OPUM Technologies | Andrew McDaid, CEO

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Andrew McDaid  0:02  

Good afternoon, everyone. I'm Andrew McDaid, founder of OPUM Technologies. Look, it's really exciting to be here today, actually really energizing to see so many amazing solutions to some of the world's biggest healthcare problems. At open, what we're tackling is also one of these very large problems in joint health. Our first focus is squarely squarely in knees. So what we're doing is we're empowering practitioners, with the most comprehensive functional need data. And we're doing this with the most accurate knee sensor on the market. And I'll talk a little bit more about accuracy later on why physicians are trusting our data. smell sensor, importantly, clips onto existing knee braces. And we also have wearable solution ourselves for those patients that don't need a knee brace. Now, that pattern protected modularity is important, because it allows us to leverage existing orthotic care modalities. And it also allows us to address the most complete set of use cases across an eHealth. So really, the clinical problem that we're solving here is that without visibility of knee health outside of the clinic, orthopedic care is delivered completely sub optimally. So you've got patients who are doing great, and yet, they're still scheduled to come in and see their surgeon when that surgeon could otherwise be using that time in the operating room. On the other hand, you've got patients who are high risk and non compliant and delaying coming in. And that's just exasperating their condition and going to cause more higher cost downstream. So what does it consultation look like for those that don't know a patient comes in, there's a collection of medical information as well as physical examination. Now, surgeons are spending up to two and a half days a week, so half of their time in these sort of consultations, and they seen up to 40 patients a day. So the current solution really is just for these guys to have shorter and shorter consultations, and they're less thorough. And at the moment, what they're also doing is offloading a lot of the follow ups to their Ma Pa assistants to do. So our solution is the digital need platform. The platform consists of a polycentric knee goniometer, so it delivers inherently accurate data that's intuitive and easy to collect for a patient in the home. We have an AI based motion processor, which allows us to automate the examination and also delivers a wide range of clinically relevant metrics over 24 metrics at this stage. So platforms delivering delivering trusted clinical data collected in real time and available on demand for surgeons. So that's making them more efficient, more accurate, and more decisive. So what we're selling to surgeons is a future when that two and a half days of consultation for could become one and a half or potentially even one day, you know, getting them to imagine themselves as being more of a conductor of their caseload, seeing patients that they should bring in and patients that they don't need to come in. So really utilizing their clinical expertise and decision making in a digital way, versus feeling like they're just on this production line of consultations, one after the next. So I'm not going to stand here and claim that we can replace all clinical consultations. Of course, building relationship and rapport with your surgeon is extremely important. But what we are doing is some common commonly used evaluation. So for example, range of motion with digitizing that. And then we also have some more advanced analytics as well. So things like daily exertion throughout the day, as well as advanced knee loading and Analytics as well. So we know that surgeons are very precise, and so accuracy and trust has been at the forefront as we have designed this technology. So for the past three years, we've done a number of validation studies, and we've shown that our metrics are equivalent to lab based motion capture, and also in clinic assessment. We've also looked at interrater reliability, so what results we're getting with patients in the home. In terms of clinical studies, our platform has been in randomized controlled trials, and we've shown that the data can actually drive clinical outcomes. So we've showed improvements and function pain. And we've shown that for those in conservative management with decreased the intention to undergo joint replacement by 29%. We have a high net promoter score of plus 63. And our patients are telling us that they're really wanting to continue on with this intervention pass past the three month trial. And so that's a really important indicator as we start to talk about remote patient monitoring reimbursement. In terms of physicians, the feedback that we're getting is that, you know, we've been able to prove that we can identify high risk patients and bring them in for more timely interventions. And we're also working with those partners to develop new, more optimized protocols, post surgery that reduced the number of in person consultations. We have a number of patents and more in the pipeline, a number of algorithms across biomechanics and AI throughout our stack as well. Where we see our real differentiation against, you know, generic monitors or vision based systems is across three different levels. So fundamentally, we have a more accurate center sensor more intuitive to use more trusted data. The second level then is around the more comprehensive nature of our clinical metrics. So the insights we're delivering to clinicians. So based on this, we're able to provide real efficiencies and real benefits to surgeons today. The third phase is in the future where we see that these advanced metrics are going to help to improve knee care. So whether that's the physicians utilizing those advanced metrics, or our AI algorithms, identifying biomarkers in the data that indicate certain interventions need to be done, or certain care pathways should be personalized. So we've also had success building remote patient monitoring codes, enabling our physicians to build those codes. As of this year, remote therapeutic monitoring codes have also become available, which has doubled the amount of reimbursement, reimbursement on the table. So for a clinic, this significant top line revenue in the order of $2 million, that they can start to be billing. We also see other revenue streams for open turns of advanced reporting, for example, to physical therapists with gait reports, or athletic trainers who are wanting to look after the injured athletes as they're going back after their surgeries. So if we look at the breakdown of all those different customer segments across across the addressable market, you see that there's a huge size of opportunity here. We also see that as the different practitioners type starts to adopt our technology, there's this network effect that's going to start building. So our sales strategy is that we're going to be leveraging the existing relationships. Through the brace manufacturers that we have already integrations with. We have an experienced veteran orthopedic sales rep who's leading that we're growing cohort of independent sales reps, both surgical and knee brace reps. We have already a partnership with one of the largest global knee brace companies twon, who has headquarters in France and also a subsidiary Townsend in California. So we have planned a company wide rollout with them in q4 this year. We're also in parallel having discussions with with other brace manufacturers and also joint implant companies as well as we're a vendor neutral solution. So our business model and ramp up of Salesforce has asked reaching 100 million dollars of revenue in the next five years post this next round. You know, we really see this as an achievable goal and also in a capital efficient manner, because of the way we're leveraging existing sales forces, those relationships and the accounts that that that these folks will be visiting already. So finally on team, the technology was spun out of my research lab. We've had significant funding, including from the US Department of Defense, we have collaborations, including the likes of NASA, 150 peer reviewed research papers, which really four forms the core of our product. We have experienced commercial CEO supported by a wider leadership team across sales, marketing and engineering. Of course, we have very experienced sophisticated board multiple exits across technology and medical devices as well. So where we are at the moment, where, you know, going through that commercial journey, we're having some early discussions at the moment around a Series A later on this year. We have support from existing shareholders, as well as some strong interest from strategics as well. So, look, we're going to be around myself and colleagues so happy to have discussions and sharing more information for anyone that's interested to talk further. Thank you