Itamar Medical Implements Broad Range of Actions in Response to COVID-19 Pandemic

CAESAREA, Israel, March 20, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (Nasdaq:  ITMR) (TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices to aid in the diagnosis of respiratory sleep disorders, today released the following letter from its President and CEO, Gilad Glick.

To Our Stakeholders:

Itamar Medical shares its heartfelt empathy with the communities impacted worldwide by the Coronavirus (COVID-19).

As COVID-19 continues to spread globally, our primary concern remains the health and safety of our employees, customers and their patients globally. 

With that in mind, our non-production employees are working from home using remote access and video conferencing technology to ensure that we are able to continue to achieve our annual business objectives.

Prior to the outbreak of COVID-19, as part of Itamar Medical’s regular business continuity plan, our inventory included a material safety stock, which has allowed us to meet all commitments to date despite early supply chain disruptions in China. We remain in constant communication with our vendors around the world, primarily in China, and are encouraged that shipments are back on track to meet current demand.

Our manufacturing site in Israel continues to operate at full capacity with a focus on accelerating production of our disposable WatchPAT ONE product line. Unless otherwise directed by the Israeli government, we believe that we are well-positioned to continue shipping products. To ensure business continuity, we have implemented procedures to align with new orders and to protect the safety and health of our employees, customers and patients.

In terms of customer demand, we have seen global resilience for our products in the first quarter, with the exceptions of Italy, Spain and China. Based on current demand trends, we do not expect a material impact to our first quarter financial results.

The recent government response to the crisis and restrictions on mobility and access to hospitals in the U.S., as well as the recent COVID-19 Mitigation Strategies issued by the American Academy of Sleep Medicine (AASM)¹, have impacted regular business activities of our customers. They are unable to conduct their usual business primarily due to: (1) increased challenge of using a traditional in-lab sleep testing, which is driving the shift to Home Sleep Apnea Testing; (2) heightened risk of patient infection from reusable Home Sleep Apnea Tests, in particular those with nasal cannula and explicit direction by the AASM to only consider disposable HSAT; and (3) required preparation for a potential emergency response of key respiratory personnel, who typically manage sleep labs.