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Signostics Sales Grow 800% Year-Over-Year Based on Strong Market Share Gains and Repeat Orders

January 18 | 2018
New intelligent ultrasound tool shows sequential unit sales growth of 30%, while exceeding 20% share of U.S. health systems and adding several new GPO contracts, novel peripheral IV insertion tool expected in early 2018

2017 was a breakout year for the initial thrust of Signostics’ artificial intelligence-driven tool for bladder care in nursing, as parent company EchoNous announces the Uscan bladder tool saw 800% year-over-year sales growth, exceeding 20% market share in U.S. health care systems in just 15 months since launch in late 2016. Thanks to repeat orders from existing customers and several key GPO contract wins, the Uscan platform has established strong momentum in bladder care. The platform will soon be enhanced by the company’s plans to expand Uscan with a new best-in-class tool for peripheral IV and general vascular access, expected for release in early 2018. Expansion of the Uscan platform will enable EchoNous to further progress toward the company’s goal of empowering nurses with AI-based tools to help solve everyday problems in healthcare, while providing the lowest cost of ownership in the industry.

“Throughout 2017 we relentlessly disrupted an otherwise staid bladder care market badly in need of innovation; winning several GPO and health system contracts while receiving a very warm reception from customers who have opened their arms at the prospect of true long-term, value building relationships,” said Kevin Goodwin, CEO of EchoNous. “As conventional bladder scanner companies in this space have simply adapted their websites and terminology to mimic ours, they have been no match for our technology lead and progressive approach to cost of ownership for health systems and GPOs.”

Peripheral IV (PIV) access is one of the most commonly performed invasive procedures and can be challenging due to chronic illness, chemotherapy, obesity and drug abuse. By providing nurses with a PIV tool available conveniently next to a bladder tool on the same platform, that quickly delivers a clear, high-resolution image for shallow veins and at deeper depths, the company aims to increase first-time IV accuracy, patient safety and patient satisfaction.

“Nursing today seems very much in need of the right tool to enhance quick and safe IV insertion that flows into the nursing profession’s ‘see one, do one, teach one’ method of learning,” said Goodwin. “Clinicians have also encouraged us to focus on the strong opportunity to help address these challenges in pediatric medicine given the unique frequency profile of our new tool.”

In addition to strong Uscan market adoption in 2017, in September the company announced a $35 million round of investment from KKR, providing growth funding as EchoNous aims to significantly innovate in 2018, 2019 and beyond. In addition to the planned 2018 launch of a peripheral IV tool, the company is developing a third, highly advanced AI-driven ultrasound tool, aimed at large-scale gains in physical medicine practice.

“Uscan disruption has served as a catalyst for large value gains for hospitals from existing conventional bladder scanner companies who have not kept up with the technology or service demands of the modern healthcare industry,” continued Goodwin.

“We believe our entrance into the market has created greater value for hospitals in a myriad of other ways; including our observation of unprecedented moves from the former market leader, who in addition to dropping new hardware prices by 50 percent, are now offering 5 year warranty coverage to their entire installed base of systems. We estimate this retroactive warranty could mean well over a 1 million months of free warranty coverage for existing customers and proves that our arrival into this bladder care space has forced more value to customers from conventional bladder scanner companies compared to their previously unconscionable cost of ownership.

“A new and rising standard of care is absolutely possible through the delivery of intelligent clinical assessment tools for use by healthcare professionals at all points of care. The Uscan for bladder, and soon IV placement, is just the beginning of our journey to deliver an expanding family of high performing ultrasound devices, linked together with a singular AI-station, to address the most pressing needs of patients and providers.”

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Point of Care Ultrasound Innovator Kevin Goodwin Receives Prestigious Award from American College of Emergency Physicians

November 8 | 2017
Industry pioneer identified for legacy of supporting ultrasound adoption and education in U.S. emergency medicine

Kevin Goodwin, CEO of EchoNous and its subsidiary Signostics, has been awarded the inaugural Emergency Ultrasound Advocate Award by the American College of Emergency Physicians (ACEP). The award, bestowed at the recent 2017 ACEP Emergency Ultrasound Section annual meeting in Washington D.C., was in recognition of the historical support Goodwin has provided for the field of highly miniaturized ultrasound technology and its adoption within emergency medicine.

“This is the first year of our awards which honor leaders who spearhead change in emergency medicine, through innovation in ultrasound . We remember the distinguished work of Kevin Goodwin and his leadership in the industry, creating an innovative platform in the ultrasound space and revolutionizing ‘point of care ultrasound’,” said Dr. Vivek Tayal, past chair of the ACEP Emergency Ultrasound Section. “From the beginning Kevin has supported our mission by creating the capabilities that others would apply in the field of ultrasound and hence is a fitting inaugural winner of the Emergency Ultrasound Advocate Award.”

