Flexpoint Sensor Systems, Inc. (FLXT) is pleased to announce 2016 remains on-track in the realization of increased order volumes and revenue from medical wearables customers. As previously announced, the company talked about a number of "development-level" relationships that were at or near the commercialization stage. Recent Purchase Orders which represent both repeat and new business for Flexpoint, have been received in Q3 2016 and production order fulfillment is underway.
One of these customers, Korea-based Neofect (www.neofect.com), continues to build market share with their Raphael® rehabilitation platform and is also looking at bringing new products to market leveraging the Bend Sensor® technology. Previously announced, Idrogenet continues its commercialization efforts, and there are numerous other companies globally which are part of Flexpoint's current roster of medical wearables clients.
Commenting on these strategic relationships, Paul Sexauer, Flexpoint Vice President of Sales & Marketing stated, "Relationships with valued customer partners such as Neofect and Idrogenet will help us both continue to see market share and revenue growth, as well as contribute significantly to helping us achieve and exceed our revenue and profitability goals."
In general, the Wearables space remains one of Flexpoints' stronger market segments; one whose growth shows no sign of abating. Sexauer further commented, "Depending on the multitude of market analysts you choose to believe and how you want to dissect the information, the global market for Wearable Medical Devices is projected to reach anywhere from US$4.5 billion to US$7 billion by 2020. Flexpoint and our Bend Sensor® technology has demonstrated it is ideally suited for these applications based on core product performance. Illuminating this is our willingness and ability to custom build sensor solutions for customers, and we further distinguish ourselves when evaluated from an overall price performance perspective. A true WIN/WIN/WIN for any one of these customers and Flexpoint." These unparalleled qualities will continue to allow Flexpoint to shine in this market sector.