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Rockley Photonics and Medtronic Collaborate to Deliver the Next Generation of Wearable Healthcare Monitoring Devices
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Rockley Photonics (NYSE: RKLY) has partnered with Medtronic to develop the Bioptx™ biomarker sensing platform. This collaboration aims to create regulated wearable devices for continuous health monitoring. The technology will enable real-time, non-invasive tracking of multiple health markers, including body temperature, blood pressure, and glucose levels. The partnership emphasizes proactive healthcare and personalized treatment. Rockley anticipates shipping its first wearable devices to Medtronic in the second half of 2022, marking a significant step forward in medical technology innovation.
Positive
Partnership with Medtronic to enhance wearable health monitoring technology.
Bioptx™ platform allows monitoring of multiple health biomarkers in a compact device.
Potential for real-time, non-invasive health monitoring, improving patient care.
Negative
Rockley's history of losses and need for additional capital raises concerns.
Dependence on a few significant customers poses financial risks.
Regulatory approval remains uncertain for new devices.
Rockley and Medtronic to enter development partnership involving newly announced Bioptx™ biomarker sensing platform
Companies partner to jointly develop regulated wearable devices for proactive and continuous monitoring
OXFORD, England & PASADENA, Calif.--(BUSINESS WIRE)--
Rockley Photonics Holdings Limited (NYSE: RKLY) (“the Company” or “Rockley”), a global leader in photonics-based health monitoring and communications solutions, today announced that it has agreed to enter a development partnership with Medtronic, a global leader in healthcare technology. The two companies plan to collaborate to bring Rockley’s recently announced Bioptx™ biomarker sensing platform into Medtronic’s solutions for use across various healthcare settings.
Rockley Bioptx Biosensing Wristband (Photo: Business Wire)
Rockley’s biosensing technology is expected to expand the capabilities of wearable medtech devices by miniaturizing the measurement and analysis of a range of biomarkers into a compact form factor. These advances mean that a single wearable device could monitor multiple crucial biomarkers – including core body temperature, blood pressure, body hydration, alcohol, lactate, and glucose trends, among others. The Bioptx platform offers an end-to-end sensing solution that integrates cloud analytics and artificial intelligence (AI) to potentially deliver a holistic assessment of a variety of conditions.
The partnership with Medtronic builds on the societal shift from reactive to proactive healthcare by potentially enabling round-the-clock, real-time, non-invasive monitoring of a person’s health and well-being, thereby empowering clinicians to personalize care with actionable data.
Dr. Andrew Rickman, chairman and chief executive officer of Rockley, said, “This partnership combines Medtronic’s exceptional strength in providing in-patient care with Rockley’s expertise in wearable, remote monitoring. I believe that this collaboration will bring to life our vision of giving people better insights into their health and well-being. We are excited about the potential for this partnership to herald the next generation of wearable devices and deliver a complete lifecycle of patient care.”
About Rockley Photonics A global leader in photonics-based health monitoring and communications solutions, Rockley Photonics is developing a comprehensive range of photonic integrated circuits and associated modules, sensors, and full-stack solutions. From next-generation sensing platforms specifically designed for mobile health monitoring and machine vision to high-speed, high-volume solutions for data communications, Rockley is laying the foundation for a new generation of applications across multiple industries. Rockley believes that photonics will eventually become as pervasive as micro-electronics, and it has developed a platform with the power and flexibility needed to address both mass markets and a wide variety of vertical applications.
Formed in 2013, Rockley is uniquely positioned to support hyper-scale manufacturing and address a multitude of high-volume markets. Rockley has partnered with numerous tier-1 customers across a diverse range of industries to deliver the complex optical systems required to bring transformational products to market.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts constitute “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding Rockley’s future expectations, beliefs, plans, objectives, and assumptions regarding future events or performance. The words “accelerate,” “advance,” “allow,” “anticipate,” “believe,” “can,” “capability,” “continue,” “could,” “develop,” “enable,” “estimate,” “eventual,” “expand, “expect,” “focus,” “forward,” “future,” “goal,” “intend,” “may,” “might,” “opportunity,” “outlook,” “plan,” “possible,” “position,” “potential,” “predict,” “project,” “revolutionize,” “seem,” “should,” “trend,” “vision,” “will,” “would” or other terms that predict or indicate future events, trends, or expectations, and similar expressions or the negative of such expressions may identify forward-looking statements, but the absence of these words or terms does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding the following: (a) the anticipated benefits of the commercial sales and development agreement between Rockley and Medtronic, including the anticipated collaboration to bring Rockley’s Bioptx™ biomarker sensing platform into Medtronic’s patient monitoring ecosystem, the belief that this collaboration will provide people with better insights into their health and well-being, and the potential for it to herald the next generation of wearable devices and deliver a complete lifecycle of patient care; (b) Rockley’s expected timing of shipment of the first production units of the wearable biosensing wristband to Medtronic in the second half of 2022; (c) the anticipated joint development of regulated wearable devices incorporating Rockley’s non-invasive biomarker sensing platform for use across various healthcare settings, including proactive and continuous patient monitoring; (d) the expectation that Rockley’s biosensing technology can expand the capabilities of wearable medtech devices by miniaturizing the measurement and analysis of a range of biomarkers into a compact form factor and the anticipated impact of these advances, including the ability for a single wearable device to monitor multiple biomarkers; (e) the anticipated features and benefits of the Bioptx™ platform, including the integration of cloud analytics and AI to potentially deliver a holistic assessment of a variety of conditions; (f) the potential of the partnership with Medtronic to enable round-the-clock, real-time, non-invasive monitoring of a person’s health and well-being; (g) the demand for a continuously connected care platform that links patients’ health to clinicians and the belief that Rockley’s wearable devices could extend Medtronic’s existing monitoring ecosystem; (h) the future for virtually uninterrupted healthcare monitoring; (i) the intent for Rockley-powered wearable devices to initially help monitor the general wellness of individuals and the expected expansion of the intended uses of the wearable devices; (j) the plans to seek certification from the U.S. Food and Drug Administration (FDA) or other applicable regulatory agencies; (k) the potential use of such products in hospitals and home environments; (l) the anticipated and potential features, scope, goals, and benefits of the Company’s platform, products, and technology; (m) Rockley’s development of a range of photonic integrated circuits and associated modules, sensors, and full-stack solutions; (n) Rockley’s belief that photonics will eventually become as pervasive as micro-electronics; and (o) Rockley’s potential to support hyper-scale manufacturing, address a multitude of high-volume markets, and deliver the complex optical systems required to bring transformational products to market.
