Medicalgorithmics, a Warsaw Stock Exchange-listed company, leader in cardiology diagnostic software, is dynamically scaling its operations while consistently executing its growth strategy, which includes the development and commercialization of cardiology diagnostic software based on proprietary AI algorithms. Since implementing the new strategy, the company has acquired 23 new clients, including 10 new contracts signed since the beginning of 2025. Preliminary data for Q1 2025 shows continued strong growth in the number of ECG tests: up 16% quarter-on-quarter and nearly 100% year-on-year, reaching approximately 92,000 ECG examinations.
The Group’s revenues in Q1 2025 amounted to approximately PLN 6.8 million, marking a 4% increase compared to the previous quarter. Service revenues – the company’s core business segment – grew by 8% to PLN 6.6 million. Particularly strong dynamics were recorded in the U.S. market, where service revenues increased by as much as 52% quarter-on-quarter. This growth was driven by five clients launched back in 2024.
“The acceleration in growth in Q1 is a result of the consistent execution of our strategy and proof that the chosen direction is yielding tangible results. We are pleased not only with the scale of growth but also with its quality,” said Maciej Gamrot, CFO and Management Board Member of Medicalgorithmics. “We are maintaining our plan to achieve operating profitability (cash break-even) at the turn of 2025 and 2026.”
The year 2025 has brought significantly increased interest in the company’s products and an acceleration in customer acquisition. In just the first four months of this year, Medicalgorithmics signed 10 new contracts – with partners from the U.S., Canada, Turkey, and other European countries. For comparison, the Group acquired a total of 13 new clients throughout all of 2024.
“In 2025, we are seeing a clear acceleration not only in the number of clients acquired but also in their potential and expected contribution to business scale. Among existing partners, we are observing consistently high levels of solution usage and positive client feedback, while the integration of new contractors is progressing according to plan,” commented Jarosław Jerzakowski, COO and Management Board Member of Medicalgorithmics.
“New clients acquired in 2025 will be onboarded according to a schedule tailored to the partner’s scale, integration requirements, and local conditions. Thanks to our latest solutions – the DRP Platform and DRAI algorithms – the implementation time for a single client ranges from a few weeks to a maximum of two quarters. Our technologies significantly reduce the time needed to start cooperation, which translates into a rapid increase in new clients and a sharply rising number of examinations performed. This clearly demonstrates the effectiveness and market success of our products,” emphasized Przemysław Tadla, CTO and Management Board Member of Medicalgorithmics.
All financial data presented above is preliminary and may be subject to change following the completion of the Q1 2025 quarterly report.