for complications. we're executing on a proven commercial strategy in December we got into vizient. We're working on Premiere and some of these other contracts you see here with the GPIOs. We target two main populations, existing dissatisfy using users of our competitors, and those who are will say Our hemodynamic ready, they want to improve their perfusion management to prevent those acute kidney injuries and increase their turnover in their ICU, which of course allows them to do more elective surgeries. We have an outstanding team of cvicu nurses with strong background and human dynamics, and we provide a high touch support with our reps. Our business model is we sell either the capital or a software subscription so that our customers don't have to go through two different budgets, they can choose one or the other depending on their situation. The payback from switching to the Argos is usually within five to 11 months depending on their usage. The results from this strategy has been that we've been able to shorten our sales cycle to three to four months after we run an evaluation. We have a growing network of hospitals who rely on the Argos monitor for guiding the care of their critically ill patients. You can see most of these accounts here with the asterisk switched from our competitors. And we typically enter in one or two departments. And then we spread through the many departments you see there. The reason that we spread is that the physicians and nurses love this product, we've earned their trust. And because it's so easy to use and help them improve the care for their patients. Right, we get a net promoter score of 78, which is unheard of in medtech, typically 10 to 20. With the capital we're raising, we'll be cashflow positive at the end of 2024 approaching 25 million in revenue by 2026, still only penetrating 5% of the total target installed base in the US. And as I said at this price point, monitor still pay for themselves in less than a year. We an experienced team with prior exits in this space, outstanding board of clinical advisors, you see the names. Our goal is to digitally augment cardiovascular care for these patients. The Argos hemodynamic monitor is an essential ingredient to guiding the care for managing all these different organs, the brain, the heart, the kidneys, because blood flows everywhere. So we're part of an algorithm ecosystem that helps predict, detect and guide care for these patients. And due to the consolidation in this space, we're the only independent human dynamic monitoring company remaining in this space. And so that makes us ideally positioned to have rapid growth as more and more hospitals are looking to transform their care to digital approach to making care decisions. Thank you for your time.