Medigus: ScoutCam Announced Acceptance of $2.4M Quote from a Fortune 500 Multinational Healthcare Corporation
OMER, Israel, July 24, 2020 - Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company developing minimally invasive tools and an innovator in direct visualization technology, today announced that it was informed by ScoutCam Inc. (OTC: SCTC), the Medigus’ subsidiary and a leading developer and manufacturer of customized visual solutions and supplementary technologies, that ScoutCam Ltd., ScoutCam’s wholly-owned subsidiary and Medigus’ indirect subsidiary, accepted a quote of $2.4 million for its single-use miniature video cameras from a Fortune 500 multinational healthcare corporation. According to the terms of this commitment, the two companies will work together to develop a complete visualization solution that incorporates ScoutCam’s single-use miniature video cameras for a minimally invasive surgical end-user product.
Today’s announcement was preceded by the signing of a Development Strategy Agreement in November 2019, which will continue to govern the remainder of the existing engagement through mid-2021.
“Forecasts from our biotech partners show that upon successful completion of the development project, ScoutCam is expected to sell tens of thousands of single-use cameras annually in the upcoming years, which may generate tens of millions of dollars in revenue per year,” said Dr. Yaron Silberman, CEO of ScoutCam. “Overall, this is an incredible honor, and we are proud to share the advancements that may come as a result of this partnership with patients and doctors that stand to benefit from the use of the finished products.”
ScoutCam is a leading provider of customized visual solutions for organizations across a variety of industries in the form of highly resistant micro cameras and supplementary technologies. ScoutCam devices are used across the medical, aerospace, industrial, research and defense industries. For more information please visit www.scoutcam.com.