Making a decision to adopt a strategy for the US market.
Current report no.: 72/2022
Date: December 6, 2022
Legal basis: Art. 17 par. 1 MAR – confidential information
Management Board of Medicalgorithmics S.A. (the “Company”) informs about today’s approval of the Company’s strategy for the US market.
Management of the Company approved the strategy to ensure and accelerate long-term growth in the USA and increase Company’s share in this market.
The new strategy will include both providing full scope of the Company’s services, that is access to the PocketECG software platform with the Company’s advanced AI algorithms and delivery of the devices (current model) as well as granting licenses for the use of software, including algorithms, rendered on a non-exclusive basis.
Reaching new sales channels will ultimately increase revenue by offering services to an increased number of patients and provide additional opportunities for growth in case of launching new services, as well as enabling diversification through cooperation with many distributors.
The company will focus on the following US market segments:
- Companies being Independent Diagnostic and Testing Facilities (hereinafter referred to as IDTFs) to offer them the possibility of providing MCT services (the Company primary service, utilizing the full advantage of the Company’s advanced technology, with the highest reimbursement in the USA), as well as other services like Event, Extended Holter using devices developed by the Company (Pocket IV, qPatch) with the Company’s new generation of the PocketECG system with the latest artificial intelligence software – Deep Rythm Artificial Intelligence – (DRAI).
- IDTFs that do not have strong software and AI, but have their own hardware (devices) and would benefit from the Company’s new generation of the PocketECG system with the latest AI (DRAI)
- Strategic technological companies, including device manufacturers, offering licensing elements of the PocketECG system with the latest AI (DRAI)
- Pharmaceutical companies or other research companies offering the Company’s database.
Implementing the strategy, will require among other, to renegotiate the existing contract with the sole distributor in the US (Company informed about it in report 52/2022, dated July 28, 2022. The Company will inform about the negotiations result in a report.
The Company plans to implement the strategy in the next 12 to 24 months.