Nationale-Nederlanden PTE – the largest institutional investor in the CEE region joins Medicalgorithmics’ shareholding structure
Nationale-Nederlanden Polskie Towarzystwo Emerytalne (NN PTE), the largest institutional investor in the equity market in the Central and Eastern Europe region, has acquired an 8.3% stake in Medicalgorithmics – a WSE-listed global innovator in the ECG and cardiac diagnostic imaging industry. The investor joined the shareholding structure by acquiring shares during a transaction carried out by Biofund Capital Management LLC. As part of this transaction, over a dozen large investment funds, pension funds, and family foundations also joined the shareholding group.
Medicalgorithmics strengthens Shareholder structure. Investors acquire shares worth nearly PLN 70 million
Medicalgorithmics S.A., a global innovator in ECG and cardiac imaging diagnostics, has seen its shares acquired by leading Polish Open Pension Funds (OFE), Investment Fund Managers (TFI), and family foundations. Biofund Capital Management LLC, the main shareholder of Medicalgorithmics, has once again expanded the company’s institutional shareholder base by selling 2.1 million shares valued at nearly PLN 70 million. The transaction comes in response to high investor demand following the Company’s announcement of breakthrough estimated results for Q4 2025.
Simultaneously, Biofund has submitted a binding offer to the Company, including a 12-month lock-up agreement and a significant reduction in financing costs for the loan granted in 2024. The fund has also committed to negotiations regarding the conversion of the loan (including interest) into Company shares.
Medicalgorithmics enters South America. The company has signed an agreement with Sharp Tech, a leading distributor in Peru.
Medicalgorithmics, a WSE-listed developer of an innovative platform and AI algorithms for ECG analysis, has signed an agreement with its first South American partner, Sharp Tech, a leading Peruvian distributor of medical software and equipment. The agreement covers the distribution of DRP software, DRAI algorithms, as well as Kardiobeat.ai and Pocket ECG devices in Peru. The signing of the contract with the Peruvian distributor is the result of many months of promotional and marketing work in the LATAM region, including participation in sector conferences
Medicalgorithmics ends the year with record 74% revenue growth and positive EBITDA in Q4 2025.
Medicalgorithmics S.A., a developer of globally innovative AI algorithms and ECG analysis platforms, is closing a groundbreaking fourth quarter of 2025 with estimated consolidated sales revenue of PLN 10.2 million, representing an increase of +74% year-on-year and +42% quarter-on-quarter. At the same time, the Company recorded a positive estimated EBITDA of PLN 1.0 million. The above-average results recorded by the Company are the result of consistent scale building resulting from the effective transformation of the business model, which is based on the sale of ECG analysis software, as well as the development of R&D projects, led by the groundbreaking VCAST technology.
Estimated revenues for the fourth quarter of 2025.
Strong beginning of the year for Medicalgorithmics Polish medtech company signs agreement with another American IDTF
Medicalgorithmics, a WSE-listed developer of an innovative platform and AI algorithms for ECG analysis, has signed an agreement with CardioDiagnostics, another major American IDTF specialising in heart monitoring and remote diagnostics through cloud-based software and certified devices for clinical ECG monitoring. Under the agreement, Medicalgorithmics’ innovative DeepRhythmAI (DRAI) AI algorithms will be integrated into the American partner’s software and will thus be available to current and future customers. The agreement has minimums and, in the opinion of the Management Board of Medicalgorithmics, has great potential and will contribute to a significant increase in the revenue growth of the Polish medtech company already in the first quarter of this year.
Medicalgorithmics has signed an agreement with PARP. The company will receive PLN 9.4 million for the development of a project based on VCAST technology
Medicalgorithmics, a Warsaw Stock Exchange-listed developer of globally innovative AI solutions for the cardiology industry, has signed an agreement with PARP to support its innovative Kardiobeat.CT project. Under the agreement, the Company will receive PLN 9.4 million in funding from PARP to support the project as part of the SMART Path initiative. The aim of this innovative Polish medtech project is to create an innovative diagnostic tool for the automatic detection and assessment of atherosclerotic plaques. The new project covers research and development work on artificial intelligence algorithms for the automatic analysis of cardiac CT images. The Company’s selection by PARP for the project was announced in July this year, and its total value is PLN 19.1 million.
