On 15 May 2015 Medicalgorithmics S.A. published a report for Q1 2015 with new record financial results. The Company is still making intensive efforts to reach new markets — one of the first results in 2015 is a contract in Brazil Our participation in the Heart Rhythm Society conference in May was considered a huge success as we established new important relationships with opinion leaders around the globe. As foreseen, the net financial results for Q1 2015 are significantly better than in the last quarter of 2014. In comparison to the same period last year, the sales revenue increased by 84%, and the net profit by 34%. The margin achieved in the analyzed period is similar to the one obtained in the first part of 2014, which is a result of a very attractive exchange rate in the USD/PLN pair and a large share of the sales of high-margin services in the total revenue for the first months of 2015.
“Such a dynamic revenue and profit increase proves that our business model is effective. In the first quarter of 2015, the Company maintained a high level of net profit margin on the sales of its services – 46.3%, but please note the single 2,160.1 thousand PLN write-off without which the net profit margin on sales would be 66%”, said Piotr Żółkiewicz, VP Finance and Operations in Medicalgorithmics S.A.
On May 13–15, the Company took part in the Heart Rhythm Society 2015 conference in Boston – the most important event in the electrophysiology industry. The conference gathers almost 10 thousand electrophysiologists, scientists and industry experts every year. At its stand, Medicalgorithmics S.A. presented the PocketECG system as an innovative solution for both remote heart diagnostics and scientific projects and clinical studies.
“We observed a huge interest scientists in our technology from scientists. Physicians were impressed with the multitude of details in diagnostic reports generated by PocketECG. It is unique on a global scale. A physician has access to a system as accurate as a Holter solution but interactive, accessible on-line and easy to use. We were the first to reconcile physician requirements with patient comfort,” said Marek Dziubiński, President of the Board of Medicalgorithmics S.A.
A subsequent contract confirms market demand for PocketECG. Medicalgorithmics S.A. signed a strategic alliance agreement with ITMS do Brasil Ltda, which makes the company our exclusive partner in Brazil. ITMS will organize the distribution of PocketECG systems and provide cardiac telediagnostic services based on these systems. The contract value is estimated at minimum PLN 21.2 million in 5 years assuming the USD/PLN exchange rate as of March 30, 2015.