Medicalgorithmics US Holding Corporation received 3,0 mUSD of the IRS Tax Refund Amount from Medi-Lynx
Legal basis: Article 17.1 MAR – confidential information
Management Board of Medicalgorithmics S.A. headquarted in Warsaw (hereinafter the “Company”) with reference to the Company’s report no. 1/2023, announces that on January 16th, 2023, Medicalgorithmics US Holding Corporation (hereinafter “Holding”) received from Medi-Lynx Cardiac Monitoring (hereinafter “Medi-Lynx”) 3.0 mUSD as the IRS tax refund (as referred to in report no. 47/2022). The amount received was transferred to the Company as Repayment of Holding’s liabilities.
Management Board the Company with reference to the Company’s report no. 1/2023 reminds that the tax refund amount was not included in Company’s financial plan, and it will additionally significantly increase cash reserves to nearly 39 mPLN.
Therefore, the increased funds held by the Company will allow the Company to accelerate the implementation of the Strategic Initiatives outlined in the Presentation of Biofund investment in Medicalgorithmics published in the current report no. 58/2022, especially executing on the new technology roadmap. It will also accelerate long-term sales growth in the US and Global (OUS) markets as per the current report no. 72/2022.