Medicalgorithmics signs a new contract worth at least USD 5.9 million with its second largest customer
Medicalgorithmics, a WSE-listed developer of an innovative platform and AI algorithms for ECG analysis, has signed a new agreement with its long-standing Canadian partner specializing in home Holter ECG monitoring. The customer will additionally order at least 2,000 Kardiobeat.ai devices offered by Medicalgorithmics. The cooperation, which will remain in force until March 2028, will provide the Company with revenues of at least USD 5.9 million during its term. At the same time, the signing of the new agreement results from the acquisition of the Canadian contractor by an American healthcare giant listed on the New York Stock Exchange, which plans to expand intensively in the Canadian market. This should have a positive impact on the dynamic growth of Medicalgorithmics’ business in Canada, as well as on the Company’s revenue potential.
Medicalgorithmics expands cooperation with its largest client – one of the largest U.S. IDTFs, increasing remuneration under the cooperation by over 50% in December 2025, to USD 450–500 thousand
One of the largest U.S. IDTFs, measured by session volume, has expanded its cooperation with Medicalgorithmics effective December this year. Due to the strong demand for ECG diagnostic services, the American partner has commissioned the Polish medtech company to deliver additional service volumes. The new order will commence in December 2025 and includes a broader scope of analytic services compared with the existing collaboration. In connection with the expanded engagement, Medicalgorithmics has estimated total revenue from this client in December at approximately PLN 1.6–1.8 million, which will be recognized in the fourth quarter of the current financial year.
Medicalgorithmics integrates two further clients. Samsung spin-off among them
Medicalgorithmics, a Polish medtech company listed on the Warsaw Stock Exchange, has completed the integration of its ECG analysis software (DRP) using proprietary AI algorithms (DRAI) with two major technology partners. One of them is the leading Korean distributor Wellysis, a Samsung spinoff specializing in projects in the field of ECG monitoring, predictive analytics, and artificial intelligence models in healthcare. The innovative platform and AI algorithms have been integrated into Wellysis’ flagship S-Patch device (approved by the FDA in the US) and will be available to all current and future customers of both companies, including in the US. The second implementation concerns a Canadian deep-tech company with which the Company established cooperation in August this year. Medicalgorithmics has already integrated eight customers from partnerships established this year.
New, groundbreaking results from the DRAI MARTINI study: the risk of failing to detect a clinically meaningful rhythm disturbances reduced 75 to 114 times by DeepRhythmAI analysis.
The DeepRhythmAI (DRAI) algorithm, developed by the Polish medtech company Medicalgorithmics
Medicalgorithmics on a dynamic growth path in Q3 2023. Revenue up 38% y/y, driven by sales in the US: +76% y/y.
Medicalgorithmics, listed on the Warsaw Stock Exchange and a developer of globally innovative AI algorithms used in cardiology, recorded a 38% increase in revenue in the third quarter of this year, continuing its dynamic growth path. In the last quarter, the company recorded nearly PLN 7.2 million in sales revenue, including PLN 2.2 million from the US market alone, where it grew by 76% year-on-year. Since the beginning of 2025, Medicalgorithmics has already signed 19 agreements with new customers. The contracts concluded, including one with one of the largest American IDTFs, are already translating into results, and the Company anticipates further growth in revenues from their implementation in the fourth quarter and in 2026.
Medicalgorithmics and Lund University Launch Landmark AI Initiative to Build the World’s Largest Cardiac Function Dataset and Establish a New Global Standard in Non-Invasive Heart Diagnostics
Warsaw, October 28, 2025 – Medicalgorithmics (WSE: MDG), a global innovator in advanced cardiac analytics, today announced a landmark research collaboration with Lund University to accelerate the evolution of virtual cardiac diagnostics through its VCAST technology. The initiative aims to create the world’s largest dataset of AI-derived cardiac functional assessments, establishing a new global benchmark in non-invasive cardiovascular testing.