Oxehealth Follows Up on a Great 2019 With Momentum in Q1 2020
Oxehealth have signed a number of contracts in Q1 2020, signalling a promising year with significant growth opportunities ahead.
Oxehealth have continued commercialising their contact-free vital sign and activity monitoring platform, the Digital Care Assistant (DCA), by contracting with 3 further UK Mental Health Trusts in the first quarter of 2020.
The DCA is now contracted to 30% of England's NHS Mental Health Trusts with strong engagement from the remaining trusts and customers in other market segments. Management looks forward to a strong performance in 2020.
Charlotte Wood, Director of Mental Health, said, "The strong start to 2020 is great news for Oxehealth and our partners in the NHS. It further validates that the DCA is helping to improve the safety of patients and staff, whilst enhancing the quality and efficiency of care provided. The Oxehealth platform is fast becoming a benchmark for clinical excellence in inpatient Mental Health services."
Oxehealth's Vital Signs medical device product was placed on the market in 2018 and Oxehealth has since achieved increasing market penetration in its primary market of UK Mental Health. Oxehealth is also growing in UK care homes, prisons, police, primary and acute care facilities and in the Swedish market.
Hugh Lloyd-Jukes, Chief Executive of Oxehealth, commented, "Our business had a strong 2019, finishing the year 40% ahead of plan. We've started 2020 even more strongly: we ended the quarter 43% ahead of plan by signing three new customers and receiving an additional order from an existing customer.
"We have deployed our technology to support the fight against COVID-19, both in our core sub-acute ambulatory care market, notably in mental health hospitals and care homes, and also in community triage."
Lloyd-Jukes added, "Whilst this is a troubling time for us all, we are planning for a strong performance by Oxehealth in 2020 as we continue to help clinicians engineer ever better care and thereby save lives and improve healthcare for everyone."
Oxehealth was founded by the head of engineering at Oxford University, Professor Lionel Tarassenko in 2012. Since then, it has become a UK tech success story, with financial backing from IP Group Plc and Ora Capital, two major investment trusts committed to supporting UK science for the long-term.
Oxehealth's Digital Care Assistant acts as an assistant for staff when they cannot be present in a room, or do not want to disturb an individual. The system alerts clinicians, carers and custodians to high-risk activity, enables them to take spot vital sign measurements and to review activity reports.
About Oxehealth's vital signs measurement software
Oxehealth uses proprietary signal processing and computer vision to process normal digital video camera data to measure pulse rate and breathing rate and is intended for the non-invasive spot measurement of these vital signs. The Vital Signs product is a Class IIa medical device, a global first for a software solution.
It is a fixed-installation device for use within single occupancy rooms covered by a framework that mandates periodic checks by a trained professional to ensure subject safety. See device Instructions for Use for intended use, contraindications, warnings, cautions, usage directions and maintenance.
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