WSE-listed Medicalgorithmics has signed an agreement with Umbrella Biomed, one of the leading healthcare companies in Saudi Arabia and the broader MENA region. Under this agreement, the Polish medtech’s AI-powered cardiac imaging technology – VCAST, positioned as a competitive alternative to U.S. firms such as HeartFlow and Clearly, will – upon completion of the integration process and receipt of relevant regulatory approvals – be made available to Umbrella Biomed’s extensive customer base in Saudi Arabia. The signed agreement, which includes contractual minimums, marks the third major large-scale distribution contract for VCAST, a software solution already certified for commercial use in the European Union.
“In line with our strategy, we have been consistently developing our breakthrough and highly competitive VCAST technology, which we believe has the potential to revolutionize the diagnosis of coronary artery disease. Its potential continues to be recognized by new partners around the world, including in markets previously untapped by us. Entering Saudi Arabia – a key market in the Middle East and the MENA region – is an important milestone in the global commercialization of VCAST. Signing an agreement with a partner in another promising market, open to adopting innovative technologies, confirms the global recognition and attractiveness of our AI-based solutions developed by the Medicalgorithmics team” said Dr. Kris Siemionow, CEO of Medicalgorithmics.
Umbrella Biomed is a leading player in the Saudi and MENA healthcare sectors, specializing in the delivery and development of innovative IT and medtech solutions. The company serves both public and private healthcare institutions and is one of the key distributors in Saudi Arabia.
The Gulf Cooperation Council (GCC) cardiology devices market (including diagnostic and interventional solutions) is projected to reach USD 2 billion in 2025, with expected growth to USD 2.66 billion by 2029 (CAGR 7.4%, Statista data).
The Virtual Cardiac Stress Test (VCAST) enables non-invasive assessment of coronary artery condition for the diagnosis of coronary artery disease (CAD). The diagnosis is based on cost-effective and widely available cardiac CT data, analyzed by advanced artificial intelligence algorithms. VCAST supports physicians in diagnosing CAD by offering a rapid, non-invasive, and affordable alternative to traditional, complex, and highly invasive procedures such as coronary angiography.
The VCAST software holds CE certification, granting the company the right to commercialize the technology across the EU and selected markets beyond Europe. Developed using AI algorithms to analyze cardiac CT images, VCAST was created and contributed to Medicalgorithmics by its largest shareholder, Biofund Capital Management, and is being further developed by Kardiolytics Inc., Medicalgorithmics’ U.S.-based subsidiary.
Since the beginning of this year, the WSE-listed medtech company has been experiencing dynamic growth, continuously acquiring and activating new clients. Medicalgorithmics has signed a record number of contracts (18- more than in all of 2024), which has translated into a significant increase in its share price. Since the start of the year, the company has doubled its market value, becoming one of the best-performing investments on the Warsaw Stock Exchange in 2025. Among the newly signed agreements are: a contract with one of the top five U.S. IDTFs, an agreement with a European IDTF, a partnership with a U.S. deep-tech company specializing in the integration of advanced materials, sensors, and artificial intelligence, and two commercial VCAST distribution agreements – in the Turkish market and the strategic Scandinavian market.