Press releases

Information on the number of requests for payment from insurers submitted in July 2017

Medicalgorithmics S.A., a provider of state-of-the-art system and algorithm solutions for cardiac diagnostics, has published information about the monthly number of requests for payment from insurers filed by Medi-Lynx Cardiac Monitoring, LLC (“ML LLC”) due to services provided in the U.S. using the PocketECG technology.

In July, 7,446 payment requests were filed. It means an accumulated growth after 7 months (from January to July 2017) by 63% in comparison to the same period the last year. However, last-year data are not entirely comparable since in 2017 the Company took over the customers of AMI, one of the distributors of its services in the United States. Now, all services provided using PocketECG technology on this market are sold by ML LLC. The average number of requests for payments from insurance companies filed by ML LLC each month in 2017 is 7,656.

“Summer months – especially June and July – demonstrate a seasonal decrease in the average number of performed heart arrhythmia examinations. The analysis of data for the current and last year demonstrates a clear tendency to reduce the number of examinations in vacation periods popular in the U.S. July is particularly low in sales due to the vacation period and the Independence Day, the most important holiday in the U.S. A similar situation is observed by the end of a year when Thanksgiving and Christmas together result in the decreased number of examinations. The data analysed show that the number of requests filed in June, July, November and December deviates from a few to over a dozen percent in comparison with monthly averages, while in the spring and autumn months, which are best for our business, similar deviations in plus are observed.

The level of interest in our services and PocketECG in the first days of August as well as seasonal analysis and generally increasing popularity of our solution let us expect a rise in revenue on sales in the following months, which should have a direct influence on financial results for the third and fourth quarter,” said Marek Dziubiński, the President of the Board of Medicalgorithmics S.A.