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Stock hits 5% upper circuit after company signs an MoU with RiteMED Philippines

Published 25-06-2024, 02:14 pm
Stock hits 5% upper circuit after company signs an MoU with RiteMED Philippines

SmallCap stock engaged in the business of processing, manufacturing, and trading of Laboratory Grade Chemicals and associated lab machinery hit a 5 percent upper circuit following a strategic partnership in the Philippines.

Price Action

With a market capitalization of Rs. 3,561 Crores, the shares of Fischer Medical Ventures Limited hit a 5 percent upper circuit at Rs. 665.70, from its previous day’s close price of Rs. 634.

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What Happened

Fischer Medical Ventures Limited through its wholly owned subsidiary Time Medical International Ventures (India) Private Limited to indigenously manufacture advanced high-quality, cost-efficient Magnetic Resonance Imaging (MRI) systems in India.

Further DigiHealth Specialists Inc. (DigiHealth), a substantially owned subsidiary company of Fischer Medical Ventures Limited in the Philippines signed a Memorandum of Agreement with RiteMED Philippines, Inc. (RiteMED), a leading player in generic medicine in the Philippines.

Objective

The objective is to use DigiHealth’s Automated Telehealth Machine (ATM) to bridge the gap in affordable quality healthcare with extensive primary care screening, simplifying doctor consultations and laboratory procedures, right in a premise with access to budget-friendly yet high-quality medicine, particularly targeting remote areas where access to quality healthcare remains challenging.

DigiHealth’s ATM is an all-in-one health screening machine that conducts a comprehensive body diagnostic of over 60 clinical parameters within a mere seven (7) minutes. Aside from basic vital signs and BMI calculations, sugar level checks, hemoglobin, cholesterol, vision tests, rapid tests for infectious diseases, even mental health assessment and ECG can be done in DigiHealth ATM and consolidated in the patient’s Electronic Health Record.

DigiHealth ATM truly makes it convenient for health screening and augments the shortage in healthcare workers efficiently at a very affordable cost, thus making the Universal Health Care program in the Philippines realizable. The

Outlook Message

Ms. Joyce Socao, Managing Director and CEO of DigiHealth, further states, “DigiHealth ATM integrates cutting-edge technologies, including AI-assisted ECG readings and mental health scanners of World Health Organization (WHO) standards and HIPAA-compliance. This advanced health kiosk is ready to be introduced to RiteMED pharmacies across the Philippines, supported by real-time analytics and electronic health records, particularly focusing on underserved provinces.

On a national level, Digihealth targets to sell at least 10,000 units to reach out to the target population, especially the geographically isolated and disadvantaged communities, in support of the Universal Health Care that is being implemented in the country this year.”

About the company

Fischer Medical Ventures Limited is engaged in the business of processing, manufacturing, and trading of Laboratory Grade Chemicals and associated lab machinery.

Financials

On a Consolidated basis in FY24, it reported revenue from operations of Rs. 20.98 Crores, with an EBITDA of Rs. 2.11 Crores, accompanied by profits of Rs. 1.84 Crores.

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Written by: Bharath K.S

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