Implementing its ongoing strategy, Medicalgorithmics, a medtech company listed on the sWIG80 index, has successfully added nine new clients, including five Independent Diagnostic Testing Facility (IDTF) centers in the USA. The company has completed a contract and started a collaboration with First-Call Medical, marking its fifth new IDTF partner in the USA, specializing in heart disease diagnostics. Using Medicalgorithmics’ AI-powered diagnostic platform, the new partner will analyze EKG signals of patients for arrhythmia and other disorders.
First-Call Medical is the fifth addition to Medicalgorithmics’ client portfolio in the American IDTF market for the current year. Based in Massachusetts, the new partner conducts diagnostic tests for hospitals and medical facilities in the northeastern region of the USA. Medicalgorithmics’ diagnostic platform, powered by artificial intelligence algorithms, will operate based on data collected by third-party devices used by First-Call Medical. Compensation for the company will be based on the volume of analyses conducted for the new client.
“We’re speeding up our expansion within the IDTF market in the USA. Each new contract strengthens our reputation and position as a provider of top-tier technological solutions for independent diagnostic centers. First-Call Medical represents another shift in this sector towards adopting the Medicalgorithmics platform, driven by its superior diagnostic and operational efficiency. We show our ability to quickly start services for new partners, thanks to integrations conducted in the latter half of the previous year with third-party devices and their supporting systems. This highlights our achievement of the high operational efficiency outlined in our strategy, facilitating scalable operations in the USA,” comments Jarosław Jerzakowski, Medicalgorithmics Board Member overseeing sales and operations.
The company is actively participating in advanced discussions and technical trials with several other independent diagnostic centers. In total, it has identified 115 IDTFs in the American market potentially interested in accessing its technology and proprietary artificial intelligence system across various business models.
“Nine new clients, including five new IDTFs in the USA, underscore the tangible outcomes of our strategy implementation. This attests to our ability to acquire and integrate clients within the new model, offering scalable software services sought by diverse clientele. This signifies a ‘snowball effect’ for us, enabling the construction of a diversified client base and the achievement of our operational goals, namely sustained sales growth and the generation of cumulative positive cash flows, with reduced operational risk. We draw closer to fulfilling the objective outlined during our recent Investor Day, surpassing monthly revenues from the corresponding period in 2023 during the latter half of the year,” emphasizes Maciej Gamrot, CFO and Member of the Board of Medicalgorithmics, responsible for finance.
Independent Diagnostic Testing Facilities are integral components of the American healthcare system. These autonomous diagnostic centers, independent of hospitals and other medical facilities, conduct various medical examinations. The estimated size of the IDTF services market in the USA stands at approximately $3.5 billion annually.
About us:
Medicalgorithmics is a global technology provider of non-invasive cardiac diagnostics monitoring software based on artificial intelligence. The company uses its proprietary AI system for ECG arrhythmia diagnostics. AI algorithms enable heart function monitoring analysis, cardiological analysis, and diagnosis. The Polish company’s solutions streamline work processes by optimizing the time and resources needed for cardiological study analysis. Its arrhythmia diagnostic software can detect 26 types of arrhythmias and cardiac abnormalities, one of the best results worldwide. The company also develops and commercializes VCAST technology, enabling non-invasive measurement of blood flow pressure in selected coronary vessels based on computer tomography images.
According to the development strategy announced in June 2023, created under the leadership of Medicalgorithmics’ main shareholder – Biofund Capital Management LLC – the company changed its business model. It moved away from offering only a closed cardiac diagnostic system, linked to its own heart monitoring devices. In the new strategy, it focuses on selling a platform for analyzing multi-day EKG records along with proprietary AI algorithms as a standalone product and integrating them with devices and IT systems of partners. Medicalgorithmics software can be licensed by clients, and the company will receive compensation in various models, including one based on the number of EKG data analyses performed.
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