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.
– We are proud of our reported revenues and EBITDA. We have demonstrated to our shareholders and investors that we keep our word by delivering operating results that allow us to exceed the EBITDA profitability threshold in line with our assumptions. We achieved this goal through consistent customer portfolio development, effective integrations and successful service expansion, not only in Q4, but throughout 2025 – comments Dr Kris Siemionow, CEO of Medicalgorithmics.
In Q4 2025, Medicalgorithmics had PLN 10.2 million in consolidated revenue, compared to PLN 5.9 million in the same period last year. This represents an increase of 74% y/y and 42% compared to Q3 this year. The US market brought the company PLN 4.8 million in revenue, recording growth of 452%. These figures confirm the implementation of the strategy, under which the company focuses on the sale of AI algorithms and diagnostic software with the highest margins. In the reporting period, Medicalgorithmics performed nearly 135,000 ECG tests, which represents an increase of nearly 70% year-on-year.
Operating summary 2025
The most important event of the first quarter was undoubtedly the signing of an agreement with one of the top five American diagnostic centres (IDTF). In addition, the Company signed agreements with partners from Turkey and Australia and expanded its cooperation with a Canadian research centre. A very important event in the first quarter was the publication in Nature magazine, which proves the greater effectiveness of DRAI algorithms developed by Medicalgorithmics compared to technicians.
– The publication of the results of our research on DeepRhythmAI algorithms in such a prestigious magazine as Nature sent a clear signal to our current and potential partners: we provide a tool that significantly increases diagnostic accuracy while reducing the time spent by doctors. The publication lent credibility to our solution and helped us acquire new customers – says Kris Siemionow.
The second quarter of 2025 will see further contracts, primarily with Wellysis, a Samsung spin-off specialising in ECG monitoring, predictive analytics and artificial intelligence models in healthcare. A partnership has also been established with Australia’s CardioScan, a global leader in cardiac diagnostics. In addition, the FDA approved the latest version of DRAI algorithms. In June, Dr Kris Siemionow joined the Company’s Management Board as its President, thus accelerating the pace of strategy implementation.
In the following quarter, the Company focused on both new contracts and further integrations. In July, the implementation of four new partners was announced, including the Company’s largest customer – one of the top five American IDTFs. During this period, the first two contracts for VCAST were also signed – with partners from Sweden and Turkey.
– The integration of our largest client was a landmark event. From that moment on, we embarked on a path of above-average revenue growth, starting in the third quarter, when revenues grew by as much as 38%. The launch of new functionalities in September and an additional order completed in December are clear evidence of how effective this cooperation is. Thanks to this, we exceeded the announced level of USD 300,000 in monthly revenue generated by this client alone in November – says Kris Siemionow.
The fourth quarter was marked by further breakthrough events. The Company’s implementation team completed the integration of ECG analysis software (DRP) using proprietary AI algorithms (DRAI) at two large technology partners. One of them is the leading Korean distributor Wellysis, a spin-off of Samsung. In addition, the Company’s largest partner, one of the TOP 5 American IDTFs, commissioned additional services in December this year. In connection with the expansion of cooperation, the Company estimated total revenues from the contractor in December from cooperation in the amount of approximately PLN 1.6-1.8 million, which will be recorded in the fourth quarter of this year. The culmination of this period was the signing of a new agreement with a Canadian contractor. Under the agreement, the Company will deliver at least 2,000 additional Kardiobeat.ai devices offered by Medicalgorithmics and provide a licence for innovative AI software. The value of the agreement is USD 5.9 million.
– This year’s events are just the tip of the iceberg. We have further integrations planned, we are continuing to develop our flagship R&D, VCAST, without forgetting the development of our ECG services. All these factors lead us to believe that similar dynamics and profitability will be maintained in the coming quarters – adds Kris Siemionow.
The coming months will be marked by new contracts, further integrations and continued monetisation of our customer portfolio. During the first quarter of this year, the Company intends to integrate three more partners, including the globally operating Australian company CardioScan. The R&D department will also continue to develop VCAST technology to bring the Company closer to obtaining FDA certification. Medicalgorithmics is also working on further solutions based on DRAI algorithms.