“I am deeply honored and flattered to receive this award from ACEP and share the recognition with the many believers in ultrasound and emergency medical care over the years,” said Goodwin. “I began working with the emergency medicine community in 1997 and have found their work and dedication to be inspirational. ACEP has made tremendous advances in the use of miniaturized ultrasound and have literally paved the way in U.S. medicine for others to adopt it as well.

We are now focused on applying artificial intelligence (AI) to unlock a whole new level of ultrasound usage in medicine and I fully expect that ACEP will be a vital part of the ‘next wave’ of gains in medicine that can solve everyday problems in healthcare via intelligent ultrasound. We are on our way to unleashing the ‘next revolution’ in usage for medicine with much inspiration coming from members of ACEP. They have always pushed us to do better and create the ultimate new tool for medical care, which is exactly what we plan to do over the next two years,” continued Goodwin.

As seen with Uscan, the company’s AI-driven approach has led to industry-leading accuracy, allowing health care providers to make fast and informed decisions to help patients, while reducing the unnecessary costs related to catheterizations and associated urinary tract infections. Critical to the company’s approach to ongoing machine learning, each Uscan device shares data collected to produce high resolution 3D models of the bladder —free of patient identifiers— with Uscan servers to continually improve accuracy through automated software updates.

Under Goodwin’s leadership, Signostics has seen the rapid conversion of nearly 20% of U.S. health care systems to its Uscan intelligent ultrasound tool since the product’s launch in 2016. Based on a fusion of artificial intelligence and the extreme miniaturization of ultrasound, Uscan more precisely measures bladder volume and bladder wall thickness than conventional bladder scanners, resulting in significantly higher first-time measurement accuracy for nurses using the device.

Capturing 32 times more imaging data than conventional bladders scanners, Uscan requires only a simple pivot-point, fanning motion over the bladder to derive much more accurate first-time measurement. Healthcare providers can then make fast and precise decisions to potentially reduce unnecessary catheterizations and associated urinary tract infections, which cost hospitals millions of dollars each year.

In addition to the advances in bladder care, Goodwin and the EchoNous-Signostics team are in process of delivering the ‘ultimate nursing tool’ by adding an intelligent vein-finding solution to Uscan in early 2018 to be followed by a second major AI-driven ultrasound tool that the company believes can enable large-scale gains in physical medicine practice.

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Signostics Parent Company EchoNous Receives Additional Investment from KKR

September 28 | 2017
Funding to drive Uscan market expansion and continued innovation of AI-driven, highly miniaturized ultrasound devices to solve common problems in health care

EchoNous, the parent company of Signostics, today announced a new $35 million dollar investment from KKR, a leading global investment firm. Building on KKR’s initial $35 million dollar investment in the company in 2015, this additional investment will be used toward funding the ongoing market conversion of the company’s Uscan intelligent ultrasound tool for bladder and kidney care, while pursuing the ultimate nursing tool with a vein-finding solution and bringing a major new Artificial Intelligence (AI)-driven ultrasound project to market. For KKR, the investment is made as part of the firm’s health care growth equity strategy, which is focused on high-growth companies for which KKR can be a unique partner in helping reach scale.

“KKR has been a strong partner since our first investment round together, so we are very pleased to receive additional support from them as we build a world-class company dedicated to solving everyday problems in health care by fusing machine learning and miniaturized ultrasound,” said Kevin Goodwin, CEO of EchoNous. “We are confident that with KKR’s continued investment, we will accelerate Uscan’s market share in hospitals across the country, bringing a series of highly innovative, intelligent and unique health care tools to those who need them.”

Since its U.S. market launch in 2016, approximately 20% of U.S. health care systems have converted to Signostics’ Uscan intelligent ultrasound tool. Standing out against legacy conventional bladder scanners, the Uscan utilizes artificial intelligence and the extreme miniaturization of ultrasound to precisely measure bladder volume and bladder wall thickness, saving nurses time and health care systems money, while leading to improved patient satisfaction by reducing unnecessary catheterizations. Signostics intends to leverage its AI ultrasound technology to address peripheral IV access in early 2018.

“EchoNous is approaching ultrasound with a unique, AI-driven focus that we believe will revolutionize the way this technology is used in patient care,” said Justin Sabet-Peyman, Director on KKR’s Health Care investment team and Chairman of the Board of EchoNous. “The rapid adoption of Uscan demonstrates the company’s ability to execute on its innovative approach to ultrasound technologies, and we are excited about its ongoing development of new intelligent devices to improve health care.”

