Virtua Health Adds Evolv Technology As Its Weapons Detection Partner

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) has partnered with Virtua Health, New Jersey's largest healthcare provider, to enhance safety with AI-based weapons detection. Virtua Health has integrated 14 Evolv Express® systems across five hospitals and two wellness campuses. This technology, which differentiates between benign metal items and potential threats, has already been installed at five facilities. Evolv's systems have significantly improved safety in healthcare environments, demonstrated by Windsor Regional Hospital detecting over 2,000 weapons in six months and the Hospital of the University of Pennsylvania intercepting 300+ weapons in three months. Virtua Health aims to reinforce its commitment to violence prevention through this partnership. Notably, 36% of Americans believe they or a loved one are likely to encounter an active shooter, highlighting the importance of such security measures.

Positive

• Virtua Health integrates 14 Evolv Express systems to enhance safety.
• Evolv's technology distinguishes between benign items and threats using AI.
• Five facilities have successfully installed Evolv systems.
• Windsor Regional Hospital detected over 2,000 weapons in six months with Evolv.
• The Hospital of the University of Pennsylvania prevented 300+ weapons in three months with Evolv.
• Virtua Health's partnership demonstrates a strong commitment to violence prevention.

Negative

• High prevalence of violence in healthcare settings, with healthcare workers five times more likely to suffer injuries.

Insights

Tech Expert

Evolv Technology is leveraging AI to enhance safety through its Evolv Express systems. These systems use sensor technology combined with artificial intelligence to differentiate between harmless metal objects and potential threats, offering a non-intrusive way to screen for weapons. This technology is especially important in healthcare settings where the risk of workplace violence is higher. For investors, the adoption of this technology by a major healthcare provider like Virtua Health signifies its effectiveness and acceptability in high-stakes environments, potentially driving future sales and partnerships.

AI technology in security is still an emerging market and Evolv's success stories, like the one from Windsor Regional Hospital, provide compelling evidence of its utility. This could position Evolv as a leader in the AI-driven security market, expanding its market share not just in healthcare but across various sectors like entertainment and education. This can translate into significant long-term growth for the company.

Market Research Analyst

The partnership between Virtua Health and Evolv Technology highlights an important trend: the increasing prioritization of safety and security in public spaces, particularly in healthcare settings. Given the statistic that healthcare workers are five times more likely to face workplace violence, incorporating weapons detection systems is a strategic move. This can enhance the reputation of healthcare providers like Virtua Health, making them more attractive to both patients and staff.

For Evolv, this partnership could act as a solid case study that opens doors to additional healthcare partnerships. Additionally, the reference to other successful implementations, such as the Philadelphia Phillies, underlines the system's versatility. Investors should note the potential for cross-sector scalability, which can enhance revenue streams and reduce dependency on any single market.

Financial Analyst

From a financial perspective, Evolv Technology's partnership with Virtua Health is a promising development. The installation of 14 Evolv Express systems at multiple healthcare facilities indicates substantial customer investment and trust in the technology. This deal can serve as a benchmark for future contracts, potentially leading to an increase in the company's revenue.

Moreover, the broader adoption of Evolv's systems across various sectors, as mentioned in the article, suggests a diversified revenue base. This diversification can mitigate risks associated with market fluctuations in any single sector. For retail investors, the scalability and cross-industry application of Evolv’s technology could signify strong long-term growth potential. However, it's important to monitor how quickly these partnerships convert into substantial revenue growth in upcoming earnings reports.

South New Jersey’s Largest Healthcare Provider Incorporates AI Tech as Part of Multifaceted Campaign Against Gun Violence

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based screening to create safer experiences, today announced its partnership with Virtua Health, a not-for-profit health system in New Jersey.

Virtua Health will use 14 Evolv Express® systems at five of its hospitals and two of its health-and-wellness campuses. So far, the weapons detection technology has been installed at five facilities. Evolv Express uses sensor technology combined with AI to tell the difference between many everyday metal items people carry in their pockets and certain objects that pose a threat.

In a hospital, Evolv’s presence can alert visitors, patients and staff that the hospital is committed to safety, which is particularly important given the prevalence of violence in healthcare settings. Healthcare workers are five times as likely to suffer a workplace violence injury when compared to other professionals.

Evolv Express has proven its immediate positive impact for Evolv’s healthcare customers. Windsor Regional Hospital in Windsor, Ontario, just across the border from Detroit, reported that Evolv detected more than 2,000 weapons at the emergency department in less than six months. After installing Evolv Express in its lobby last October, The Hospital of the University of Pennsylvania reported that the system prevented more than 300 weapons from entering the facility in its first three months in use.

Virtua Health learned about Evolv from the Philadelphia Phillies, one of a number of professional baseball teams that partner with Evolv for weapons detection at ballpark entrances.

“Actions speak louder than words and partnering with Evolv demonstrates to our staff, patients and community that violence prevention is one of our top priorities because the safety of those inside our hospitals is paramount,” said Gregory Pease, assistant vice president of security and outpatient services for Virtua Health. “As a former police officer, I’ve seen a number of violence mitigation strategies, and I trust Evolv. The results speak for themselves.”

Virtua Health is at the forefront of gun violence prevention in southern New Jersey. The health system co-sponsored a statewide gun buyback initiative a few years ago, and works with the community to support gun safety education. In Evolv’s second annual Gun Violence in America survey, 36% of Americans said they believe they or someone they love are extremely/likely to encounter an active shooter in their lifetime.

“People have enough on their minds when they’re in a hospital, and whether or not they are safe in that environment should not be a concern,” said Jay Muelhoefer, chief commercial officer for Evolv Technology. “Evolv is proud to partner with Virtua Health to elevate safety and allow the focus in that setting to be on improved health outcomes.”

Evolv’s more than 4,500 systems deployed worldwide help secure leading theme parks, performing arts centers, casinos, places of worship, sports venues and schools, in addition to hospitals.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered screening and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than a billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category, as well as Sport Business Journal’s (SBJ) awards for “Best In Fan Experience Technology” and “Best In Sports Technology”. Evolv®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and Evolv Visual Gun Detection™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events or our Company’s performance and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our Annual Report on Form 10-K for the year ended on December 31, 2023, that was filed with the SEC on February 29, 2024, as may be updated in other filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2024 that was filed with the SEC on May 9, 2024. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521908664/en/

Media Contact:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com



Investor Contact:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What is the partnership between Virtua Health and Evolv Technology?

Virtua Health has partnered with Evolv Technology to implement AI-based weapons detection systems to enhance safety in its facilities.

How many Evolv Express systems has Virtua Health installed?

Virtua Health has integrated 14 Evolv Express systems across its hospitals and wellness campuses.

What is the impact of Evolv Technology's systems in hospitals?

Evolv's systems have significantly improved safety, detecting over 2,000 weapons in six months at Windsor Regional Hospital and intercepting 300+ weapons in three months at the Hospital of the University of Pennsylvania.

Why is Virtua Health using Evolv's AI-based technology?

Virtua Health is using Evolv's technology to reinforce its commitment to violence prevention and ensure safety for staff, patients, and visitors.

What percentage of Americans believe they might encounter an active shooter?

According to Evolv's survey, 36% of Americans believe they or a loved one are likely to encounter an active shooter in their lifetime.