What Medicalgorithmics does

Medicalgorithmics S.A. (WSE: MDG) is a Warsaw-based, publicly traded medical technology company founded in 2005 that develops AI-powered cardiac diagnostics for hospitals, independent diagnostic testing facilities (IDTFs), cardiologists, and clinical trial sponsors. Its portfolio combines proprietary ambulatory ECG hardware (PocketECG, Kardiobeat.ai) with the DeepRhythm Platform (DRP), a hardware-agnostic cloud ECG platform whose core engine is DeepRhythmAI (DRAI), an FDA-cleared deep learning algorithm combining CNN and Transformer models trained on a proprietary library of 250+ billion annotated heartbeats. The company has extended its diagnostic surface into coronary imaging via VCAST, an AI-based system that performs non-invasive hemodynamic analysis of CT scans to assess coronary artery stenosis, and offers end-to-end ECG monitoring services for pharmaceutical clinical trials.

The business operates a multi-revenue-stream model: device sales of cardiac monitoring hardware, SaaS/subscription access to the DRP cloud platform, and usage-based fees for ongoing ECG analysis and arrhythmia monitoring services. Pricing is custom and non-public, sold via multi-year enterprise contracts to healthcare institutions. Distribution combines direct sales (legacy US subsidiary Medi-Lynx, sold to React Group in 2024) with channel partners, notably CardioScan (800,000 tests annually across 11 countries) and Umbrella Biomed (exclusive Saudi Arabia distributor for VCAST). Clinical evidence is central to the go-to-market: the DRAI MARTINI study validated 14x better detection of critical arrhythmias versus standard care, and the company holds regulatory clearances across FDA (including the unique QYX code for DRAI), EU MDR, Health Canada, TGA, MHRA, Israeli MoH, India CDSCO, and Swiss CH-REP.

FY2025 revenue was PLN 31 million (~29% YoY growth), with Q1 2025 revenue up 51% YoY and operating cash flow positive by Q4 2025. The company is pivoting from a hardware-led model toward a software/AI-led model after divesting Medi-Lynx, while investing in new growth vectors including the Lund University cardiac function dataset initiative, VCAST commercialization, cardiac surgery robotics entry, and consumer wearable integrations (Samsung spin-off, Accyourate). Largest shareholder is BioFund Capital Management LLC at 13.60%, with ESOP in place since December 2023 and additional capital from a PARP grant (PLN 9.4M, December 2025) supporting ongoing R&D.

Name

Medicalgorithmics

Legal name

Medicalgorithmics S.A.

Website

https://medicalgorithmics.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Medicalgorithmics is a Warsaw-listed MedTech company that builds FDA-cleared AI algorithms (DeepRhythmAI) and a hardware-agnostic cloud ECG platform (DeepRhythm Platform) for arrhythmia detection and CT-based coronary assessment, serving hospitals, IDTFs, and clinical trial sponsors across 20+ countries.

Ownership category

akta.pro rank

Product category

Cardiac Diagnostics Software

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Scientific Research and Development Services (5417), Custom Computer Programming Services (541511)

SIC

Electromedical & Electrotherapeutic Apparatus (3845), Surgical & Medical Instruments & Apparatus (3841), Services-Medical Laboratories (8071), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Cardiology Telemedicine Platforms (HLALAGAB)

akta.pro secondary industries

AI/Analytics for RPM (Risk Stratification, Alerts, Predictive) (HLACAFAM), Medical-Grade Device Connectivity & Device Management (MDM) (HLACAFAG), Medical Imaging AI (HDAAAEAH), Hemodynamic Monitoring & Cardiac Diagnostics (Cath Lab, FFR/IVUS/OCT) (HLAHAFAI)

Keywords

• AI cardiac diagnostics
• ECG monitoring platform
• Arrhythmia detection software
• Ambulatory cardiac monitoring
• Cardiovascular CT analysis

Headquarters

HQ city

Brooklyn

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Medical Device Sales: Sale of cardiac monitoring devices and equipment to healthcare providers, hospitals, and diagnostic centers.
2. SaaS/Software Services: Cloud-based ECG analysis platform subscription services providing AI-powered cardiac diagnostics and monitoring capabilities to healthcare institutions.
3. Device Monitoring Fees: Ongoing monitoring fees for continuous ECG recording analysis and arrhythmia detection services provided to healthcare providers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels3 records

Core offering

Medicalgorithmics develops and sells AI-powered cardiac diagnostics solutions built around its DeepRhythm Platform (DRP), a hardware-agnostic cloud ECG analysis platform powered by DeepRhythmAI (DRAI) deep learning algorithms. The company also manufactures ambulatory ECG monitoring hardware (PocketECG, Kardiobeat.ai) and offers VCAST, an AI-based CT-scan analysis system for coronary artery assessment. Its services include clinical trial ECG monitoring and R&D consulting.

