Healthcare Industry News: Luminetx
News Release - July 6, 2009
Luminetx(R) Ends First Half with Continued Global Expansion and Key Milestone AchievedMemphis, Tenn., July 6th, 2009 – (HSMN NewsFeed) - Luminetx(R) Corp. announced today it has completed its first half of fiscal calendar year 2009, crossing a key milestone in the sale of the VeinViewer(R) - its vascular imaging product. Second quarter sales orders were at their highest since the company began shipping in the fall of 2006. On a worldwide basis, overall unit sales of the VeinViewer have eclipsed 1,200 units, a significant achievement for a company forging a marketplace where one had not previously existed. In January of this year Luminetx reported year over year sales growth of 77% for 2008, signifying continued solid demand and increased market penetration.
According to company officials, growth of Luminetx’s signature product, the VeinViewer, is being fueled by continued acceptance in the acute health care marketplace and through significant expansion of its global distribution network. Luminetx currently sells the VeinViewer through distribution partnerships in more than 40 countries with an additional 10 countries expected to ramp up sales efforts for the innovative product by year-end. In the United States, the world’s largest medical market, Luminetx is on five of the top six Group Purchasing Organization (GPO) contracts, giving it access to over 85% of the acute healthcare hospital market and providing those GPO members attractive purchasing discounts.
“We knew 2009 would be a challenging year for our company, particularly given the current state of the global economy,” said Richard Kindberg, chief executive officer for Luminetx. “Nonetheless, we continue to realize success by focusing our efforts with customers that see the intrinsic value our product delivers. VeinViewer resonates during these tougher times by saving time and money, reducing potential infections while improving patient care and overall patient satisfaction. VeinViewer makes sense now more than ever.”
Kindberg added, “We have seen new would-be entrants attempt to break into the marketplace we have created. Others have fallen away as their product concept could not capture the confidence of the customer to the degree that VeinViewer has achieved.The VeinViewer product is truly best-in-class as evidenced by the many hundreds of customer sites we now have around the world. That being said, Luminetx is constantly identifying new means to enhance our technologies to better serve our clients and their patients. You can expect some amazing new additions to the VeinViewer product family in the future.”
The VeinViewer is a vascular imaging system that allows physicians, nurses and other health care professionals to clearly see accessible vasculature (or lack thereof) in real time. The device uses a combination of near-infrared light and patented technologies to image vascular structures and project their location directly on the surface of the skin. This provides clinicians with a non-invasive adjunct technology for clinical treatments and procedures including, but not limited to: IV insertions, PICC line insertions, routine venipuncture (blood sampling), blood and plasma donations and treatment for varicose and spider veins.
Based in Memphis, Tenn., Luminetx Corporation discovers, develops and commercializes medical product and biometric technologies. The company’s premier product, VeinViewer, is now available and in use globally. For more information on Luminetx and VeinViewer, visit www.Luminetx.com.
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