Medicalgorithmics, a medtech company listed on the sWIG80 index, is expanding its cooperation with the Canadian Population Health Research Institute (PHRI) – one of the leading centers in the world conducting clinical research. The company has signed an agreement to participate in a study aimed at evaluating the effectiveness of surgical ablation in the treatment of atrial fibrillation. Medicalgorithmics’ revenues under this agreement will amount to up to EUR 310,000 (approximately PLN 1.3 million), and the entire field will bring up to EUR 580,000 (approximately PLN 2.5 million) over the next two years.
Under the agreement, Medicalgorithmics will provide cardiac monitoring services for patients participating in the clinical trial “Surgical Ablation of Atrial Fibrillation Efficacy.” Up to 500 PocketECG devices will be used to monitor heart activity. The company will also provide telemetry services and real-time monitoring of patients’ ECG parameters using these devices. The agreement was signed for a period of seven years, but Medicalgorithmics plans to complete the contract within 30 months, by the turn of 2026/2027. The remuneration for the services provided will amount to up to EUR 310,000 (approx. PLN 1.3 million).
“We are consistently building Medicalgorithmics’ position as a provider of cardiac monitoring and safety services in clinical trials. We are leveraging our nearly 20 years of experience in monitoring patients’ heart activity and the global reach of our services. We are pleased that the Population Health Research Institute – one of the leading research centers – has decided to use Medicalgorithmics’ solutions for the second time in a short period. This strengthens our position as a service provider supporting the execution of clinical trials” – says Magdalena Ślusarczyk, Director of Clinical and Product Implementation at Medicalgorithmics.
In September last year, Medicalgorithmics announced the signing of an agreement with PHRI to cooperate on a clinical study aimed at detecting atrial fibrillation after non-cardiac surgeries. In this project, 60 PocketECG devices will be used. The company is also participating in a clinical trial conducted by Simbec Orion and providing cardiac safety services in the GOAL-HF clinical trial led by the Swedish biopharmaceutical company AnaCardio.
The Medicalgorithmics management board estimates that the total projected revenue from the four ongoing clinical studies alone could reach approximately EUR 580,000 (PLN 2.5 million) over the next two years (around EUR 230,000 in 2025 and EUR 350,000 in 2026).
“The year 2025 will be the first in which we record significant revenues from the clinical research segment, proving that Medicalgorithmics has all the assets necessary to significantly increase its share and revenues in this field. We are using our devices and AI-driven software in profitable and prestigious studies, which not only offer a satisfactory margin but also confirm our leading position in the field of AI-based ECG analysis. This will enable us to secure more projects in cooperation with PHRI and other leading research centers, which should contribute to a significant increase in revenue from these services” – says Maciej Gamrot, member of the management board and CFO of Medicalgorithmics.
PHRI is a joint research institute of McMaster University and Hamilton Health Sciences. The institute collaborates with networks and research centers in Canada and worldwide. PHRI has conducted clinical studies involving over 1.5 million people from 105 countries across six continents. The institute also conducted the DRAI MARTINI study, which utilized DRAI artificial intelligence algorithms developed by Medicalgorithmics. The results of this independent study, which confirmed that AI more effectively analyzes ECG data than humans, were presented at the September 2024 ESC Congress in London.