Product overview

Medicalgorithmics offers a comprehensive cardiac diagnostics portfolio combining hardware devices and AI-powered cloud software. The core offering centers on DeepRhythm Platform (DRP), a hardware-agnostic cloud ECG platform that processes data from multiple monitoring devices. DRP is powered by DeepRhythmAI (DRAI), FDA-cleared AI algorithms using CNNs and Transformer models for arrhythmia detection. The company manufactures two ambulatory ECG monitoring devices: PocketECG (portable online ECG monitor for up to 30-day monitoring) and Kardiobeat.ai (wireless Holter monitor for 24-hour to 18-day recording). VCAST provides AI-based CT-scan analysis for coronary artery assessment. Services include clinical trial ECG monitoring and R&D services for algorithm, software, and hardware development. The company operates on both device sales and SaaS subscription models.

Differentiator

Problem solved

Functional benefit

Brands

• PocketECG: AI-driven ambulatory ECG monitoring device for real-time arrhythmia detection, full disclosure data, and rich diagnostic reports.
• Kardiobeat.ai
• DeepRhythmAI (DRAI)
• DeepRhythm Platform (DRP)
• VCAST

Products and services

• DeepRhythm Platform (DRP) Hardware-agnostic cloud-based AI platform for detecting, classifying, analyzing, and reporting ECG data. Powers arrhythmia diagnosis workflow with automated processes, remote monitoring, and scalable deployment for healthcare institutions.
• DeepRhythmAI (DRAI) FDA-cleared set of AI algorithms leveraging CNNs and Transformer models to detect and classify arrhythmias in ECG data. Integrates with third-party ECG analysis software and devices, processing Holter, Extended Holter, Event Monitoring, and Mobile Cardiac Telemetry data.
• PocketECG Portable, AI-driven online ECG monitoring device for Long-Term Holter, Cardiac Event, and Mobile Cardiac Telemetry analysis. Captures and transmits every heartbeat over monitoring periods up to 30 days with real-time data transmission and comprehensive arrhythmia reporting.
• Kardiobeat.ai Lightweight wireless Holter monitor that records continuous ECG for 24 hours up to 18 days. Combines cable-free design with waterproof IP54 rating and AI-powered analysis for comprehensive arrhythmia detection.
• Virtual Cardiac Stress Test (VCAST) Patented AI-based medical system for non-invasive clinical analysis of CT-scan data to assess hemodynamic significance of coronary artery atherosclerotic stenosis. Provides 3D visualization of coronary anatomy and flow dynamics as alternative to traditional FFR diagnostics.
• Clinical Trials ECG Monitoring End-to-end ECG monitoring services for clinical trials supporting sponsors, CROs, and principal investigators. Includes vendor audit documentation, site training, PocketECG deployment, 24/7 monitoring, PI alerts, and final diagnostic reporting for cardiac safety assessment.
• R&D Services Research and development services including algorithm development for physiological signal analysis, clinical study design and execution, software development, consulting services, and medical hardware development from concept to prototyping to manufacturing.

Quantifiable outcome

• 65% reduction in diagnostic time compared to conventional methods
• +2 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability10 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered strategic, regional and core.

