Revenue Growth, New COO, Move into the U.S., Key Educational Study to Commence, End-to-End Solution, New Product Launch
[Toronto, New York] Binovi Technologies Corp., (“Binovi” or “the Company”) (TSX-V:VISN | OTCQB: BNVIF) today provided the following corporate update:
Continued Revenue Growth – 24% YoY
Despite challenges related to the COVID-19 pandemic, such as supply chain disruption and reduced in-person visits to therapists, the Company continues to see revenue growth. Binovi will issue its full year audited results towards the end of July, but is proud to share that it has streamlined its sales efforts, strengthened its product offering, and experienced greater traction with the general market on the benefits of the Company’s technology offering, resulting in a 24% increase in revenues over the same quarter in the prior year.
“I am very proud of our team’s ability to deliver continued growth despite the heavy impact of COVID-19. Especially encouraging is the substantial pipeline of new opportunities we are building, as well as the growing market awareness of non-acuity related vision issues, which we see reflected in increased organic demand for our solutions. We continue to work on various initiatives in the sports, education, and vision therapy market segments, and believe that Binovi is exceptionally well-positioned to capitalize on the numerous opportunities we have identified across these markets.”Adam Cegielski, CEO
Internal Reorganization – Tania Archer appointed Interim COO
Tania Archer, with the Company since early 2019, has been appointed Interim COO. Ms. Archer previously headed Global Sales & Marketing, and was responsible for Strategic Partnerships. In her new role, she will be tasked with an internal reorganization that is aimed at streamlining the Company’s sales execution efforts, in addition to overseeing operational matters while continuing to lead global marketing and sales generation efforts. The Company continues to run targeted sales campaigns on its various product and solutions offerings that are meeting with great interest. The focus of the reorganization is ensuring that the Company will achieve the highest possible conversion ratio on these leads and accelerate growth going forward. Pending successful reorganization brought on by the collaborative efforts of the senior leadership team, Ms. Archer will assume appointment to COO.
Ms. Archer stated, “Our sales campaigns have been extraordinarily successful. Despite the impact of the COVID-19 pandemic, we are seeing continued strong demand for our offerings. As an early-stage company, it is crucial that we are structured to maintain this momentum and be able to carry growth. To this end, we will be implementing an internal reorganization so that we are able to capitalize on our successful sales efforts and provide our customers with the high level of care that they have come to expect from Binovi.”
Prior to joining Binovi, Ms. Archer spent more than 15 years contributing to professional sports and the promotion of sports sciences, including the strategic development of sport alignments within leading corporations. She brings a wealth of commercialization and strategic development experience to Binovi through leadership roles held with companies such as SwimEx, Waddell and Reed, CBS, and the Archer Investment Group Inc. In her previous roles, Ms. Archer was integral to the planning and fulfilment of initiatives designed to drive growth.
Since joining the Company, she has engineered key industry partnerships, activated sales conversion initiatives, assisted Investor Relations marketing, and developed and implemented vertical expansion strategies and contributed to M&A targeting. These activities resulted in a more than doubling of Q3 2020 revenues, as well as the continued growth into Q4 despite the significant impact from pandemic-related issues.
A highly accomplished former track & field athlete, Ms. Archer, who trialed for the Canadian Olympic team, is a University of Alabama Athlete Alumna, and a 2012 recipient of the Queen Elizabeth II Diamond Jubilee Medal. Additionally, she was nominated among the Top 25 Most Influential Canadians by the Globe and Mail, which included the likes of hockey great Wayne Gretzky, accomplished musician Bryan Adams, and honorary Canadian, the late Nelson Mandela.
Establishing U.S. Operations
Due to approximately 80% of Binovi’s revenues coming from the U.S., the availability of grants to Binovi for educational and other projects, as well as the sheer size of this market, the Company has decided to establish operations in the United States. Binovi is incorporating a wholly owned subsidiary, to be based in Missouri. The Company, through its executives and certain strategic partners, has deep roots in Missouri and has strong connections to the state’s educational institutions and sports organizations. Missouri will serve as the hub for Binovi to engage in a more proactive manner with the myriad opportunities the Company is working on developing.
