MELBOURNE, Australia--(BUSINESS WIRE)--Medical device company dorsaVi Ltd (ASX: DVL) today announced it has signed a multimillion dollar deal with leading UK physiotherapy network YourPhysioPlan to market and sell ViMove in the United Kingdom and Ireland.
The three year deal includes minimum sales targets of 100, 300 and 600 ViMove units to be purchased or leased consecutively each year over this period. If minimum sales targets are achieved, the deal is valued at more than AU$9M over the three years. Under the agreement, dorsaVi has the right to exit the contract if the minimum sales targets are not achieved.
dorsaVi has retained direct sales for ViMove in U.K and Ireland to hospitals, medical centres, universities, companies, and elite sports groups.
YourPhysioPlan.com is a national network of more than 100 Member Clinics with a unique business model allowing members to pay a monthly payment of professional fees to a health and wellbeing care plan in order to receive regular and high quality physiotherapy services. YourPhysioPlan’s aim is to expand to more than 300 clinics over the next year.
In June 2015, dorsaVi announced YourPhysioPlan had purchased an initial ten ViMove devices and the success of this initial program has quickly led to the establishment of this new agreement.
Zoe Whyatt, Chief Operating Officer for dorsaVi Europe, said the partnership with YourPhysioPlan provided an opportunity for dorsaVi to establish a strong foothold in the private UK market with ViMove.
“This is a very significant milestone for dorsaVi and will allow us to tap into a large and growing network of clinicians and patients who will have access to our ViMove product. YourPhysioPlan has plans to expand to more than 300 clinics and we are excited at the prospect of establishing ViMove in each of these clinics.”
Founder of YourPhysioPlan, Denise Kesson, said innovation and cutting edge technology are at the heart of the YourPhysioPlan business and access to the very latest products to inform treatment plans and assist with injury recovery was resonating strongly with clients across the UK.
“Technology is pervasive and touches all elements of our lives and we believe offering our clients the best of what technology can deliver to improve their physical health and wellbeing is essential now and in the future.”
“ViMove has the potential to be a vital extension to the expertise of therapists and our pilot of ViMove has been very well received. We are excited to take this partnership to the next level and work with dorsaVi to expand our offering to the UK market.”
Dr Andrew Ronchi, dorsaVi Chief Executive Officer added that the decision to license ViMove to YourPhysioPlan is an exciting step forward, providing strong evidence that the product is ready for wide scale distribution.
“This type of distribution model for ViMove has always been the plan and we are now able to action this strategy in the U.K and Ireland with a leading group in YourPhysioPlan. In addition to broadly scaling our clinical operations with YourPhysioPlan, dorsaVi has seen growing commercial momentum in the U.K with our OHS franchise, ViSafe, and we expect to significantly amplify focus and sales with our OH&S customers over the coming months.”
“Our partnership with YourPhysioPlan is built on a shared commitment to innovation and a goal to offer patients in the UK with the very best technology to support treatment plans. This agreement with YourPhysioPlan will result in more rapid and broader adoption of ViMove.”
About dorsaVi
dorsaVi (ASX:DVL) is an ASX company focused on developing innovative motion analysis device technologies for use in elite sports, occupational health and safety, and clinical applications. dorsaVi believes its wearable sensor technology enables – for the first time – many aspects of detailed human movement and position to be accurately captured, quantified and assessed outside a biomechanics lab, in both real-time and real situations for up to 24 hours.
Our technology has applications across three sectors:
- Clinical: ViMove is transforming the management of patients by providing objective assessment, monitoring outside the clinic and immediate biofeedback. ViMove is currently used by medical and physiotherapy practices in Australia and the United Kingdom and is now available in the United States following FDA 510K clearance.
- Elite Sports: ViPerform is allowing coaches and medical teams managing elite athletes and teams to screen athletes and provide objective evidence for decisions on return to play, measure biomechanics and provide immediate biofeedback out on the field, tailor and track training programs and optimise technique and peak performance. ViPerform is being used by AFL and NRL clubs in Australia, clubs in the Barclays Premier League, Australian and Victorian Institutes of Sport, various Olympic teams and athletes internationally, and Cricket Australia.
- OH&S: We combine innovation, measurement and quality to reduce workplace incidents, costs, meet compliance and improve brand reputation. ViSafe enables employers to assess risk of injury for employees as well as test the effectiveness of proposed changes to workplace design, equipment or methods based on objective evidence. ViSafe has been used by major corporations including Coles, Woolworths, Toll, Toyota, Orora (formerly Amcor), Crown and BHP Billiton. Australian Workplace Compliance delivers risk mitigation through compliance to OHS, Quality Management Systems, Company Policy and Process.
Further information is available at www.dorsavi.com.
