- Second
quarter results show number of subscribers up 57 percent and subscriber
revenue up 108 percent
- National
governments of U.S., UK see potential applications of GTX Corp products in
health services
- U.S.
military using GTX wearable GPS technology to track assets and personnel
GTX Corp (OTC: GTXO), a company that develops and produces
wearable GPS technology for tracking individuals and assets, has announced a
108 percent increase in subscriber revenue. Releasing its second quarter
results, the company said that revenue was up seven percent and subscriber
numbers increased by 57 percent, as compared to the same period of the previous
year, according to a news release (http://ibn.fm/2MS8m).
“As highlighted above, we had an overall good quarter, with
single- or double-digit increases or decreases in all the major metrics –
revenues were up, subscribers were up, margins and profits were up, while our
cost of operations, professional services, G&A and net losses decreased,”
GTX Corp CEO Patrick Bertagna said in a news release. “Overall product revenues
were slightly impacted due to the launch of new products and not having enough
inventory on hand before the end of the quarter. However a key metric worth
noting is number of subscribers and subscriber revenue, both of which are
fundamental to our overall success and have been increasing steadily over the
past year.”
The CEO added that the company’s subscriber base grew by 52
percent and subscriber revenue grew by 108 percent during Q2, which is a very
good indicator that GTX Corp is adding higher-paying subscribers, leading to
“higher margins, higher profits and getting closer to cash flow positive.”
The company recorded an eventful second quarter that
included the launch of two new child-focused products: SmartSole for kids and
the Invisabelt for toddlers.
GTX Corp technology has a number of applications, including
tracking the whereabouts of vulnerable loved ones, such as adults with
dementia, children and pets. SmartSole, its leading product, is a hidden
tracking insole, while the Invisabelt is worn inside a waistband. The company
has also developed a mobile app that allows for the tracking of individuals,
including family members and employees.
A number of national governments have expressed interest in
using GTX Corp’s tracking solutions in their health services. The National
Health Service in Britain’s Dorset County is running a pilot program using
SmartSole to track people with dementia (http://ibn.fm/Hmltf). In the U.S., health authorities are
considering the use of the technology for the benefit of veterans. Having
already established a solid distribution network across the UK and the European
Union, the company is considering seeking government funding as part of the
national health programs of other nations for its GTX tracking systems.
In addition, the U.S. military has contracted to use the
company’s P.E.T.S. Asset Tracker to track and locate personnel and equipment.
GTX Corp reported that the entire initial military contract was completed and
delivered with 100 percent satisfaction in April (http://ibn.fm/uP799).
George Mason University’s College of Health and Human
Services is using GTX Corp’s SmartSole technology in research to predict human
wandering. The Alzheimer’s & Related Diseases Research Award Fund is
financing the research program, which is using data from the wandering
behaviors of individuals with Alzheimer’s to develop a system that can quickly
detect and prevent episodes of wandering, a major concern due to health and
safety risks.
The company is also engaged with lawmakers to discuss
legislation that would open the way for the federal government to fund programs
to keep vulnerable individuals safe. Initial talks have focused on a law that
would authorize the appropriation of $2 million annually over the 2018-2022
period. “This will enable the Department of Justice to make grants to state and
local governments and nonprofit organizations to fund programs to locate
missing persons with dementia or developmental disabilities. This speaks to the
core of what GTX Corp does and falls in line with the Company’s recent entrĂ©es
into the children’s autistic market,” Bertagna explained.
For more information, visit the company’s website at www.GTXCorp.com
About QualityStocks
QualityStocks is
committed to connecting subscribers with companies that have huge potential to
succeed in the short and long-term future. It is part of our mission statement
to help the investment community discover emerging companies that offer
excellent growth potential. We offer several ways for investors to learn more
about investing in these companies as well as find and evaluate them.
QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the
QualityStocks website applicable to all content provided by QS, wherever
published or re-republished: http://www.qualitystocks.net/disclaimer.php
No comments:
Post a Comment