Echocardiography, considered to be one of the safest, most reliable, and cost-effective ways to diagnose certain cardiac abnormalities, is the most widely used technique for non-invasive imaging of the heart. Transthoracic echocardiography (TTE) (including 2D and 3D) is an important tool for diagnosis and follow-up of patients with congenital heart disease (CHD). It remains the first-line imaging modality. 2D and 3D echocardiography are integral parts of functional assessment. Both 2D and 3D echo have limitations that yield poor/insufficient quality images leading to inaccurate echocardiography measurements. Echo is restricted by body size or acoustic windows as well as spatial and temporal resolution. The Ventripoint products provide more accurate, consistent, and reliable results. These products are inexpensive compared to the current standard of care.

As an early-stage commercial operating company with limited funds, manpower, and resources, it is more effective for us to focus on target marketing rather than trying to reach a wide range of customers. We need to establish our product and brand in a market that we know the customers and understand their needs. With this approach we have identified early adopters who are leading cardiologists and have placed units in leading institutions. Rather than targeting the product at the whole market, we are currently targeting our sales & marketing efforts in the congenital market segment. This is the market from which the technology was borne, and it makes sense for us to use that to grow our product user base. The strategy is to build a strong business reputation and get a strong world-wide hold in this market segment thereby developing an effective custom strategy for reaching this target market establishing our technology as the standard of care. We are starting with United States, UK, and Europe as the geographic segments because we can leverage the support of our KOLs and early adopters and thus effectively identify high quality leads which we are seeing early on in this strategy. This targeted approach at this early stage for the company will lead to a higher conversion rate compared to mass marketing.

We are price-sensitive so even with very tight hospital budgets, our product falls below the threshold.

The hurdles are not faced by the distributors but rather we have a challenge in picking the right distributors and managing them. We need to ensure that for those distributors where we do not have a sales representative dedicated solely to our products that they put enough attention on our products. We heavily engage with them to ensure our products are atop the distributors when they are meeting with their customer base via regular weekly meetings and accompanying them on customer visits to ensure that the are clear on the value proposition of our products.

We continue to be part of the Edison Developer program.

Yes. We can execute on our sales strategy for 2023.

Sales pipeline is strong. We have 4000+ leads of which 25% are qualified. We are continuously adding to the funnel with new leads and converting to qualified leads which are likely to turn into closed-won deals. We have shortened our sales cycle to as short as possible, primarily with the introduction of 3–5-day evaluations for each customer at which the end of a decision to purchase is made. To date, all our evaluations have ended with an understanding from the customer to purchase. Our goal is always to convert all qualified leads into closed-won deals.

Cardiology is at the forefront of AI revolution in medicine. Our products currently have a form of AI in them and we are further developing the products to further improve it.