Bittium Biosignals Ltd has signed a supply agreement to deliver customized ECG monitoring devices to the USA
Bittium Biosignals Ltd, a subsidiary of Bittium Corporation, and a major US remote monitoring provider, have concluded a three-year supply agreement under which Bittium will supply the Bittium Faros™ 360 and customized Bittium Faros™ 360 cardiac ECG signal measuring and monitoring devices. In addition, Bittium will supply disposable electrodes for attaching Bittium Faros ECG devices.
When materialized in full, the total value of the agreement is USD 21 million with revenues recognized gradually during the years 2018, 2019, 2020 and 2021 depending on the progress of the product deliveries, with estimated emphasis on 2019 and 2020.
The agreement, including product customization work, contains terms and conditions that are typical for supply agreements such as schedule and quality requirements. In addition, the agreement enables developing cooperation between the parties.
”The agreement is a very important expansion for Bittium in the competitive and growing healthcare technology export market. Bittium has the potential to grow into a major manufacturer and supplier for ambulatory ECG monitoring devices in the U.S.,” says Hannu Huttunen, CEO of Bittium Corporation.
The Bittium Faros 360 is a versatile ECG device that is used for early detection of cardiac abnormalities in everyday life. It is ultra-small, lightweight and enables precise, long-term full disclosure ECG measurements and recordings, monitoring abnormal cardiac events as well as mobile cardiac telemetry.
CEO of Bittium Corporation
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