RUTHERFORD - Glucotrack, Inc. (NASDAQ: GCTK), a medical technology company, has reported that more than half of the diabetes patients surveyed are receptive to its new Continuous Blood Glucose Monitor (CBGM) concept, according to a market research study presented at the Association of Diabetes Care and Education Specialists (ADCES) conference on August 9-12, 2024. The device, which is placed under the skin, aims to provide continuous and accurate blood glucose monitoring for up to three years without the need for calibration, addressing common issues related to comfort and wearability found in traditional monitors.
The study, which involved 757 insulin-requiring participants, indicated that the long-term sensor life, lack of a wearable component, and real-time glucose readings were the most attractive features. The respondents included 67% current CGM users, 25% non-users, and 8% ex-users, with a mix of type 1 (49%) and type 2 (51%) diabetes patients.
Paul Goode, President & CEO of Glucotrack, stated that the findings demonstrate a significant demand for innovation in the field of continuous glucose monitoring and that their CBGM technology has the potential to meet this need by improving the quality of life for people with diabetes.
Glucotrack has recently completed a 60-day preclinical study and a 90-day preclinical study, both of which have shown promising results in the accuracy and feasibility of the implantable CGM. With a mean absolute relative difference of 4.7% in the 90-day study, the company is gearing up for human clinical trials later this year.
This development is part of Glucotrack's ongoing efforts to advance diabetes management technology and empower individuals with diabetes to lead healthier and more independent lives.
The information in this article is based on a press release statement.
In other recent news, Glucotrack, Inc. has made several significant strides in its operations. The medical technology company announced the successful completion of a second long-term preclinical study of its Continuous Blood Glucose Monitor (CBGM), demonstrating a Mean Absolute Relative Difference (MARD) of 4.7% at Day 90, a key metric indicating high accuracy in continuous glucose monitoring.
Additionally, Glucotrack has welcomed Andy Balo, a seasoned veteran in the diabetes care industry, to its Board of Directors. Balo, with his extensive regulatory, clinical, and quality experience, is expected to contribute significantly as Glucotrack advances its CBGM technology.
In a strategic move, the company also announced a 1-for-5 reverse stock split of its common stock. This action is intended to meet Nasdaq's minimum bid price requirement and potentially make the stock more appealing to institutional investors.
These are recent developments in the company's operations, with no assurances given regarding the anticipated results or their potential impact on business operations. The company continues to work towards regulatory approvals and the initiation of human clinical trials for its CBGM technology.
InvestingPro Insights
As Glucotrack, Inc. (NASDAQ: GCTK) makes strides in the medical technology field with its innovative Continuous Blood Glucose Monitor (CBGM), investors may be eyeing the company's financial health and market performance. An InvestingPro Tips analysis reveals that GCTK holds more cash than debt on its balance sheet, which could be a reassuring sign for investors considering the company's ability to fund its operations and research initiatives. However, the company is also quickly burning through cash, which may raise concerns about the sustainability of its growth without additional financing.
From a market perspective, Glucotrack has seen a significant return over the last week, with a price total return of 59.75%. This sharp increase could reflect investor optimism following the positive reception of their CBGM concept at the ADCES conference. Despite this recent uptick, it's worth noting that the company has not been profitable over the last twelve months, and its valuation implies a poor free cash flow yield, according to additional InvestingPro Tips.
Looking at the InvestingPro Data metrics, Glucotrack's market capitalization stands at a modest 9.01M USD, and the company is trading at a high Price / Book multiple of 23.97. These figures suggest that the market is valuing the company's assets quite richly, which could be attributed to the potential of its CBGM technology. Nevertheless, with an adjusted P/E ratio of -0.94, investors may exercise caution, keeping in mind the company's current lack of profitability.
For those interested in a deeper dive into Glucotrack's financials and market performance, InvestingPro offers additional tips and metrics which can be found at https://www.investing.com/pro/GCTK.
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