Medicalgorithmics S.A., the developer of globally innovative AI algorithms and an ECG analysis platform, has summarised its landmark 2025. During this period, the company recorded consolidated sales revenue of PLN 31.0 million, representing a 29% increase. The fourth quarter was particularly important for the Company’s development, as it marked the start of full-scale cooperation with its largest client – one of the top five US IDTFs. This collaboration enabled the company, among other things, to achieve PLN 1 million in EBITDA in the fourth quarter and, above all, to record positive operating cash flow of PLN 1.8 million for the first time in the last two years.
In the Board’s view, 2026 will be equally significant. The company plans to sign two to three new contracts each quarter and, in the second half of this year, begin generating its first revenue from the VCAST technology and submit an application for its certification to the FDA.
Financial results for 2025
– The year 2025 saw the achievement of several major milestones. We signed a contract with our largest client to date, published the results of our research in the prestigious *Nature* magazine, and secured a record 20 new contracts. This outstanding operational performance is, of course, reflected in our financial results, particularly in the fourth quarter, during which we crossed the break-even point in terms of EBITDA and operating cash flow. I am particularly pleased with this second achievement, because when I took the helm of the Company in June, I promised that we would achieve this goal, and I have kept my word, – comments Dr Kris Siemionow, CEO of Medicalgorithmics.
In 2025, Medicalgorithmics generated PLN 31.0 million in consolidated revenue, compared with PLN 24.0 million in the same period of the previous year. This represents a 29% year-on-year increase. The US market generated PLN 11.3 million in revenue for the Company, recording growth of 140%. During the period in question, a record number of sessions were conducted, totalling 415,800, which is 55% more than in 2024.
The fourth quarter was a particularly significant period in terms of financial results. The Company generated consolidated sales revenue of PLN 10.1 million, compared with PLN 5.9 million in the same period last year. This represents a year-on-year increase of 71%. The US market, meanwhile, generated PLN 4.6 million in revenue for the Company. A particularly significant achievement during this period was the generation, for the first time in two years, of a positive EBITDA of PLN 1 million and positive operating cash flow of almost PLN 1.8 million.
Operational Summary 2025
A key achievement in the first quarter was the signing of a contract with one of the five largest US diagnostic centres (IDTF). During the same period, the Company established partnerships with organisations in Turkey and Australia, and expanded its collaboration with a Canadian research centre. Another significant event was the publication in Nature Magazine, confirming the superior effectiveness of the DRAI algorithms developed by Medicalgorithmics over the work of technicians.
The second quarter of 2025 brought further agreements, among which the collaboration with Wellysis – a Samsung spin-off focusing on ECG monitoring, predictive analytics and AI solutions for the healthcare sector – came to the fore. During this period, a partnership was also formed with the Australian company CardioScan, one of the world’s leading providers of cardiac diagnostics. At the same time, the FDA approved the latest generation of DRAI algorithms. In June, Dr Kris Siemionow joined the Company’s Management Board as Chairman, which helped to accelerate the implementation of the adopted strategy.
The third quarter was marked by both new contracts and ongoing implementations. In July, the integration of four previously acquired partners was announced, including the Company’s largest client – one of the top five US IDTFs. During this period, the first two contracts for VCAST were also signed, with a Swedish and a Turkish client.
The fourth quarter was rich in further significant events. The Company’s implementation team finalised the integration of ECG analysis software (DRP), utilising proprietary AI algorithms (DRAI), at two major technology partners. These included the leading Korean distributor Wellysis – a Samsung spin-off. Additionally, in December this year, the Company’s largest client, one of the top five US IDTFs, commissioned an expanded scope of services. As a result of this expanded cooperation, total revenue from this client for December was estimated at approximately PLN 1.6–1.8 million. This period culminated in the signing of a new contract with a Canadian client, under which the Company will supply at least 2,000 further Kardiobeat.ai devices offered by Medicalgorithmics, together with a licence for innovative AI software.
A strong start to 2026
The first quarter of this year saw a continuation of the upward trend in financial results. At the beginning of April, estimated results for the first quarter of this year were published, showing that the Company generated estimated consolidated revenue of PLN 10.2 million, representing a year-on-year increase of 51%. A positive estimated EBITDA of PLN 1.0 million was also achieved once again.
– We’ve had a strong start to the year: three new contracts, further orders for our device and a major, reputable investor on board. We anticipate further integrations and two to three new contracts per quarter. The second half of this year looks particularly promising. We plan to start generating our first revenue from VCAST technology and submit an application to the FDA for certification of this technology – says Kris Siemionow.
Medicalgorithmics is rapidly expanding its operations in 2026. Three new agreements have been signed: with the US-based IDTF CardioDiagnostics, the Peruvian distributor Sharp Tech, and the South Korean technology partner Seers Technology. Furthermore, cooperation with a long-standing partner in Israel has been expanded. The client has placed an order for Kardiobeat.ai devices worth over PLN 650,000 and has commenced distribution of VCAST technology in that country. Furthermore, the Company will supply 250 Pocket ECG devices to a Swedish hospital and integrate the DRP platform with the system used by the hospital. The contract, for which Medicalgorithmics is a subcontractor, will run for the next five years, with an estimated value of approximately EUR 1.5 million. At the end of April, the company expanded its cooperation with a Canadian partner, who ordered additional devices worth USD 0.5 million. 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 cooperation rises to USD 6.4 million.