Wearable IoT technology pioneer GTX Corp. (OTC:GTXO) continues to leverage several major tailwinds to solidify its position as a leader in serving a number of key target markets with its innovative GPS-tracking recovery services. The company achieved several significant milestones over the past quarter, including major partnership and military contract announcements.
GTX Corp reported growth in both products and services revenue in its latest financial quarter. Product revenue increased by 7% in the quarter ended Sept. 30, 2017, over the prior year’s quarter, while services revenue rose 8% over the prior year’s quarter.
Growth in the nine-month period ending Sept. 30, 2017, continued to trend well, with product revenues up 17% and services revenues showing a 12% increase, over the prior year’s period.
Kevin and Avonte’s Law
GTX reported numbers on the heels of the US Senate Judiciary Committee’s vote last week to move forward with bipartisan legislation to provide tracking devices and resources to those with autism and other developmental disabilities who are at risk of wandering. The bill, known as Kevin and Avonte’s Law in memory of two autistic boys who wandered from their caretakers and tragically drowned, is an updated version of companion bills that were passed by the Senate and the House last year.
According to Senator Chuck Grassley (R – Iowa), Chairman of the Judiciary Committee and a lead sponsor of the bill, the revised version has been changed “to support not just people with dementia but also children with developmental disabilities. It allows Justice Department grants to be used for education programs to help prevent wandering by these individuals and for technology to reunite caregivers with missing family members.”
Additionally, Senator Grassley said, “The bill will make resources available to equip first responders with the training necessary to better prevent and respond to these cases. These activities will help save lives and conserve police resources.” Meanwhile, Congressman Chris Smith (R – New Jersey) introduced a virtually identical companion bill to the House.
GTX Corp CEO Patrick Bertagna commented, “We salute Senator Grassley, Congressman Smith and the other sponsors of this critical legislation. Kevin and Avonte’s Law will supply needed resources and tracking solutions that can help save lives, keep children safe and bring peace of mind to families and communities across the country. With a 30% increase in autism in just the past two years, this bill is very important to the autistic community that is so financially impacted from caregiving. Government funding and assistance is very much needed and should greatly benefit the community.”
GTX’s patented tracking offerings enable caregivers, parents and anyone concerned with safe and secure monitoring to receive real-time, continuous location coordinates rendered on a map through a customized portal.
GPS SmartSole
GTX’s flagship product is the GPS SmartSole, tracking insoles that empower caregivers with wearable wandering assistive technology that is hidden and unobtrusive. SmartSole users don’t need to remember to carry a separate device and suffer no stigma from visible “lock-on” bracelets or trackers.
Take-Along Tracker 3G
The Take-Along Tracker 3G is a miniaturized GPS tracker measuring just three inches long, weighing less than 2.5 ounces and contained in a waterproof case. The Take-Along has a built in speaker phone so users can call for help, and it tracks anywhere there is cellular service.
Last week GTX released an innovative line of Take-Along Friends toys, huggable plush dolls that come embedded with the Take-Along Tracker 3G to enable parents to delight their kids for the holidays while maintaining discreet GPS-assisted knowledge of their whereabouts.
Track My Workforce Mobile App
The Track My Workforce app is an efficient, cost-effective method for employers and business owners to manage and oversee the modern mobile workforce. Employees, drivers, sales reps and any other affiliates can provide real-time updates and location reports automatically, creating a more reliable and accurate reporting system that doesn’t rely on users remembering to text or otherwise self-report.
GTX made meaningful strides in Q3 in growing revenue and positioning itself for significant future growth, including agreements with:
- Edwards Air Force Base. Providing Edwards AFB with an encrypted GPS technology platform to track on-base personnel and equipment. Edwards AFB will be the first military base to deploy the new system. The US maintains over 800 military bases around the world, and GTX has already begun discussions with other bases in California, Nevada and Utah.
- ORBOCOMM (ORBC). Providing connectivity and distribution for the new Verizon enabled GPS tracking devices.
- Veristride. Incorporating GTX’s inductive charging technology into Veristride’s wearable Gait sensor and analytics to deliver an insole that can monitor fall risk detection and prevention, medication reaction, undetected stroke and early prediction of dementia. Being able to accurately monitor changes in gait/stride or activity levels specifically for seniors can have a major impact on their morbidity and mortality along with massive cost savings to assistive living communities and insurance providers. Think Fitbit (FIT) for seniors.
- TruSense. GTX’s first entry into the Smart Home market. Working with TruSense to track daily activities, health patterns and other variables to address the needs of a household.
- HeartMath. Alliance with this world leader in stress and resilience technologies. GTX has created a health guide available to GPS SmartSole caregivers.
“This was a fruitful quarter for us in terms of new business and product development,” commented Bertagna. “While revenues grew at a modest pace, we still managed to accomplish a lot in business and product development, while lowering our operation costs, increasing subscribers and subscriber revenues, lowering our cost of goods and growing product and service margins.”
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