“We have identified numerous opportunities in the U.S., the pursuit of which requires a local presence. Establishing ourselves in the U.S., we believe, will enable us to significantly accelerate growth, including being able to participate in state and federal projects that otherwise would not be accessible to us. Furthermore, this will be a low-cost endeavor due to the availability of grants for business development and project related purposes.”Tania Archer, Interim COO
In addition to spearheading the Company capitalizing on the significant K-12 opportunity, the U.S. office will also play a pivotal role in managing the Company’s U.S. strategic partnerships, including those with various professional athletes and sport organizations.
Educational Research – Key to Unlocking Huge Market
Dr. Sandra Stoddard, member of the Scientific Advisory Board at Binovi, will head up a scientific research program with an Alberta school board. The objective of the research will be to establish, beyond any doubt, the positive impact the Binovi system has on students with visual issues beyond acuity in relation to their ability to learn how to read. With approximately 53 million students enrolled in K-12, the education market in the U.S. has very significant potential for Binovi,
“All research in this fields points at the substantial benefits of visual therapy, such as increased cognitive and physical performance. However, no study to date has followed the rigorous protocol that we will apply to this study, which includes control and placebo groups. This study is aimed at providing conclusive, scientific evidence of the benefits visual therapy has on children’s cognitive performance in general once and for all, with a focus on reading in particular. We know from experience that individuals typically experience a significant and measurable positive impact following a 12-week program. This will enable us to conduct the study in months rather than years. This accelerated timeline will enable us to publish results relatively quickly. This, we believe, will provide Binovi, with evidence-based data to engage with governmental and other stakeholders to roll out our programs at a much larger scale than has been the case to date.”Dr. Sandra Stoddard, Binovi Scientific Advisory Board
Globally, one in four people suffer from visual issues other than acuity that historically have not been diagnosed nor treated. The impact of these issues can be dramatic: studies conducted have identified the impact on students’ ability to learn how to read. Research has shown a strong correlation between third grade reading proficiency and high school drop-out rates. Another study found that found 88% of students who failed to earn a high school diploma were struggling readers in grade 3 (Fiester, L. 2010). Yet another study found that those who were not reading proficiently by third grade were almost four times more likely to leave school without earning their diploma (Hernandez, 2011). The impact of this is significant, for both individuals and the economy in general, due to the strong correlation between students dropping out of high-school, and incarceration rates, unemployment, and other negative impacts.
“Improving children’s reading proficiency by grade three will not only have a massive impact on their chances of success in life, it will also have a major positive economic impact on society at large. We anticipate the study to commence in September and run through to the end of the calendar year, with results released through peer reviewed publications shortly thereafter. This is one of the most exciting projects I have been involved in during my career, and I have high expectations of the benefits Binovi’s technology and therapy programs can bring to a large and underserved segment of the population.”Dr. Sandra Stoddard, Binovi Scientific Advisory Board
Companies like Microsoft (Nasdaq: MSFT) continue to innovate their education offerings by pairing immersive learning resources and education-focused applications for each student and teacher. In similar fashion, Binovi is looking to solve many of the challenges in the shifting educational landscape, by improving reader readiness, through its proprietary software and hardware resources, ultimately improving student outcomes.
Binovi’s End-to-End Integrated Platform Unsurpassed in Industry
The recently announced acquisition of Samurai CAVT (“CAVT”), complements Binovi’s existing offerings for vision therapy application. Computer Aided Vision Therapy is a strong suite of products that will help Binovi connect with the educational market through optometric-guided initiatives.
“The recent acquisitions of VERA (binovi.com/vera) and CAVT create a platform that is unsurpassed in the industry. Its end-to-end integration from screening/diagnostics through to customized and adaptable therapy, supported by Binovi’s hardware and software solutions, provide therapists and educators with a comprehensive toolset that previously was not available on the market through one centralized source. In addressing major issues for students struggling with vision-based reading difficulties, Binovi’s solution is uniquely positioned to make a huge impact on students’ lives.”Dr. Leonard J. Press, CSO
With feedback reporting implemented through Binovi’s interconnected offerings, the Company is building a database with patient outcomes that will enable it to further fine-tune its offerings. Binovi Connect will be at the cutting edge of providing doctors and therapists with predictive algorithms to adjust and customize patient specific programs.
