The use of bioelectronic devices for pain management is a growing industry expected to continue expanding in the coming years. Bioelectronic devices, also known as neuromodulation devices, work by stimulating the nervous system to help alleviate pain and other symptoms.
There are several factors driving the growth of the bioelectronic pain management industry, including an aging population with a higher prevalence of chronic pain conditions, the need for non-opioid pain management alternatives, and advances in technology that are making these devices more effective and accessible.
In recent years, there have been significant advancements in bioelectronic devices, including spinal cord stimulators, peripheral nerve stimulators, and deep brain stimulators. These devices are becoming increasingly sophisticated, with features such as closed-loop systems that can adapt to a patient’s changing pain levels, as well as wireless and smartphone-enabled devices that offer greater convenience and ease of use.
In addition to these developments, there has been a growing interest and investment in bioelectronic pain management from both the medical and technology sectors. This includes partnerships between medical device companies and technology companies, as well as collaborations between academia and industry to develop new and innovative bioelectronic pain management technologies.
One of the major drivers of this trend is pressure to move away from opioid-based drugs, which have been shown to be addictive and appear to increase odds of overdose. Next to those dynamics, bioelectronic pain management devices have an unblocked right of way to establishing a non-toxic, non-addictive path to solving what is perhaps the most common health problem we face.
As such, we take a closer look below at some of the most interesting names in the space.
Shockwave Medical Inc. (Nasdaq:SWAV) operates as a medical device company, which focuses on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated.
The firm offers M5 catheters for treating above-the-knee peripheral artery disease, C2 catheters for treating coronary artery disease, and S4 catheters or treating below-the-knee peripheral artery disease.
Shockwave Medical Inc. (Nasdaq:SWAV) recently announced the full U.S. commercial availability of the Shockwave L6 Peripheral IVL Catheter following clearance by the U.S. Food and Drug Administration (FDA). The Shockwave L6 catheter is purpose-built to modify calcification in otherwise difficult-to-treat lesions in large peripheral vessels, including the iliac and the common femoral arteries. Calcification in these arteries is common and associated with decreased procedural success and increased complications with standard endovascular techniques.
“The Shockwave L6 catheter pushes the boundaries of what IVL can help physicians achieve for patients with severe peripheral arterial disease,” said Frank Arko, M.D., Chief of Vascular and Endovascular Surgery at Carolinas Medical Center, Sanger Heart and Vascular Institute in Charlotte, North Carolina. “The characteristics of the new catheter allow physicians to optimize IVL therapy in large peripheral vessels, which represent over 20% of peripheral interventions performed in the U.S. each year. The Shockwave L6 catheter may also be beneficial when IVL is utilized to facilitate transfemoral access for large bore procedures like TAVR, TEVAR and EVAR to minimize the risks of rupture and dissection.”
If you’re long this stock, then you’re liking how the stock has responded to the announcement. SWAV shares have been moving higher over the past week overall, pushing about 7% to the upside on above average trading volume.
Shockwave Medical Inc. (Nasdaq:SWAV) managed to rope in revenues totaling $144M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 71.1%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($304.5M against $63.4M).
Electromedical Technologies Inc. (OTC US:EMED) is flying under the radar as a disruptive force in the pain-free drug-free marketplace. The company’s flagship product, the WellnessPro Plus, uses frequency and electro-modulation to combat pain effectively. However, according to last night’s release, the company has moved on to introduce a revolutionary new path for the electromedical device marketplace.
The company’s technology platform has started to ramp up, with management now focused on scaling it worldwide. While EMED is just now starting to scratch the surface of its big-picture sales equation, we are already starting to see strong growth and overall results.
Electromedical Technologies Inc. (OTC US:EMED) just announced this morning that the company completed the sale of a building. The transaction closed on March 15, 2023, for a total sale price of $2 million, of which the Company netted $1,363,817.64 in total cash proceeds after payment of mortgage and expenses related to the sale. Management notes that the sale of the building will not interrupt operations as the Company has already leased back the space on favorable terms.
“This cash infusion will position the Company and our shareholders on very firm ground as we prepare to launch the WellnessPro Infinity™, our next-gen market leading flagship device,” stated CEO, Matthew Wolfson. “We will now be able to aggressively remove dilution risk as well as fully fund pre-production and production activities into the new product launch in Q3.”
The Company plans to deploy capital from the building sale to pay off convertible notes to expel dilution risk as a first step. Remaining funds will be used to pay for development of molds for the WellnessPro Infinity™ device as well as the production of new units to fulfill initial orders.
Wolfson continued, “This capital covers all overhead and growth funding needs through the end of Q2. That will lead us right up to our presale roll-out in Q3 and the beginning of cash generation from sales of new units. We look forward to being cashflow positive and reliant on growth capital from operations later this year.”
Electromedical Technologies Inc. (OTC US:EMED) anticipates presales of the WellnessPro Infinity™ device to pick up in early Q3, with many existing customers expected to upgrade to the new next-generation device. The Company will be rolling out an exchange program whereby existing customers will be able to exchange their old units for a credit toward the purchase of a new WellnessPro Infinity™ unit. Based on its own internal analysis, the Company anticipates at least $2 million in estimated revenues from this presale program in Q2-Q3 2023. At that point, the Company will be positioned to fund future growth through cash from operations.
iRhythm Technologies Inc. (Nasdaq:IRTC) is a digital healthcare company, which engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services.
It also provides solutions that detect, predict, and prevent disease.
iRhythm Technologies Inc. (Nasdaq:IRTC) recently announced the results of multiple new studies at the American College of Cardiology’s Annual Scientific Session Together With the World Congress of Cardiology (ACC.23/WCC). The CAMELOT study, titled “Comparative Effectiveness Of Ambulatory Monitors For Arrhythmia Diagnosis: A Retrospective Analysis Of Medicare Beneficiaries,” demonstrated that: Long-term continuous monitoring (LTCM) with Zio XT is associated with the highest diagnostic yield and the fastest time to clinical diagnosis compared to all other ambulatory cardiac monitors (ACM) when looking at specified arrhythmias, Zio XT has the lowest likelihood of retesting compared to all other ACMs, and Zio XT is associated with the lowest acute care healthcare resource utilization compared to all other ACMs.
“Ambulatory external ECG monitoring is being widely used in clinical practice. Providers have choices of various types of ECG monitors, as well as choice of several vendors. There has previously been no attempt to determine whether these choices influence important endpoints such as diagnostic yield or need for re-testing,” said Suneet Mittal, MD, director of electrophysiology at Valley Health System and presenting author of the study. “The CAMELOT study provides real world evidence that these choices indeed impact these outcomes and may inform how providers make these choices in clinical practice.”
The context for this announcement is a bit of a bid, with shares acting well over the past five days, up about 9% in that timeframe.
iRhythm Technologies Inc. (Nasdaq:IRTC) managed to rope in revenues totaling $112.6M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 37.7%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($213.1M against $89.1M).
Other key players in the space include Medtronic PLC (NYSE:MDT), Zynex Inc. (Nasdaq:ZYXI), electroCore Inc. (Nasdaq:ECOR), and Tivic Health Systems Inc. (Nasdaq:TIVC).
