Medicalgorithmics signs another agreement in the U.S. Target: Serving Up to 100,000 Patients in the First 12 Months
Polish medtech company Medicalgorithmics (MDG) has entered into an agreement with Fourth Frontier, enabling its innovative DeepRhythm Platform (DRP), combined with the DeepRhythmAI (DRAI) artificial intelligence algorithms, to be offered alongside Fourth Frontier’s unique device – a multi-day Holter monitor in the form of a wearable band, recently certified by the FDA. The goal is to facilitate Medicalgorithmics’ software in monitoring up to 100,000 patients connected to the Holter device within the first 12 months. One of the initial adopters of the solution will be Cleveland Clinic, a leading U.S. medical center.
Medicalgorithmics Strengthens Presence in the Australian Market. The Company Signs an Agreement with Health Test Australia
The Warsaw Stock Exchange-listed medtech company has signed a distribution agreement for PocketECG with Health Test Australia, a well-established partner in the Australian market. The comprehensive diagnostic technology, developed and introduced globally by Medicalgorithmics, enables physicians to remotely monitor heart rhythm variability in patients in a convenient and patient-friendly manner. The agreement strengthens the presence of the sWIG80-listed medtech company in the APAC market, where, in addition to Australia, Medicalgorithmics’ innovative solutions are also distributed in India, Indonesia, and the Philippines.
Medicalgorithmics enters the Turkish market with an annual potential of PLN 1.5 Million
On March 3, Medicalgorithmics S.A. signed a distribution agreement with the Turkish company Ege Aritmi. This partnership marks another important step in the foreign expansion of the medtech company listed on the Warsaw Stock Exchange (GPW). Turkey becomes the 23rd market where Medicalgorithmics’ innovative products will be available. The company’s management expects the agreement to generate approximately PLN 1.5 million in annual revenue.
Medicalgorithmics’ DeepRhythmAI (DRAI), Revolutionizes Heart Diagnosis:
14x Fewer Missed Diagnoses of critical arrhythmias. A clear path to direct-to-physician reporting of ambulatory ECG results, reveals a recent Nature Medicine publication.
Medicalgorithmics secures a new significant contract in the field of clinical research
Medicalgorithmics, a medtech company listed on the sWIG80 index, is expanding its cooperation with the Canadian Population Health Research Institute (PHRI) – one of the leading centers in the world conducting clinical research. The company has signed an agreement to participate in a study aimed at evaluating the effectiveness of surgical ablation in the treatment of atrial fibrillation. Medicalgorithmics’ revenues under this agreement will amount to up to EUR 310,000 (approximately PLN 1.3 million), and the entire field will bring up to EUR 580,000 (approximately PLN 2.5 million) over the next two years.
Medicalgorithmics Sees Nearly 90% Growth in ECG Sessions in 2024
The Warsaw Stock Exchange-listed medtech company is consistently executing its growth strategy, aiming to achieve profitability and positive operating cash flow in the second half of the year. As part of this strategy, Medicalgorithmics focuses on offering leading software with AI-driven algorithms integrated with various ECG monitoring devices. Thanks to onboarding new clients and expanding in existing markets, the company recorded an 87.4% year-over-year increase in conducted tests in 2024, reaching over 270,000 sessions compared to 144,000 in 2023.
Medicalgorithmics signs contract with US IDTF
Medicalgorithmics signs contract with US IDTF with estimated revenue potential of up to PLN 46 million over two years. The Agreement covers the provision of specific services and the licensing of Medicalgorithmics’s leading software, DeepRhythmPlatform (DRP), equipped with DeepRhythmAI (DRAI) artificial intelligence algorithms for ECG signal analysis from the Partner’s (IDTF’s) devices.
Medicalgorithmics strengthens its presence in the Israeli market. The company has obtained certification for the Kardiobeat.ai patch in Israel.
The wireless patch-type heart monitoring device Kardiobeat.ai, developed and introduced globally by Medicalgorithmics, has received certification from the Israeli Ministry of Health. Approval for the use of Kardiobeat.ai in Israel strengthens the presence of the medtech company, part of the sWIG80 index, in the Israeli market and will enable the commercial implementation of the Kardiobeat.ai Holter patch for clients. The company’s management expects that once SysteMedic, Medicalgorithmics’ exclusive partner in Israel, reaches full operational scale, the company will be able to generate around PLN 5 million in annual revenue from this market starting in 2026.
Medicalgorithmics Achieves $1.3M Annualized Recurring Revenue from the U.S.
Medicalgorithmics, a medtech company listed on the sWIG80 index, generated over $110,000 (approximately 440,000 PLN) in November from AI service sales to clients in the U.S. Independent Diagnostic Testing Facility (IDTF) market, resulting in $1.3 million in annualized revenue from five new clients. This milestone delivers on the company’s May 2024 projections for growth in the U.S. market. The increasing revenue stream highlights the value of Medicalgorithmics’ technology – earlier this year, the Warsaw Stock Exchange-listed medtech had zero revenue from the U.S. market. Following its strategy, the company is negotiating further agreements with potential new clients, including major U.S. partners.
Medicalgorithmics once again a technological leader.
Our AI algorithms, DeepRhythmAI (DRAI), have received another FDA clearance under the new QYX product code. This marks a breakthrough in outpatient cardiac telemetry monitoring, enabling real-time detection of cardiac arrhythmias with seamless integration into third-party software.
Medicalgorithmics Consistently Executes Its Strategy and Expands Service Sales
In the third quarter of 2024, Medicalgorithmics focused on increasing service sales and acquiring new clients, in line with its adopted strategy. During this period, service revenue amounted to PLN 5.2 million, with a 24% increase in the U.S. market compared to the second quarter, reaching PLN 1.2 million. This represents a recovery of 53% of the revenue from Q4 2023. Since the adoption of the new development strategy, the company has acquired 13 new clients. The Medicalgorithmics management expects to secure a major client in the U.S. by the end of this year, in accordance with its strategy, and to achieve positive cash flows in the second half of 2025.
Medicalgorithmics Launches Financing from BioFund
Medicalgorithmics and the company’s largest shareholder, BioFund Capital Management LLC, have signed a loan agreement worth up to $3 million. The initiation of this financing ensures the implementation of the company’s strategy for 2023-2026 and expands growth opportunities, particularly in the context of progress in commercializing the platform for analyzing multi-day ECG recordings with proprietary AI algorithms. The disbursement of the first two tranches, totaling $1 million, will take place by the end of 2024.