Medicalgorithmics, a MedTech company listed on the sWIG80 index, has signed an agreement with a global provider renowned for some of the world’s best arrhythmia diagnostic devices. The parties plan to collaborate on the commercialization of the Polish firm’s software and cloud-based AI solutions for EKG analysis in foreign markets.
Medicalgorithmics, a MedTech company listed on the sWIG80 index, has signed an agreement with a global provider renowned for some of the world’s best arrhythmia diagnostic devices. The parties plan to collaborate on the commercialization of the Polish firm’s software and cloud-based AI solutions for EKG analysis in foreign markets.
The purpose of this agreement is to assess the efficiency and benefits of implementing the company’s software with a perspective of a potential long-term collaboration and commercialization of Medicalgorithmics’ cloud solutions and AI arrhythmia diagnostics. As per the signed Memorandum of Understanding, the first step in assessing the potential of the collaboration will be the implementation of a commercial pilot program, during which the Company will integrate and test the software with a selected Partner’s client. The details of the paid pilot program, including the pricing for services, especially the EKG analyses conducted by the Issuer, will be specified in the pilot agreement.
Both companies anticipate finalizing a separate agreement detailing the intended collaboration, including pricing and revenue sharing. Based on the signed agreement, the potential partnership would operate on a “revenue share” model. Medicalgorithmics would be compensated in the form of a share in the revenue from the processing and analysis of EKG signals generated by the partner’s devices.
Medicalgorithmics’ new business partner has a global sales footprint that spans across Europe, North America, Asia, Africa and South America. They possess a portfolio of devices and technology solutions aimed at remote heart monitoring and cardiac rehabilitation.
“Our cloud-based software, bolstered by AI algorithms, has the potential to significantly enhance the efficiency of our partners, particularly by optimizing the working hours of EKG technicians and streamlining processes leading to EKG report generation. Moreover, our AI can detect 26 types of heart rhythm disturbances, ranking amongst the best in the market. By signing this letter of intent, we affirm with our partner the potential of implementing our solutions. Step by step, we are actualizing the objectives of our new developmental strategy. We have moved away from territorial exclusivity and separated the sales of software and hardware; this collaboration is a testament to that strategy and might enable us to offer our services to the new partner’s clients,” says Jarosław Jerzakowski, COO at Medicalgorithmics.
In line with the development strategy announced in June, implemented with the involvement of Medicalgorithmics’ main shareholder – Biofund Capital Management LLC, the company is pivoting its business model. Medicalgorithmic is moving away from offering a closed cardiac diagnostic ecosystem tied to their proprietary heart-monitoring device, PocketECG, the company is focusing on selling its AI and EKG analytics software system as a standalone product, as well as integrating with devices and IT systems of third parties. The software is offered as a service, and Medicalgorithmics will be compensated in various models, including based on the number of AI-performed EKG data analyses.
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