itamar-medical,-inc.

Company Profile: Itamar Medical Ltd.

Background

Overview

Itamar Medical Ltd. is a medical technology company specializing in the development and commercialization of non-invasive diagnostic devices for respiratory sleep disorders, particularly sleep apnea. Founded in 1997 and headquartered in Caesarea, Israel, the company has established itself as a leader in integrating sleep apnea management into the cardiac patient care pathway. In December 2021, Itamar Medical was acquired by ZOLL Medical Corporation, a subsidiary of Asahi Kasei Corporation.

Mission and Vision

• Mission: To improve cardiac patient care through the integration of innovative and clinically efficient sleep apnea management solutions into the care continuum, thereby reducing overall healthcare costs.

• Vision: To be the world leader in providing complete sleep solutions to cardiac patients.

Primary Area of Focus

Itamar Medical focuses on the diagnosis and management of sleep apnea, particularly in patients with cardiovascular conditions. The company's flagship product, WatchPAT™, is a home-use diagnostic device for sleep breathing disorders. Additionally, Itamar Medical offers the EndoPAT™ system, an FDA-cleared device for testing endothelial dysfunction and assessing the risk of heart disease and other cardiovascular diseases.

Industry Significance

The company plays a pivotal role in the sleep apnea diagnostic market, offering innovative solutions that integrate seamlessly into cardiology care pathways. Its products are recognized for their accuracy, ease of use, and ability to enhance patient adherence to sleep apnea management protocols.

Key Strategic Focus

Core Objectives

• To expand the adoption of its Total Sleep Solution™ platform among cardiology professionals.

• To enhance patient outcomes by providing comprehensive, non-invasive diagnostic tools for sleep apnea.

• To integrate sleep apnea management into the broader continuum of care for cardiovascular patients.

Specific Areas of Specialization

• Non-invasive diagnostic devices for sleep apnea.

• Digital health platforms facilitating sleep apnea management.

• Integration of sleep apnea diagnostics into cardiology care pathways.

Key Technologies Utilized

• Peripheral Arterial Tonometry (PAT®): A proprietary technology that measures changes in a patient's pulsatile arterial volume, providing insights into the cardiovascular system and the sympathetic branch of the autonomic nervous system.

• WatchPAT™ Device: A home-use diagnostic device for sleep breathing disorders, utilizing PAT® technology.

• EndoPAT™ System: An FDA-cleared device for testing endothelial dysfunction and assessing the risk of heart disease and other cardiovascular diseases.

Primary Markets Targeted

• Cardiology clinics and hospitals.

• Sleep centers and sleep specialists.

• Direct-to-consumer channels for home-based sleep apnea testing.

Financials and Funding

Funding History

Itamar Medical has undergone multiple funding rounds, including post-IPO secondary offerings. Specific details regarding the total funds raised and individual funding rounds are not publicly disclosed.

Recent Funding Rounds

The company has engaged in post-IPO secondary offerings, with the most recent occurring in 2019. Details of these funding rounds, including amounts raised and lead investors, are not publicly disclosed.

Notable Investors

Viola Ventures, a prominent Israeli venture capital firm, has invested in Itamar Medical.

Utilization of Capital

The capital raised has been utilized to support research and development efforts, expand market reach, and enhance the company's product offerings, particularly in integrating sleep apnea diagnostics into cardiology care pathways.

Pipeline Development

Key Pipeline Candidates

• Continuous Remote Patient Monitoring Device: Following the acquisition of Spry Health's technology in January 2021, Itamar Medical is developing a wrist-worn device for continuous sleep apnea monitoring.

Stages of Development

• Spry Health Acquisition: Completed in January 2021.

• Product Development: Anticipated to commence immediately post-acquisition, with an initial market launch expected in 2022.

Target Conditions

• Obstructive Sleep Apnea (OSA).

Anticipated Milestones

• 2022: Expected market launch of the continuous remote patient monitoring device.

Technological Platform and Innovation

Proprietary Technologies

• PAT® Technology: Enables non-invasive recording, measurement, and analysis of Peripheral Arterial Tonometry, providing insights into cardiovascular health.

Significant Scientific Methods

• WatchPAT™ Device: Utilizes PAT® technology for home-based sleep apnea diagnostics.

• EndoPAT™ System: Assesses endothelial function to evaluate cardiovascular risk.

AI-Driven Capabilities

• The continuous remote patient monitoring device, developed through the acquisition of Spry Health's technology, is expected to incorporate AI algorithms for continuous physiologic data analysis, flagging signs of patient deterioration.

Leadership Team

Key Executives

• Gilad Glick: President and CEO of Itamar Medical.

• Martin S. Gerstel: Co-founder and co-chairman of Itamar Medical.

Professional Backgrounds

• Gilad Glick: Served as CEO from 2013 through 2022, leading the company through significant growth and its acquisition by ZOLL Medical.

• Martin S. Gerstel: Co-founder and co-chairman, with extensive experience in the medical device industry.

Key Contributions

• Gilad Glick: Instrumental in expanding Itamar Medical's product offerings and market presence, culminating in the acquisition by ZOLL Medical.

• Martin S. Gerstel: Provided strategic direction and leadership, contributing to the company's growth and industry standing.

Leadership Changes

Recent Appointments

• Gilad Glick: After serving as CEO of Itamar Medical, he joined IceCure Medical as a strategic advisor for global go-to-market operations in July 2022.

Competitor Profile

Market Insights and Dynamics

• Market Size and Growth Potential: The global sleep apnea devices market was valued at approximately $4.5 billion in 2020 and is projected to reach $7.17 billion by 2028, growing at a CAGR of 7.1%.

• Industry Trends: There is a growing emphasis on home-based sleep apnea testing and integration of sleep apnea management into cardiology care pathways.

Competitor Analysis

• Philips Respironics: Offers a range of sleep apnea devices and has a significant market presence.

• ResMed: Provides sleep apnea solutions and has a strong foothold in the market.

• Natus Medical Incorporated: Specializes in medical devices for sleep diagnostics.

Strategic Collaborations and Partnerships

• BioTel Heart: In June 2019, Itamar Medical expanded its collaboration to offer its Total Sleep Solution™ to BioTel Heart's cardiology customers in the U.S.

• SoClean Inc.: In December 2019, Itamar Medical and SoClean announced a collaboration to offer WatchPAT™ ONE and other digital health services through direct-to-consumer channels.

Operational Insights

Strategic Considerations

• Market Position: Itamar Medical holds a strong position in the sleep apnea diagnostic market, particularly within cardiology care pathways.

• Competitive Advantages: Proprietary PAT® technology, comprehensive Total Sleep Solution™ platform, and strategic partnerships enhance its market standing.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Product Development: Focus on launching the continuous remote patient monitoring device in 2022.