SQI Diagnostics

What SQI Diagnostics does

SQI Diagnostics Inc. is a Toronto-based medical diagnostics company founded in 1999 that develops proprietary technologies in multiplexing, miniaturization, and automation. The company is publicly listed on the TSX Venture Exchange under the ticker SQD and employs 51-100 people. Its product portfolio centers on a pipeline of respiratory health tests and precision medicine diagnostics, augmented in February 2022 by the acquisition of Precision Biomonitoring Inc.'s human diagnostic COVID-19 PCR testing business and related technology for approximately $6.8 million in cash and shares.

The company's business model is the sale and commercialization of diagnostic test products — primarily as hardware sales — to healthcare providers and medical laboratories. Pricing is not publicly disclosed. SQI's go-to-market is sales-led and explicitly oriented around manufacturing scale-up and commercialization, supported by up to $2 million in grant funding from FedDev Ontario announced in November 2022 to enhance product expansion and global competitiveness. Capital formation has relied on a series of private placements with substantial insider participation: approximately $4.5M (Nov 2021), $4.05M (Jun 2022), $1M (Dec 2022), and $10M (Mar 2023).

Despite revenue growth from approximately CAD $1.03M in 2018 to CAD $5.87M in 2022, the company has reported persistent operating losses, with EBITDA of approximately -$7.55M in 2022 and net income losses expanding from -$5.76M in 2018 to -$13.41M in 2022, indicating a commercialization-stage firm still investing ahead of revenue. Leadership comprises founder Clive Beddoe as Chairman and Interim CEO, Eric Brouwer as Chief Scientific Officer, and Patricia Lie as a director.

Name

SQI Diagnostics

Legal name

SQI Diagnostics Inc.

Website

https://sqidiagnostics.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

SQI Diagnostics is a Toronto-based medical diagnostics company developing proprietary multiplexed, miniaturized, and automated tests for respiratory health and precision medicine, selling diagnostic products to healthcare providers and medical laboratories.

Ownership category

akta.pro rank

Product category

In-vitro Diagnostics

NAICS

In-Vitro Diagnostic Substance Manufacturing (325413), Medical Laboratories (621511), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Services-Medical Laboratories (8071)

akta.pro primary industry

Multiplex & High-Throughput Diagnostics Platforms (microarrays, digital PCR, lab automation-enabled assays) (HLAAALAL)

akta.pro secondary industries

Molecular & Genetic Testing (PCR/NGS/qPCR) (HLAGADAF), Molecular Diagnostics (PCR/qPCR, NGS-based assays) (HLAAALAA), Pulmonary Function Testing (PFT) & Respiratory Diagnostics (HLAKANAC)

Keywords

• Diagnostic testing products
• Respiratory health tests
• Precision medicine diagnostics
• COVID-19 PCR testing
• Medical diagnostic kits

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Operations, Marketing or Sales, Personnel

Revenue model

1. Diagnostic Products: Sale and commercialization of respiratory health tests and precision medicine diagnostic products

Go-to-market motion1 record

Core offering

SQI Diagnostics develops and commercializes proprietary diagnostic testing products focused on respiratory health and precision medicine applications. The company's product pipeline includes COVID-19 PCR testing technology acquired from Precision Biomonitoring Inc., as well as a broader portfolio of respiratory and precision medicine diagnostic tests being scaled up for commercialization with support from FedDev Ontario funding.

Product overview

SQI Diagnostics is a medical diagnostics company developing and commercializing a pipeline of respiratory health tests and precision medicine tests. The company's product portfolio includes COVID-19 PCR testing technology acquired from Precision Biomonitoring Inc. The company focuses on manufacturing scale-up and product commercialization, supported by government funding initiatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Respiratory Health Tests

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Precision Biomonitoring Inc.coreStrategic or Co-development Partner · 14 February 2022SQI Diagnostics acquired Precision Biomonitoring Inc.'s human diagnostic COVID-19 PCR testing business and related technology for approximately $6.8 million in cash and shares.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Cepheid (a Danaher company): Cepheid's GeneXpert system is the dominant rapid molecular PCR platform for respiratory pathogens including SARS-CoV-2 and multiplexed respiratory panels, and is the most direct competitive threat to any hospital-placed PCR or multiplex respiratory assay from SQI.
• Hologic, Inc. Hologic's Panther Fusion molecular diagnostics platform is a global standard for high-throughput PCR including respiratory pathogens, making Hologic a direct competitive incumbent to SQI's PCR-acquired and respiratory pipeline products in hospital and reference lab settings.
• Becton, Dickinson and Company (BD): BD's Diagnostic Systems segment offers the BD MAX molecular platform and a broad respiratory/molecular diagnostics menu, competing head-to-head with SQI for the same clinical lab customers and with similar miniaturization/automation positioning on its instruments.
• QIAGEN N.V. QIAGEN provides sample-prep and PCR-based molecular diagnostic kits for infectious disease and respiratory testing, and serves the same clinical laboratory customers as SQI with a globally established sales channel.
• Abbott Laboratories: Abbott's Diagnostics segment operates the m2000 and Alinity m molecular platforms with extensive respiratory pathogen panels; as a global incumbent, it defines the price-performance benchmark SQI must compete against in any hospital or reference-lab account.

Direct peers

• Seegene Inc. Seegene specializes in multiplex molecular diagnostics (its proprietary TOCE/MDPOCT technology) for respiratory and infectious disease panels — the closest direct analog to SQI's multiplexing, miniaturization and automation platform thesis.
• Bio-Techne Corporation: Bio-Techne's Diagnostics & Genomics segment provides molecular and protein-based diagnostic reagents and assays — including respiratory and specialty testing — that compete with SQI's multiplexed assay portfolio for clinical lab and OEM customers.
• Meridian Bioscience, Inc. Meridian manufactures and distributes diagnostic test kits and reagents — including molecular and immunoassay products — for respiratory, gastrointestinal, and other infectious diseases, directly overlapping SQI's diagnostic kit commercialization motion.
• Mesa Laboratories, Inc. Mesa Labs operates in clinical diagnostics and life science instrumentation with a comparable size and growth profile to SQI, and offers diagnostic products (including respiratory/sterility testing) that overlap with SQI's respiratory health test pipeline.
• QuidelOrtho Corporation: QuidelOrtho is a major in vitro diagnostics company with a respiratory testing menu (including SARS-CoV-2 PCR and multiplex respiratory assays) directly overlapping SQI's respiratory health and COVID-19 PCR product lines, and serves the same hospital and reference-lab customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Best_Multiplex
• LinkedInlinkedin.com/company/sqi-diagnostics

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds11 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SQI Diagnostics