Nature of the Business
|12 Months Ended|
Mar. 31, 2023
|Nature of the Business|
|Nature of the Business||
1. Nature of the Business
Bionik Laboratories Corp. (“Bionik” or the “Company”) is a robotics company providing neurological functional recovery solutions to improve the quality of life of millions of people with functional or mobility impairments by combining artificial intelligence, innovative technology and data solutions to help individuals regain mobility, enhance autonomy, and regain self-esteem.
The Company uses artificial intelligence and machine learning technologies to make rehabilitation methods and processes smarter and more intuitive to deliver greater recovery for patients with neurological or mobility impairments. These technologies allow large amounts of data to be collected and processed in real-time, enabling appropriately challenging and individualized therapy during every treatment session. This is the foundation of the InMotion® therapy. The Company’s rehabilitation therapy robots are built on an artificial intelligence platform, measuring the position, the speed and the acceleration of the patient 200 times per second. The artificial intelligence platform is designed to adapt in real time to the patient’s needs and progress while providing quantifiable feedback of a patient’s progress and performance, in a way that the Company believes a trained clinician cannot.
Based on this foundational work, the Company has a portfolio of products and solutions focused on upper extremity rehabilitation for stroke and other mobility-impaired individuals, including InMotion robots currently in the market. Additionally, the Company’s software platform, InMotion Connect, which is providing the ability for hospital management to access remotely to management dashboards presenting the utilization data of each of their InMotion robotic devices and their robotic devices productivity. Customized reporting capabilities in the platform focus on facility and organization measurement dashboards to support effective decision making for clinicians and for hospital management.
On September 7, 2022, the Company acquired Tower Aquatic, described further below, which is the first step in the Company’s planned national strategic rollout of rehabilitation clinics. The Company intends to rebrand the newly acquired physical therapy clinic as a specialized neuro-recovery center that will showcase and provide continued accessibility to Bionik’s technology and solutions by providing treatment to patients with stroke, brain and spinal cord injuries. The Company plans to acquire a network of neuro recovery centers to provide more patients with access to Bionik’s InMotion systems.
Currently, the Company receives revenues (a) from the sale of its InMotion robots to customers both in the U.S. and internationally, (b) from the operation of its newly acquired rehabilitation center through insurance reimbursements and patient co-payments, (c) associated with its extended warranties that customers purchase with the sale of InMotion robots as well as from the sale of the InMotion Connect hardware and (d) from the subscription fees associated with the utilization of the InMotion Connect Pulse solution in the U.S.
The Company’s principal executive offices are located at 80 Coolidge Hill Road, Watertown, MA 02472
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef