Kardiosystem joins the Medicalgorithmics Group
Kardiosystem joins the Medicalgorithmics Group – together we create a comprehensive sales offering for our products
Medicalgorithmics S.A., a provider of advanced cardiac solutions, bought shares in Kardiosystem Monitoring in order to join sales forces of both companies and create a common offering of arrhythmia diagnosis and cardiac telerehabilitation systems. So far, Kardiosystem has been the exclusive partner of Medicalgorithmics in Poland, offering services based on PocketECG technology.
At the beginning of the year, Medicalgorithmics started the promotion and sales of PocketECG CRS, a cardiac telerehabilitation system. The system can be used in hospitals, clinics as well as at the patient’s home. While promoting the new rehabilitation system, many healthcare sites also got interested in the Medicalgorithmics flagship product for arrhythmia diagnosis: PocketECG. The system has been successfully used by patients in the United States for 10 years and is one of the most popular systems for long-term heart monitoring in the country.
So far, based on an exclusive partnership contract concluded in 2010, Kardiosystem Monitoring Sp. z o.o. (“Kardiosystem”) has been selling services based on PocketECG technology in Poland. The Medicalgorithmics Board made a decision to buy all shares in Kardiosystem to be able to offer healthcare provider both products – the telerehabilitation system and arrhythmia diagnosis system — and to join sales forces of both companies. The Contract was signed on July 2, 2018 and the price for the shares was PLN 165 thousand. The Contract provides for additional payment up to PLN 350 thousand due in 2019–2023 depending on achieving specified yearly sales goals.
The Kardiosystem competitive advantage is a qualified and experienced team of physicians and electro-cardiology technicians from the Heart Monitoring Center who are responsible for analyzing ECG records and preparing detailed diagnostic reports from examinations. Moreover, during 7 years of cooperation with Medicalgorithmics, Kardiosystem has gained many valuable sales contacts, building permanent relationships with healthcare provider representatives around Poland.
The benefit from acquiring Kardiosystem is a possibility to develop a uniform and comprehensive offering of Medicalgorithmics products targeted at Polish hospitals and medical centers. After the transaction, Kardiosystem will provide analysis and monitoring services with respect to cardiac telemetry, and the Medicalgorithmics Sales Department will be responsible for acquiring new healthcare providers and after-sales service.
“Our priority is continued sales growth in the United States, where multi-day heart monitoring is reimbursed. However, our second important goal is an increase in sales on European markets, including Poland. Hence, we made a decision to buy Kardiosystem. Together we shall focus on direct sales of cardiac telerehabilitation and arrhythmia diagnosis systems. We also want to co-finance and extend our heart monitoring center which plays a key role in our customer service,” says Marek Dziubiński, the President of the Board of Medicalgorithmics S.A.