As seen with Uscan, the company’s AI-driven approach has led to industry-leading accuracy, allowing health care providers to make fast and informed decisions to help patients, while reducing the unnecessary costs related to catheterizations and associated urinary tract infections. Critical to the company’s approach to ongoing machine learning, each Uscan device shares data collected to produce high resolution 3D models of the bladder —free of patient identifiers— with Uscan servers to continually improve accuracy through automated software updates.

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Signostics Sees Rapid Traction in Nursing Care Market with AI-Driven Bladder Tool Uscan™

August 24th | 2017
Company applying the emerging field of artificial intelligence with extreme miniaturization of ultrasound to solve common every day problems in healthcare

Signostics, a subsidiary of EchoNous and a KKR portfolio company, has seen the rapid conversion of nearly 20% of U.S. healthcare systems to its Uscan intelligent ultrasound tool since the product’s launch just last year. Utilizing a fusion of artificial intelligence and the extreme miniaturization of ultrasound, the new Uscan more precisely measures bladder volume and bladder wall thickness, resulting in significantly higher first-time measurement accuracy for nurses using the device. The growing market preference for Uscan is highlighted by a three-year agreement with Ohio-based Excelerate Strategic Health Sourcing enabling this top tier GPO to deploy the device for improved and more accurate bladder imaging.

“Unlike conventional bladder scanners, we are applying the emerging fields of artificial intelligence, including deep and machine learning, alongside extreme miniaturization of ultrasound to solve common every day problems in healthcare,” said Signostics CEO Kevin Goodwin. “The UScan is a simple-to-use, cost and time-efficient device that, beginning with bladder and kidney care, is dramatically increasing first-time accuracy, saving nurses time and improving catheter decisions by using ultrasound in patient care.”

Uscan requires only a simple fanning motion over the bladder to derive a highly accurate first-time measurement. The device captures 32 times more imaging data than conventional bladders scanners, recording 256 bladder data slices in each fan, then running this rich data set through a computer vision-based algorithm to produce a high-resolution 3D model of the bladder. Offering clinicians industry-leading accuracy, healthcare providers can then make fast and accurate decisions to potentially reduce unnecessary catheterizations and associated urinary tract infections, which cost hospitals millions of dollars each year.

“Beyond bladder and kidney care, we intend to apply our miniaturized, AI-driven, intelligent ultrasound tool to the challenges of peripheral IV access in early 2018,” continued Goodwin. “Based on our use of machine learning we are driving point and shoot simplicity, for a ‘see one – do one – teach one’ experience, which will lower the training burden for all types of users. We foresee the application of AI enabling a big step forward in training and usability of our devices.”

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A new advance for Bladder and Kidney Care!

March 30th | 2017
Posted by: Tanya Amri, Director of Marketing & Communications

Effective April 1, 2017 to March 31, 2020, Signostics, the global innovator in smart, high reliability ultrasound devices, is excited to announce their contractual partnership with Vizient, the nation’s largest member-owned health services company (Contract XR0421).

“We are very excited after just 9 months from introducing our new Uscan device to the US market that we now have the opportunity to partner with Vizient,” said Kevin Goodwin, CEO.

Uscan is a breakthrough in bladder and kidney care utilizing cutting-edge, hand-held ultrasound technology along with the emerging field of artificial intelligence.

We have experienced a resoundingly positive response from US health systems and Urology practices throughout the US with weekly wins to report.

The Uscan device is proving to deliver industry leading accuracy* in the measurement of bladder volume residual, and it is our intention to extend its clinical value for the nursing community to improve efficiency and safety by adding additional clinical capabilities.

Following FDA clearance in March 2016, Uscan has been successfully evaluated at more than 100 hospitals and to numerous Urologists, and has been immediately selected by many major health systems for full house conversion in lieu of “conventional bladder scanners.”

Uscan is the world’s first advanced ultrasound tool for bladder care, representing a new category and breakthrough. The device uses advanced ultrasound signal processing as well as algorithms derived from the science of machine learning.

Uscan actively recognizes the 3D contours of the bladder, for far more accurate volume measurements than the industry standard* even on obese and other hard-to-scan patients by acquiring up to 256 bladder slices – 32 times more than conventional bladder scanners – resulting in industry-leading precision.

Additionally, Uscan offers added clinical capacity through real-time ultrasound imaging of the kidneys, pelvic floor, prostate, gallbladder, bladder stones, and urological catheter placement.

Uscan is based on the Android operating system, with built-in WiFi and Bluetooth connectivity enabling fast and reliable image management and interoperability with electronic health record (EHR) systems.

We are focused on raising the bar for Vizient in both product performance and value and most importantly customer service and cost of ownership.

About Signostics
Signostics Inc. is a wholly-owned subsidiary of Signostics Limited, whose parent company, Echonous, Inc., is a KKR portfolio company.

* Based on comparative measurements of a phantom of known volume

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