Nemaura Medical Inc. (NMRD) stock prices were down by 5.20% as of the market closing on June 17th, 2021, bringing the price per share down to USD$10.57 at the end of the trading day. Subsequent pre-market fluctuations saw the stock rally by 1.89%, bringing it up to USD$10.77.
GBA Review of sugarBEAT
May 6th, 2021 saw the company announce the progress made with its attempt to achieve reimbursement for its sugarBEAT device from the German regulatory authority (GBA). After an initial review, the governing authority determined that there was no need for a GBA review of sugarBEAT. Instead, the device will be send directly to the National Association of Statutory Health Insurance Funds for a listing on the durable medical catalog.
Penetrating German Market
Currently, NMRD is completing the application for this listing, which will be significantly expedited in the absence of the need for a GBA review. The company continues to concentrate its efforts towards facilitating the commercial availability of its sugarBEAT device, with penetration of the German market marking a significant milestone for the company. To this end, the company continues to actively negotiate to identify the most suitable partner to take on the responsibility of marketing and distributing the product and program in such a crucial market.
Huge Purchase Order
May 5th, 2021 saw the company announce the receipt of a purchase order for 5000 of its sugarBEAT transmitters, as well as 200,000 of its sugarBEAT sensors. The order came through its U.K licensee, DB Ethitronix Ltd., with an additional rolling monthly purchase order expected. This rolling order will span a period of 24 months and will see the sale of 15000 transmitters and 2.1 million sensors. Included in the agreement will be an option to increase these volumes should there be an excess of demand.
This order is a testament to the positive feedback garnered by the soft launch of the sugarBEAT CGM device in the U.K., by DB Ethitronix. The licensee has set up a subscription services for diabetes management that is built on sugarBEAT technology. Feedback from users has been overwhelmingly positive, largely due to the fact that it is the only daily-wear CGM on the market that affords users the flexibility to monitor their glucose levels at their own pace, resulting in lower expenses.
Future Outlook for NMRD
Despite trending down consistently for several days, NMRD is poised to capitalize on its recent uptrend, which it will hope to maintain as it returns to its previous trajectory of success. Current and potential ivnestors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.