Forward-looking statements are subject to several risks and uncertainties (many of which are beyond Rockley’s control) or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: (i) Rockley’s ability to achieve customer acceptance and commercial production of its products and technology, including in a timely and cost-effective manner; (ii) Rockley’s ability to achieve customer design wins and convert memoranda of understanding and development contracts into production contracts; (iii) risks related to purchase orders, including the lack of long-term purchase commitments, the cancellation, reduction, delay, or other changes in customer purchase orders, and if and to the extent customers seek to enter into licensing arrangements in lieu of purchases; (iv) Rockley’s history of losses and need for additional capital and its ability to access additional financing to support its operations and execute on its business plan, as well as the risks associated therewith; (v) legal and regulatory risks; (vi) risks associated with its fabless manufacturing model and dependency on third-party suppliers; (vii) Rockley’s reliance on a few significant customers for a majority of its revenue and its ability to expand and diversify its customer base; (viii) Rockley’s financial performance; (ix) the impacts of COVID-19 on Rockley, its customers and suppliers, its target markets, and the global economy; (x) Rockley’s ability to successfully manage growth and its operations as a public company; (xi) fluctuations in Rockley’s stock price and Rockley’s ability to maintain the listing of its ordinary shares on the NYSE; (xii) Rockley’s ability to anticipate and respond to industry trends and customer requirements; (xiii) changes in the current and future markets in which Rockley is or may be engaged; (xiv) risks related to competition and intellectual property; (xv) market opportunity and demand for Rockley’s products and technology, as well as the customer products into which Rockley’s products and technology are incorporated; (xvi) risks related to international operations; (xvii) risks related to cybersecurity, privacy, and infrastructure; (xviii) risks related to financial and accounting matters; (xix) general economic, financial, political, and business conditions, both domestic and foreign; (xx) Rockley’s ability to realize the anticipated benefits of its recently completed business combination with SC Health Corporation; (xxi) Rockley’s ability to realize the anticipated benefits of strategic partnerships; and (xxii) Rockley’s ability to obtain any required regulatory approvals, including from the U.S. Food and Drug Administration, in connection with its anticipated products and technology, and the timing for any such approvals, as well as other factors described under the heading “Risk Factors” in Rockley’s quarterly report on Form 10-Q for the quarter ended September 30, 2021, and in other documents Rockley files with the Securities and Exchange Commission in the future.
The forward-looking statements contained in this press release are based on various assumptions, whether or not identified in this press release, and on Rockley’s current expectations, beliefs, and assumptions and are not predictions of actual performance. If any of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, actual results may differ materially from those discussed in or implied by these forward-looking statements. There can be no assurance that future developments affecting Rockley will be those that have been anticipated. These forward-looking statements speak only as of the date hereof and Rockley does not intend to update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.
What is the partnership between Rockley and Medtronic about?
Rockley and Medtronic have partnered to develop the Bioptx™ biomarker sensing platform for regulated wearable health monitoring devices.
When is Rockley expected to ship its wearable devices to Medtronic?
Rockley aims to ship its first wearable biosensing units to Medtronic in the second half of 2022.
What biomarkers can Rockley's Bioptx™ platform monitor?
The Bioptx™ platform can monitor various biomarkers, including body temperature, blood pressure, hydration levels, alcohol, lactate, and glucose trends.
How does the Bioptx™ platform benefit healthcare?
The Bioptx™ platform facilitates proactive, real-time health monitoring, allowing for personalized patient care and improved outcomes.
What are the financial risks for Rockley due to this partnership?
Rockley faces financial risks due to a history of losses, dependence on key customers, and uncertainties surrounding regulatory approvals for new products.
