After enduring the storm of a global pandemic, COVVI has only gone from strength to strength.
Sustaining what can only be considered as extremely difficult trading conditions, the company has defeated all odds and turned a corner for the first time in its history. As research and development are at the heart of our business, we strive to unearth new knowledge and generate innovative solutions accordingly. Through user feedback, we are able to radically transform current approaches into ways that are more effective than any method we have used in the past.
One of our priorities is to constantly develop our mindset, resources and skills to maximize the impact of R&D efforts and utilize that knowledge to refine insights into a deeper understanding of the challenges present and the characteristics of new solutions that can be uncovered as a result. By contributing to collective knowledge, socialising innovations and enforcing a strong ethical framework, we’re also able to pursue new pathways for social transformations in the future.
We’re looking to ensure our growth by building upon the collection of data for social good; which will only enhance what we believe to be the best prosthetic hand in the world. Closing the 21/22 trading year by doubling turnover to £1.5 million leaves us excited for another promising year in 2022/23.
To that end, I want to share with you the COVVI Director’s Statement for 2022/23 to show how we will continue to take note and improve so we can be the best of the best.
Maintaining, building, and developing new and existing relationships with our distributors and suppliers around the world is something the business has sought to make a priority over the year. In the absence of face-to-face trade shows during the pandemic, we have completely re-defined and built a new marketing strategy whilst welcoming new advocates, who embrace and share COVVI’s passion and vision to help change multiple lives around the world. We continue to heavily invest in improving our App and AI technology to ensure we provide an unrivalled experience for clinicians and users alike.
An exciting shift for the company can be seen in the 65% growth in turnover in the USA alone; global development fed from our UK headquarters has seen turnover increase by 38% simultaneously. This growth trajectory is set to continue for COVVI throughout the upper limb prosthetics market, as we focus on several strategic contracts in the UK and around the world. Several new patents were secured throughout 2022 as the company continues to develop our quality and improvement programme. Our dedicated design and engineering team, have refined quality and improved a number of components used within our prosthetic hand which have been implemented throughout the course of this financial year giving us a strong foundation from which to build. These same enhancements will ensure we deliver an extremely reliable product whilst continuing to build upon and develop our market-leading product that is at the forefront of technology.
Following on from continuous research and development, we have redesigned our glove and covers, worn alongside our hand, to provide a significantly more robust offering for our consumers. A full range of sizes including small, medium and large will be fully available in all colours by the end of August 2022. We worked tirelessly to secure the highest PDAC reimbursement code, L-Code: L6895, which covers reimbursement of the glove for users in the USA. We are pleased to report that we were successful in securing the reimbursement code which is a significant milestone for the company.
We are excited to have scheduled and be attending a number of trade shows globally now that most COVID-19 restrictions have been lifted. This gives the company a real opportunity to showcase the product range that COVVI have developed over the last 5 years. Establishing new, strong relationships, particularly in the Middle East, UAE, Asia Pacific and China regions is a strong aim of ours over the next 12 months.
An impending change in policy for multi-articulated hands leaves us hopeful that we will be able to supply hands to NHS patients. Expansion of our production facility is currently under development to create extra capacity to support such new and existing contracts and predicted future growth. We believe these plans, alongside exploring new strategic partnerships to innovate the technology currently used to service the global robotics market will greatly help to drive growth and global awareness of an already very exciting brand.
Simon Pollard, CEO