- Second quarter results show number of subscribers up 57 percent and subscriber revenue up 108 percent
- National governments of U.S., UK see potential applications of GTX Corp products in health services
- U.S. military using GTX wearable GPS technology to track assets and personnel
GTX Corp (OTC: GTXO), a company that develops and produces wearable GPS technology for tracking individuals and assets, has announced a 108 percent increase in subscriber revenue. Releasing its second quarter results, the company said that revenue was up seven percent and subscriber numbers increased by 57 percent, as compared to the same period of the previous year, according to a news release (http://nnw.fm/BgQd7).
“As highlighted above, we had an overall good quarter, with single- or double-digit increases or decreases in all the major metrics – revenues were up, subscribers were up, margins and profits were up, while our cost of operations, professional services, G&A and net losses decreased,” GTX Corp CEO Patrick Bertagna said in a news release. “Overall product revenues were slightly impacted due to the launch of new products and not having enough inventory on hand before the end of the quarter. However a key metric worth noting is number of subscribers and subscriber revenue, both of which are fundamental to our overall success and have been increasing steadily over the past year.”
The CEO added that the company’s subscriber base grew by 52 percent and subscriber revenue grew by 108 percent during Q2, which is a very good indicator that GTX Corp is adding higher-paying subscribers, leading to “higher margins, higher profits and getting closer to cash flow positive.”
The company recorded an eventful second quarter that included the launch of two new child-focused products: SmartSole for kids and the Invisabelt for toddlers.
GTX Corp technology has a number of applications, including tracking the whereabouts of vulnerable loved ones, such as adults with dementia, children and pets. SmartSole, its leading product, is a hidden tracking insole, while the Invisabelt is worn inside a waistband. The company has also developed a mobile app that allows for the tracking of individuals, including family members and employees.
A number of national governments have expressed interest in using GTX Corp’s tracking solutions in their health services. The National Health Service in Britain’s Dorset County is running a pilot program using SmartSole to track people with dementia (http://nnw.fm/WsIn0). In the U.S., health authorities are considering the use of the technology for the benefit of veterans. Having already established a solid distribution network across the UK and the European Union, the company is considering seeking government funding as part of the national health programs of other nations for its GTX tracking systems.
In addition, the U.S. military has contracted to use the company’s P.E.T.S. Asset Tracker to track and locate personnel and equipment. GTX Corp reported that the entire initial military contract was completed and delivered with 100 percent satisfaction in April (http://nnw.fm/7DkC4).
George Mason University’s College of Health and Human Services is using GTX Corp’s SmartSole technology in research to predict human wandering. The Alzheimer’s & Related Diseases Research Award Fund is financing the research program, which is using data from the wandering behaviors of individuals with Alzheimer’s to develop a system that can quickly detect and prevent episodes of wandering, a major concern due to health and safety risks.
The company is also engaged with lawmakers to discuss legislation that would open the way for the federal government to fund programs to keep vulnerable individuals safe. Initial talks have focused on a law that would authorize the appropriation of $2 million annually over the 2018-2022 period. “This will enable the Department of Justice to make grants to state and local governments and nonprofit organizations to fund programs to locate missing persons with dementia or developmental disabilities. This speaks to the core of what GTX Corp does and falls in line with the Company’s recent entrées into the children’s autistic market,” Bertagna explained.
For more information, visit the company’s website at www.GTXCorp.com
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