Medicalgorithmics S.A., the developer of globally innovative AI algorithms and an ECG analysis platform, closed the third quarter of 2026 with estimated consolidated sales revenue of PLN 10.9 million, representing a 52% year-on-year increase. Estimated EBITDA amounted to PLN 1.6 million, 9% higher than in the second quarter of this year. The past quarter was a period in which the Company strengthened its position in the US market - extending its cooperation with its largest client and securing a new technology partner in the United States. At the same time, Medicalgorithmics secured financing that will allow it to accelerate work on key R&D projects.
- In the third quarter, we maintained strong year-on-year growth while also expanding at a satisfactory pace quarter-on-quarter, which is clearly reflected in our EBITDA. We have built a stable revenue base, and our new contracts, the extension of our cooperation with our largest client and the enormous prospects arising from its acquisition by a multibillion-dollar US MedTech player allow us to look to the future with great optimism. Another quarter confirms that a model based on selling high-margin AI algorithms and software translates into recurring, growing results - says Dr. Kris Siemionow, CEO of Medicalgorithmics.
These figures confirm the execution of the strategy under which the Company focuses on selling its highest-margin AI algorithms and diagnostic software. The US market is of particular importance to the Company, generating PLN 4.4 million in revenue, up 102% year-on-year. During the reporting period, Medicalgorithmics analyzed more than 121,000 ECG studies.
The third quarter brought further important steps for the Company in the US market. In August, Medicalgorithmics extended its contract with its most important customer - the fifth-largest Independent Diagnostic Testing Facility (IDTF) in the United States - by 12 months. The agreement now runs until July 15, 2028, and provides for more favorable rates for each completed session. Its significance is all the greater given that the client has been acquired by a multibillion-dollar US MedTech company, which may lead to a significant expansion of the scope of cooperation in the future. Also in August, the Company signed a three-year contract with a US technology company whose remote cardiac monitoring platform serves more than 300 medical facilities. Medicalgorithmics' remuneration under this agreement will grow as the partner makes increasingly broad use of the DRAI algorithms.
The Company has also secured funding for its further development. The agreement with BioFund Capital Management gives Medicalgorithmics access to a loan of up to PLN 10 million, which may be disbursed in a single payment or in tranches over a six-month period. The capital raised will fund development work on VCAST, AI Vesper and Gimlet.
- Our strategy today rests on two pillars. The first is scaling sales. We are deploying DRAI and DRP with new partners in the United States and Europe, and as the number of analyzed studies grows, our revenue should grow as well. The second pillar is technology. The new financing allows us to accelerate work on VCAST, AI Vesper and Gimlet - solutions for non-invasive diagnosis of coronary artery disease, autonomous ECG analysis and mass-scale cardiac prevention. I am convinced that it is these projects that will, to the greatest extent, determine the value of Medicalgorithmics in the coming years - adds Dr. Kris Siemionow.
The coming quarters are expected to bring further growth for the Company. The priority remains increasing sales in the US and Europe, including deepening the relationship with its largest client under its new ownership structure. At the same time, Medicalgorithmics will continue to expand the commercialization of VCAST in markets where the solution is already available and will prepare an application for its FDA clearance.
- October 14, 2026