BioElectronics Corporation (OTC Pink: BIEL), the maker of advanced drug-free consumer medical devices, today published on its second quarter financial results along with a market analysis of its long term follow up surveys of customers who are managing pain with ActiPatch Therapy.
BioElectronics registry study of 5,000+ plus users was published by the peer-reviewed medical journal, Pain Management. The ongoing 3-month and 1-year surveys looked at self-management of pain, quality of life, medication use, and purchase intent consumers. Together these two documents provide strong evidence of consumer acceptance.
Board chairman and Duke University Professor of Marketing, Richard Staelin, noted that second quarter of 2015 showed a better than 140 percent increase in sales over the same period last year. He attributes these increases to the very successful "Try and Tell" program where the Company has sold more than 44,000 ActiPatch 7 Day devices to chronic pain customers. This program was designed to allow consumers to try the product out for under $5 before buying the more expensive, commercially available 720-hour device.
In his introduction to the Market Analysis, Dr. Staelin goes on to say, "Seventy percent of those using the trial device reported noticeable decreases in pain and because of this indicated they would likely purchase the commercially available device for future use. In the three month, follow-ups 80% of those who indicated this willingness actually did purchase the 720-hour device. In fact, they reported that they had already bought an average of 1.7 devices. Just as importantly, 93% reported a sustained pain relief and a marked decrease in systemic analgesic pain medication use, including reductions in opioid-based analgesics.
All this points to not only a paradigm shift in pain management behavior, but also a strong and loyal customer base that will continue to grow over time. We see this approach of getting trial and then preference as the backbone of being able to successfully launch our product not only in the UK, but also in numerous other countries."