• Samsung spin-off companystrategicTechnology or Integration · 1 November 2025Integration partnership with a Samsung spin-off company for cardiac monitoring technology. The partnership involves embedding or integrating Medicalgorithmics' ECG analysis capabilities into consumer health technology products.
• Umbrella BiomedregionalChannel Partner/ Reseller/ Distributor · 1 October 2025Distribution partnership for VCAST technology in Saudi Arabia. Umbrella Biomed serves as the exclusive distributor for Medicalgorithmics' VCAST AI system in the Saudi Arabian market, supporting regional healthcare institutions.
• CardioScancoreChannel Partner/ Reseller/ Distributor · 26 June 2025Supply agreement with CardioScan, a global leader in cardiac diagnostics. CardioScan processes 800,000 tests annually across 11 countries. The partnership enables Medicalgorithmics to scale its AI-powered ECG analysis globally through CardioScan's established diagnostic network.
• Simbec-OrioncoreOthersSimbec-Orion serves as a clinical trial sponsor utilizing Medicalgorithmics' cardiac monitoring technology for cardiovascular drug development studies. The partnership involves providing ECG monitoring services during clinical investigations.
• AnacardiocoreOthersAnacardio is a clinical trial sponsor conducting cardiovascular studies that leverage Medicalgorithmics' AI-powered cardiac monitoring capabilities for patient safety monitoring and endpoint adjudication.
• MolecurecoreOthersMolecure is a clinical trial sponsor for cardiac drug development programs utilizing Medicalgorithmics' VCAST and ECG monitoring technologies for cardiac safety assessment during clinical trials.
• AccyouratestrategicTechnology or IntegrationTechnology partnership with Accyourate, an Italian wearable healthcare company. The partnership involves integrating Medicalgorithmics' AI cardiac diagnostics with Accyourate's wearable health monitoring devices for comprehensive consumer health solutions.
• American Heart of PolandregionalStrategic or Co-development PartnerCollaboration with American Heart of Poland for VCAST clinical study. The partnership involves conducting clinical validation research for VCAST AI technology in partnership with a leading Polish cardiovascular healthcare institution.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• Heartbeat Health: Heartbeat Health provides virtual cardiology services including remote cardiac monitoring and arrhythmia management, partially overlapping with Medicalgorithmics' clinical-trials ECG monitoring service and clinical decision support offerings. Smaller scale and primarily US-focused.
• CardioSignal: CardioSignal develops smartphone-based PPG and ECG-derived algorithms for detecting cardiac conditions including atrial fibrillation, comparable in approach to Medicalgorithmics' consumer/ambulatory AI ECG strategy. Smaller scale, focused on consumer and remote screening use cases.
• AliveCor: AliveCor's KardiaMobile is an FDA-cleared AI-enabled consumer ECG device with FDA-cleared algorithms for arrhythmia detection, overlapping with DRAI's algorithmic detection capabilities. Comparable in target use cases (consumer, ambulatory, clinician-facing) though focused on a personal/point-of-care niche rather than enterprise IDTFs.
• Biofourmis: Biofourmis provides AI-based remote patient monitoring and virtual care platforms including cardiac RPM, comparable in technology stack and care delivery model to Medicalgorithmics' DRP cloud platform. Targets similar enterprise health system and payer customers with a broader chronic condition portfolio.
• Eko Health: Eko combines digital stethoscopes and ECG with FDA-cleared AI algorithms for cardiac murmur and arrhythmia detection, comparable to Medicalgorithmics' DRAI suite. Targets overlapping clinician segments (primary care, cardiology) with embedded AI analysis.

Broad incumbents

• GE HealthCare (Cardiac Diagnostics): GE HealthCare's cardiology portfolio includes ECG, MUSE cardiac information systems, and AI cardiac imaging tools that compete with both Medicalgorithmics' DRP platform and VCAST in hospital cardiology departments. Operates broadly across cardiac care rather than specializing in ambulatory AI ECG.
• Philips (Cardiac Monitoring): Philips offers a broad portfolio of cardiac monitoring, ECG, and AI-enabled cardiology solutions including IntelliVue and the previously acquired BioTelemetry ambulatory monitoring business. Overlaps with Medicalgorithmics across ambulatory ECG, telemetry, and AI cardiac analysis, but as part of a much larger diversified medtech portfolio.
• Boston Scientific: Boston Scientific acquired Preventice Solutions, a major ambulatory cardiac monitoring (BodyGuardian) provider, giving it enterprise cardiac monitoring reach comparable to Medicalgorithmics' PocketECG/DRAI offering. Competes across the IDTF and hospital ambulatory cardiology channels with a broader device portfolio.

Direct peers

• iRhythm Technologies: iRhythm's Zio long-term ambulatory ECG monitor with AI arrhythmia classification is the closest direct comparison to Medicalgorithmics' PocketECG and DRAI platform. Both companies target the same cardiology channel (IDTFs, cardiologists, hospitals) with AI-augmented ECG monitoring and compete for share of the same clinical workflow.
• HeartFlow: HeartFlow's CT-FFR (fractional flow reserve derived from coronary CT) is the leading non-invasive alternative to invasive catheter-based FFR, directly comparable to Medicalgorithmics' VCAST Virtual Cardiac Stress Test. Both target the same cardiology and radiology buyers evaluating coronary stenosis without catheterization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pocketecg
• Facebookfacebook.com/Medicalgorithmics-SA-330767166938722
• LinkedInlinkedin.com/company/1507634

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Medicalgorithmics