With Two New Behavioral Health Customers, SOBRsafe has Now Secured 20 New Accounts in 2024
SOBR Safe (NASDAQ:SOBR) has announced securing 20 new accounts in 2024, a significant increase compared to just three in 2023. The latest clients, Lighthouse Recovery Resources and Mountain House Recovery, have adopted SOBRsafe's transdermal alcohol detection solutions.
Lighthouse, based in Carbondale, Colorado, purchased 10 SOBRsure wristbands to monitor high-risk patients, facilitating faster intervention compared to traditional methods. Mountain House, based in Flagstaff, Arizona, is integrating SOBRcheck point-of-care screening, offering a less stigmatizing and cost-effective solution for their residents.
- SOBRsafe secured 20 new accounts in 2024, up from three in 2023.
- Lighthouse Recovery Resources purchased 10 SOBRsure wristbands.
- Mountain House Recovery adopted SOBRcheck for less stigmatizing and cost-effective alcohol screening.
- New agreements highlight increased market adoption of SOBRsafe's technology.
- No detailed financial data provided for the new accounts, raising questions about the revenue impact.
- The press release lacks specific figures on cost savings or efficiency improvements.
- Potential reliance on a small number of new clients for growth, indicating possible revenue concentration risk.
Insights
The recent expansion of SOBRsafe's client base is a significant development. With 20 new accounts in 2024 compared to only three in 2023, the company is showing substantial growth. The agreements with Lighthouse Recovery Resources and Mountain House Recovery suggest a growing acceptance of SOBRsafe's technology in the behavioral health sector. This rapid adoption could indicate a market trend towards more advanced, non-invasive alcohol detection methods.
From a retail investor’s perspective, the increase in accounts can be seen as a positive indicator of revenue growth. However, it's important to scrutinize the customer retention rate and whether these agreements lead to long-term revenue streams. Also, consider the broader market potential: if SOBRsafe continues to secure similar deals, it could signal a sustainable growth trajectory. Yet, it would be prudent to monitor if the revenues from these new accounts significantly impact the company's overall financial health.
SOBRsafe's announcement of securing 20 new accounts this year is evidently a considerable improvement over the previous year. Such an uptrend often positively influences the company's top-line growth. However, it’s important to examine the average revenue per user (ARPU) and the overall contract values to understand the true financial impact. If each account represents a meaningful addition to the revenue base, this could lead to a stronger earnings report in subsequent quarters.
Short-term investors might see this as a signal of increasing market penetration and potential for revenue growth. Long-term stakeholders should evaluate the sustainability of this growth and whether the technology continues to meet market needs effectively. Comparing SOBRsafe's performance with industry norms for growth rates in tech and healthcare sectors can provide a benchmark for expectations.
The adoption of SOBRsafe’s SOBRsure wristbands and SOBRcheck point-of-care screening by Lighthouse and Mountain House highlights a preference for more humane and less stigmatizing methods of alcohol detection. Traditional breathalyzers are often seen as invasive and inconvenient. SOBRsure and SOBRcheck offer continuous, non-invasive monitoring, which can vastly improve patient compliance and intervention efficiency. This technological shift suggests a paradigm change in the behavioral health industry.
For investors, understanding the technological advantages and gaining insight into user feedback and clinical outcomes will be essential. The cost reduction potential for facilities like Mountain House also indicates that SOBRsafe's solutions could become a preferred choice due to their economic benefits. Observing the adoption rate and feedback from these initial customers can provide clues about broader market acceptance and potential scalability.
DENVER, CO / ACCESSWIRE / May 14, 2024 / SOBR Safe, Inc. (NASDAQ:SOBR) ("SOBRsafe"), provider of next-generation transdermal alcohol detection solutions, today announced that it has signed hardware/software agreements with Lighthouse Recovery Resources ("Lighthouse") and Mountain House Recovery ("Mountain House"). SOBRsafe has now secured 20 new accounts in 2024, compared to three accounts booked in all of 2023.
Lighthouse Recovery Resources
Based in Carbondale, Colorado, Lighthouse provides individuals and families with the resources and support they need to achieve lasting recovery. Lighthouse's services include interventions, sober companions and care management. Lighthouse has purchased an initial 10 SOBRsure wristbands to monitor high risk patients 24/7 and actively intercept alcohol use. Lighthouse believes SOBRsure empowers accelerated intervention versus breathalyzers and other traditional testing methods.
Mountain House Recovery
Based in Flagstaff, Arizona, Mountain House provides a post-treatment launching pad where young men in early recovery can forge lasting friendships and embark on a transformative journey in sobriety. Mountain House offers a comprehensive approach to healing, blending evidence-based therapies, holistic practices, and singular outdoor excursions. Mountain House is integrating SOBRcheck point-of-care screening in its residential facility to replace breathalyzers, providing all residents a more humane and less stigmatizing testing solution. Mountain House also views SOBRcheck as a cost reduction measure - the technology enables 24/7 unmanned alcohol screening at check-in/check-out, eliminating an administrative expense.
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About SOBRsafe™
Alcohol misuse is the fourth leading cause of preventable death in America, and the seventh worldwide. Yet prevention and monitoring solutions have not kept pace with this epidemic. Legacy technologies are invasive and inefficient, unhygienic and unconnected. There has to be a better way.
Enter SOBRsafe™. Our advanced transdermal (touch-based) technology detects and instantaneously reports the presence of alcohol as emitted through a user's skin - no breath, blood or urine sample is required. With a powerful backend data platform, SOBRsafe provides next generation, passive detection technology for the behavioral health, judicial and consumer markets, and for licensing and integration.
The SOBRsafe technology is commercially available for point-of-care screening (SOBRcheck) and continuous monitoring (SOBRsure). At SOBRsafe, we are creating a culture of prevention and support. To learn more, visit www.sobrsafe.com.
Contact SOBRsafe:
IR@sobrsafe.com
Safe Harbor Statement
This announcement includes forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking statements include the information concerning our possible or assumed future results of operations set forth under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used.
Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions. Our future results and shareholder values may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking statements.
SOURCE: SOBR Safe, Inc.
View the original press release on accesswire.com
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