Taglich's Company Profile for:
On May 15, 2013, ALR Technologies reported a first quarter loss of $744,890, essentially breakeven on a per share basis. We projected a 1Q loss of ($0.01) per share. In the year-earlier period, the company lost $803,265, essentially breakeven on a per share basis. No revenue was earned in either quarter.
ALR Technologies Inc. (ALRT.OB), headquartered in Richmond, Virginia, was established in 1987. ALRT is commercializing Health-e-Connect (HeC), an Internet-based compliance monitoring system (IBGMS) cleared by the FDA in October 2011. The HeC software package, compliant with HIPAA and compatible with electronic medical records systems, supports patients’ compliance with their treatment regimens and enables clinicians to remotely monitor and communicate with patients when they are not compliant.
ALR has targeted the US diabetes care market due to its size, the growing prevalence of the disease, its cost burden on the healthcare system, lax patient compliance and waste in the form of health insurers’ overpayments for diabetic supplies. Large-scale commercialization of HeC will be facilitated by electronically registered blood glucose self-monitoring data, which is significantly more accurate than paper logs that are often indifferently maintained by patients.
Alert Technologies is formulating a multi-pronged marketing strategy that aims to offer HeC-based data and services to three end markets: pharmaceutical manufacturers, retail drug store chains, and health insurers. As acceptance of the system widens, revenue growth momentum should accelerate, enabling ALR to establish an initial presence in all three markets within two years after HeC is commercialized.
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