Medicalgorithmics publishes annual report for 2014 and presents plans for the months to follow
On March 20, 2015 Medicalgorithmics S.A. published an annual report for 2014 with new record financial results. The Company is still intensively working on entering new markets, and negotiations with partners in a few countries, including Brazil, are at an advanced stage. Medicalgorithmics is also preparing for the next edition of the most important cardiac diagnostics conference in the world – Heart Rhythm Society 2015, and is finishing work on a new product.
As expected, financial results for 2014 are again very good. The revenue on sales was PLN 29.7 million – the highest in the Company history – and the net result reached the record PLN 14.5 million. Still, the U.S. market drives the increase of the Company results, but the Company also recorded first revenue from markets for which PocketECG distribution contracts were signed in 2014, i.e. Spain, Australia, India and Mexico. Nowadays, Medicalgorithmics is working on entering other new markets: Brazil, Japan, Middle East, etc.
“The revenue growth year over year is almost 90%, which is a very good result. The number of performed examinations increases gradually and dynamically, which also reflects new markets on which we started to operate last year — India, Australia and Mexico — as well as the United Kingdom. A slightly lower net result for the fourth quarter in comparison to the third quarter is caused by one-time events related to launching production in a new and significantly larger manufacturing center of the Company in Gdańsk. It enabled us to eliminate manufacturing bottlenecks,” said Piotr Żółkiewicz, VP Finance and Operations in Medicalgorithmics S.A.
In May, Medicalgorithmics is again going to the United States for the international scientific conference Heart Rhythm Society 2015, the most important event in the electrophysiology industry. It will be held in Boston and will gather almost 10 thousand physicians and scientists from all corners of the world. Medicalgorithmics S.A. is preparing to present the PocketECG system as an innovative solution for both remote heart rhythm disorder diagnostics and scientific projects and clinical studies.
“Our solution, due to unique accuracy of recognition of each heartbeat morphology on a global scale, can be successfully used in research projects where monitoring the heart rhythm in diverse conditions is required. We are proud that more and more world-class scientists choose our technology for their projects, so that we can contribute in activities aimed at enhancing quality of life,” stated Marek Dziubiński, the President of the Board of Medicalgorithmics S.A.
Medicalgorithmics is also intensively working on a new product – a cardiac telerehabilitation system which helps a patient to recover from different cardiac incidents (e.g. infarctions, cardiovascular surgeries or exacerbation of heart failure). Due to difficult access outside big cities, 10–15% of people who qualified for such procedures currently undergo rehabilitation. The technology, which is almost developed, shall enable rehabilitation of patients at home without burdensome and frequent trips to hospitals or medical centers with the required infrastructure several miles away.