Medicalgorithmics, listed on the Warsaw Stock Exchange and a developer of globally innovative AI algorithms used in cardiology, recorded a 38% increase in revenue in the third quarter of this year, continuing its dynamic growth path. In the last quarter, the company recorded nearly PLN 7.2 million in sales revenue, including PLN 2.2 million from the US market alone, where it grew by 76% year-on-year. Since the beginning of 2025, Medicalgorithmics has already signed 19 agreements with new customers. The contracts concluded, including one with one of the largest American IDTFs, are already translating into results, and the Company anticipates further growth in revenues from their implementation in the fourth quarter and in 2026.
– The revenue growth recorded in the third quarter is just the beginning. We are working on integrating further agreements, negotiating new contracts, and expanding our cooperation with one of the largest IDTFs in the United States, which is currently the most fruitful. In September, we implemented an update that increased the daily number of tests performed by IDTF by 118%. As a result, we can expect similar or even higher growth rates in 2026 – says Dr. Kris Siemionow, CEO of Medicalgorithmics.
In Q3 2025, Medicalgorithmics generated PLN 7.2 million in consolidated revenue, compared to PLN 5.2 million in the same period last year. This represents a 38% increase year-on-year and a 3% increase compared to Q2 this year. The US market brought the Company PLN 2.2 million in revenue, recording a growth rate of 76%. 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 97,000 ECG tests, which represents an increase of nearly 33% year-on-year.
– The previous quarter was very successful in terms of the quality of the cooperation we initiated, while the current fourth quarter is even more intense. We have signed an agreement with one of the largest IDTFs in the UK for our proprietary AI algorithms and ECG analysis platform. In addition, we have established cooperation with one of the leaders in the healthcare sector in Saudi Arabia and the MENA region for the delivery of the VCAST solution. The potential of this technology is demonstrated, among other things, by a recently launched study that we are conducting in cooperation with the Swedish University of Lund. VCAST will be used to analyze data from a study of over 30,000 people. This will be an important confirmation of the effectiveness of our technology – adds Dr. Kris Siemionow, CEO of Medicalgorithmics.
In early November, the Company announced the launch of a groundbreaking research collaboration with the leading Lund University Medical Center in Sweden. The goal of the initiative is to create the world’s largest collection of heart function data obtained using artificial intelligence and to set a new global standard in non-invasive cardiac diagnostics using the Virtual Cardiac Stress Test (VCAST). The project involves the use of the VCAST platform to analyze data from the SCAPIS study, one of the most comprehensive cardiac imaging projects in the world, involving more than 30,000 people.
Since the beginning of this year, the medtech company listed on the Warsaw Stock Exchange has been growing dynamically, acquiring new customers and activating existing ones. The company signed a record number of contracts (19 – more than in the whole of 2024), which translated into a significant increase in its share price. Since the beginning of the year, the company has doubled its value, becoming one of the best investments on the WSE in 2025. Among the new contracts, apart from the aforementioned American users of Medicalgorithmics technology, there are also: contracts with European and British IDTF, an agreement with an American deep-tech company specializing in the integration of advanced materials, sensors, and artificial intelligence, and the first three commercial agreements for VCAST – on the Turkish, Arab, and strategic Scandinavian markets.