Marc Zemel Presents Retia Medical at LSI Europe '23

Transcription

Marc Zemel  0:05  
Hi, I'm Marc Zemel, the CEO of Retia Medical. Retia makes advanced hemodynamic monitors for high risk surgical and ICU patients. Our monitor has been proven to be the have the most accuracy, and less invasive technologies on the market. Today, we have FDA and CE mark more sold in 14 countries. We've been used by many of the leading academic medical centers, including seven hospitals in the Cleveland Clinic system 35 hospitals overall, this is a really high margin business that still saves hospitals, millions of dollars, and I'll talk to you about that. Last year, we raised $15 million, Series B actually met my investor at an LSI event last year. So happy to be back. And that round was led by Medtronic and Fresenius. So far this year, we have grown our installed base, as I mentioned, from not just the leading academic medical centers, but now we're penetrating into the leading regional and community hospitals, where our revenue now is actually up 100%. And in July, we were awarded contracts with Premie, Vizient, VA hospital system. So we're now starting to look at our next round to accelerate our commercial ramp. So 15 million patients every year are at risk for complications due to their stay in the ICU, or surgical complications, we're talking about $30 billion annually in the US alone, these patients, whether the complication is the brain, the heart, the kidneys, they're terrible outcomes for the patients, and they're expensive on a per patient basis. And of course, this leads to poor morale for clinicians. Leading cause of these complications is the lack of perfusion or shock to their vital organs over time. So the longer a patient is in shock, the more likely they are to have mortality, or more likely to have complications. There we go. hypotensive shock is typically how circulatory shock is diagnosed. And in this is an emergency right? What happens the bedside monitors alarm and the patient, the clinicians are forced to act quickly. But in fact, in our data, we've seen that up to 70% of patients post cardiac surgery, and 50% of patients, either during trauma or after trauma experienced these moments of hypotensive shock. Many times, they're actually hidden, that are called hypoperfusion. As you can see, that transitions into the hypotensive shock. Not. There we go. So the problem with this is it's a reactive way of practicing medicine. And what you would like to do is to be able to anticipate that hypotension, right? What if you could detect that problem before the hypotensive event? Right, that's what the Argos Monitor does, it enables, especially in those patients who are younger, who tend to compensate for that loss of blood or the other problems that cause hypotension until they fall off the cliff. Right? And then that's the emergency and that's when clinicians have very little time to react or to diagnose the problem. But what if you could detect it? What if you could also diagnose the cause, then you could anticipate and be proactive to prevent that organ damage? We were at a trauma center in the Midwest, and the surgeon there was talking to my director of r&d, and he drew this triangle, he said, Look, you know, we have these patients, they come in, and they're in shock due to blood loss, but then they transition to a Vaso diplegic state where they lose their vasomotor tone where, where their vessels start to dilate. Or maybe they transition to some mixed form of shock, or sometimes they transition to a cardiac induced injury. These are very different shock states. And they require different treatments. And they need hemodynamic monitoring to make that diagnosis. You can't figure that out from blood pressure and heart rate alone. And in fact, a recent study by burns algal in in Germany showed that only 8% of the time during surgery, do you see hypotensive shock due to blood loss, anesthesiologist have gotten very good at replacing that blood loss. So now what we see for shock is actually mostly these other states. You're not going to be able to solve that with some of the other ways that people look at fluid management whether it's urine output or or pulse pressure variation or some of these other surrogates for hemodynamic monitoring. So that's what we do. We have our 10 parameters to detect shock and guide the diagnosis and treatment. Our monitor takes one minute to set up, there's no doctor's orders needed. Our multi beat analysis algorithm has been proven to be 50% more accurate in than the leading monitor in this space by Edwards, we have the unique capability to be accurate in arrhythmia. No other monitor on the market can do this. And to date we've been used on over 25,000 patients. Historically, we've focused our validation studies on accuracy. With respect to invasive pa catheters. Now we've moved into doing outcome studies. And next month, we'll be announcing the preliminary results of our first outcome study on acute kidney injury that will be during kidney week in Philadelphia. So looking forward to that. Spoiler alert, they're good results. Here's an example of a patient in Texas who had had abdominal surgery with a drain. And, and the you can see on the left hand side, the vital signs were normal, normal mean arterial pressure, normal heart rate, and the belly was soft, right? And, and so the nurse there was like, I don't need your monitor, right? Move on. But we said, look, let's hook it up. It doesn't cost you anything, you can just hook plug in one cable, and you're up and running in 20 seconds. So they hooked it up. And you can see the Advanced Parameters actually showed very abnormal readings. And, and what we detected there was actually a bleed, the patient had been bleeding and what the drain had clogged. So once they manipulated the drains on dislodge that clot, almost a liter of blood came out that we already know that this is a very dangerous situation, mortality rates of 10 to 20%. Cost up to $18,000. And the issue is can you detect it before it comes becomes an emergency this guy was compensating right, and eventually he would have had that hypotensive emergency. And meanwhile, the kidneys getting injured, right. That's the power of the Argos. Not only can we detect the problem and guide the diagnosis, but obviously, we can guide the treatment. So using the data now from over 90 studies, you can see that we can do reduce complications by 50%. Shorten the stay in the ICU by one to two days and save 1000s for every patient. This is a $4 billion market. It's been growing in the high single digits to low teens with past several years, even though it's dominated by Edwards, which is the only real monitor on the market with a very flawed offering. Our target is those 20 million patients that get an arterial line every year. Ultimately, we have a product in r&d that allow us to serve the 100 million patients who are at high risk of complications from surgery. 35 hospitals are customers right now. Many of them are repeat customers they buy. Not only do they buy they buy more than they used to, more than two and a half times what they used to. And I mentioned we're now on getting on some of the major contracts. This is allowing us to accelerate our sales into all the different types of ORs and ICUs. You see there. I talked about a growing installed base. We win nearly every time when we go head to head with our competitors. The customers who switch by almost two and a half times as many monitors as they used to have lots of repeat orders. And our monitors are used between four and eight times per monitor per month about as frequently as you can get. The reason that they use it so frequently is they love the product. survey after survey shows that they love the product. They take pictures of themselves in front of our monitor because they're so excited and they want to make their friends jealous. You can see an example here in the ICU typically we're used next to the infusion pump in the OR will be mounted TBN anesthesia machine with the next round of capital will be accelerating towards a cashflow positive, either end of 2024 beginning of 2025. By 2026 We'll be penetrating roughly 10% of the market. There's a lot of room to run with this product. My team has broad experience with prior exits in this space. You can see some of the names here GE, BD and so on, without standing team of clinical advisors, experts in critical care in anesthesiology. Our vision is to digitally augment cardiopulmonary care, because blood flows everywhere. It's necessary to support each organ function, whether it's the brain, the heart, the kidneys, the lungs, the liver, all these different therapies that you see there. They're also needing hemodynamic monitoring to close that loop. Right where they can deliver more precise care to keep those organs alive. And we know also that strategics are very interested in complete, completing that device data bundle, right that allows them to give the full portfolio in order to compete effectively. With a consolidation in this space, we see that we're the only remaining independent human dynamic monitoring company, and they're well aware of this. Thank you for your attention. Look forward to answering any questions you may have.