Medicalgorithmics, a Warsaw Stock Exchange-listed developer of an innovative platform and AI algorithms for ECG analysis, is set to fulfil a further order for its long-standing Canadian client, which specialises in providing home-based Holter ECG monitoring services. The total value of the additional order is USD 0.5 million and is linked to the partner’s announced dynamic expansion in the Canadian market following its acquisition by a major healthcare player listed on the New York Stock Exchange. In December, the partner signed a new agreement with Medicalgorithmics for the supply of innovative software and devices worth at least USD 5.9 million. As a result of the additional order, the total minimum value of the partnership rises to USD 6.4 million.
– Following the acquisition of our client by a major New York-listed diagnostics company, it was clear that the new owner would be actively expanding its business in Canada, and our solutions would help them do so. The additional order placed by our Canadian partner confirms their need for our technology and that we ourselves are becoming their partner in their expansion in this market. This is a significant honour for us and further proof of the effectiveness of our innovative solutions – comments Kris Siemionow M.D., CEO Medicalgorithmics.
Medicalgorithmics’ client is a Canadian medical company specialising in home-based Holter ECG monitoring. The technology and solutions offered by the company enable patient-centred care, delivering fast and accurate results thanks, in part, to the services and devices provided by Medicalgorithmics. Last year, the Company’s client was acquired by one of the leading US diagnostic companies, listed on the New York Stock Exchange, which is undergoing intensive expansion in the Canadian market. This expansion includes an additional order and a new agreement signed earlier in December. Under this agreement, the client has ordered additional devices and extended its licence to use the Company’s software. The cooperation is valid until March 2028 and will generate revenue of at least USD 6.4 million over its duration, taking into account the additional order.