Dr. Press Continues Successful Run Educating Behavioral Optometrists – Driving Market Development
Binovi Academy delivers optometrists and vision therapists with the information, scientific validation, and toolsets to enhance their practices. Academy has been a key driver behind the success of the Company’s Sanet Vision Seminar Series, with commentary by Dr. Leonard Press. For years, doctors and therapists from all over the world have been coming to attend the seminar presented by one of the field’s undisputed leaders, Dr. Robert Sanet. With COVID-related travel restrictions, as well as the Company’s development of its educational modules, demand for online programming is strong. Binovi Academy, with production quality unmatched in its market space, has unique and original offerings in primitive reflex development and optometric phototherapy.
“Providing people with the tools, data and information has led to therapists across the globe more fully embracing the advantages of the Binovi system. Through our educational efforts, we are reaching new potential customers and are able to introduce them to the various benefits of the Company’s offerings. We intend to further develop our Academy offering and more closely integrate the program with our commercial efforts to increase conversion rates among attendees.”Tania Archer, Interim COO
The Sanet Vision Seminar Series, combined with educational modules on Optometric Phototherapy/Syntonics and Primitive Reflexes, provides optometrists and vision therapists with a holistic approach to enhanced vision development and performance, while at the same time strengthening cognitive processes. This has tremendous power in the burgeoning fields of neuro-rehabilitative optometry and in sports vision training. The Primitive Reflex module was created by the world-renowned occupational therapist and certified optometric vision therapist Patti Andrich, establishing strong foundations between professionals specializing in the building blocks of movement/cognitive and sensory engagement. The Syntonics module was created by one of Europe’s leading practitioners, lecturers, and authors in Optometric Phototherapy, Stefan Collier, rounding out the international flavor to our offerings.
“The Binovi educational modules (ePubs) for Optometrists and Vision Therapists are unparalleled in their scope and quality for each of their respective topic areas. This creates incredible early-mover strength in a market that is developing rapidly. The recent surge in demand for cloud-based education and delivery of services positions Binovi’s end-to-end solutions to pave the way for incredible opportunity. This will help people across the globe address issues that are gaining broader attention and awareness in a variety of fields. Combined with the Company’s educational activities, Binovi is well-poised to capitalize on this momentum and enter a new phase of growth. Enabling people to tackle issues and improve their day-to-day performance as well as quality of life in a major way is a global and noble pursuit, and I am proud to be affiliated with the visionaries behind the Company.”Dr. Leonard J. Press, CSO
Binovi Academy forms the educational hub of the Binovi Platform. Working with a pool of knowledgeable experts and industry leaders and influencers, we have created a collection of interactive, multi-media e-books that bring rich content and an engaging experience to users. This expert knowledge is supplemented and integrated with software and hardware applications. Binovi Academy content includes testing and therapy protocols which serve as the basis for Binovi Pro’s pre-set activities, as well as custom test configurations for Binovi Touch, and more. Binovi Academy helps tie together the four pillars of the Binovi Platform and aims to bring as much new information, tools, and techniques to users as possible.
Binovi Touch Elite – Early Release
The Company continues to develop new products that further its leadership in the visual therapy and performance space. Binovi Touch Elite is now ready for early release and the Company is starting to take early-bird pre-orders for this new iteration of its flagship hardware offering. Binovi Touch Elite makes Binovi’s hardware even easier to work with. Benefiting from a complete physical redesign, Elite is lighter, smaller, and has a new, flexible wall mount. Despite a reduction in size, which makes the new device portable, a very important feature customers had been asking for. Elite provides the same level of software performance as the legacy Binovi Touch.
“We listened to our customers and completely redesigned Binovi Touch’s hardware. Binovi Touch Elite, we anticipate, will not only generate repeat business from existing customers, but will reduce barriers to adoption due to its portability and new functionality. We are just commencing production of Elite. Despite the disruptive impact of COVID on supply chains, we will be able to meet customer demand in this early release and anticipate rolling out more comprehensive sales campaigns once greater production volumes are available.”Sam Mithani, CTO
The Company continues to progress on other product developments, including balance boards, new screen-based functionality, and web-based applications.