Vicor Technologies is branding their PD2i® technology as the “new vital sign” and, although that is not the primary use of the technology at this point, the PD2i Analyzer™ is growing rapidly in usage across the United States and showing up in the bottom line for the Company.
Vicor has made a concerted effort over the last several months to increase its sales force and identified several states for increased distribution. Spearheading the operation is Christopher Vissman, who joined Vicor as National Sales Manager in mid-September 2010. With his guidance, Vicor now has 34 independent sales representatives targeting physicians specializing in endocrinology, internal medicine, cardiology, and family medicine in 16 states across the United States: AZ, CA, CO, FL GA, MA, MD, MO, MS, NC, NJ, NV, NY, OH, SC, TN, and TX. In its recruitment, the Company was able to retain the services of some of the industry’s finest; bringing on board independent representatives who have worked with companies such as St. Jude Medical, Medtronic, Biotronik, Sorin Group, GE Healthcare, Hill-Rom, Stryker, CardioDynamics, Polymedco, Becton, Dickinson and Company, Intelli-Heart, eCardio, and CarboMedics.
The impact on revenues has been almost immediate. Revenues from sales of the PD2i Analyzer™ during January 2011 were $77,000; which is an increase of more than 10 percent as compared to revenues of $69,000 for the whole fourth quarter of 2010. January 2011 revenues are already 40 percent of total revenues for all of 2010, which totaled $190,000.
Kicking off the new year with some solid momentum and the new team showing its strength, Vicor CEO David Fater displayed his optimism for 2011 in stating, “As we continue to add new sales representatives, we anticipate we will continue to reap revenues from increased unit sales and tests. The response from physicians -- whether in family or internal medicine, endocrinology or cardiology -- has been very positive, and extremely gratifying.” He continued, "With backgrounds like theirs, we're confident that our sales force is well-established among the physicians we're targeting and will continue to have a significant impact on our revenue growth going forward, especially as we continue to aggressively add independent representatives supplemented by our own direct regional sales managers.”
Vicor is developing innovative, non-invasive medical devices using its patented, proprietary PD2i® nonlinear algorithm and software. While the PD2i Analyzer™ is currently being used for a variety of diagnostic measures through a 510(k) clearance from the FDA, Vicor is in the process of further commercializing diagnostics that enable physicians to accurately risk stratify specific target populations for future pathological events, including diabetics for the presence of diabetic autonomic neuropathy (NYSE:DAN), cardiovascular disease patients for death.