MGC Diagnostics

What MGC Diagnostics does

MGC Diagnostics Corporation is a medical technology company that designs, manufactures, and services non-invasive cardiorespiratory diagnostic systems. Founded in 1977 as Medical Graphics Corporation and headquartered in Saint Paul, Minnesota, the company develops hardware platforms (Ultima Series, Meridian Series, Platinum Elite body plethysmograph, Fenom Flo FeNO monitor, CCM Express indirect calorimeter, NBM 200 hemoglobin monitor) and accessory equipment (Trackmaster treadmills, Lode Corival ergometers, Nonin pulse oximeters, MDI spacers) for pulmonary function testing (PFT), cardiopulmonary exercise testing (CPET), indirect calorimetry, six-minute walk testing, and FeNO measurement. It serves pulmonary function labs, respiratory therapy departments, cardiology and cardiac rehab programs, sports medicine clinics, ICU metabolic assessment, and asthma/allergy practices, with select installations at agencies such as NASA and ESA.

The technical foundation rests on proprietary preVent flow sensor technology (30+ years of development), breath-by-breath gas exchange analysis, and the Ascent software platform that unifies PFT and CPET workflows with HL7/EMR interoperability via AscentConnect, real-time ATS/ERS quality scoring through the Insight gauge, and Microsoft SQL Server networking. Complementary capabilities include SpectOLight occlusion spectroscopy for non-invasive hemoglobin measurement (licensed from OrSense) and the MTI CarePortal cloud platform (HIPAA/HITRUST/GDPR compliant) supporting remote patient monitoring via Bluetooth-connected GoSpiro, GoWeight, GoBlood Pressure, GoPulseOx, glucose, thermometer, and dynamometer devices. ATS/ERS, ISO 13485, ISO 9001, FDA 21 CFR Part 11, and FDA 510(k) compliance underpin the regulatory profile.

MGC makes money through four streams: (1) diagnostic hardware sales (capital equipment); (2) software licenses and subscriptions for Ascent and BreezeSuite; (3) recurring consumables including preVent sensors, DirectConnect metabolic flow sensors, BreathPath patient circuits, face masks, and calibration gases; (4) service contracts (Ultracare), extended warranties, training, and clinical research services. The go-to-market is enterprise field sales to hospitals and clinical labs via wholly-owned subsidiaries in the US, Australia (MGC Diagnostics Australia, formerly Ascencia), Belgium (Medisoft SA), and France (MGC Diagnostics France, formerly MSE Medical), with products deployed across 45+ countries. Pricing is quote-based on capital equipment. Since January 2023, MGC has operated as a wholly-owned subsidiary of CAIRE Inc. (a Niterra subsidiary), following earlier going-private transactions by Altus Capital Partners in 2016.

Name

MGC Diagnostics

Legal name

MGC Diagnostics Corporation

Website

https://mgcdiagnostics.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

101–250 employees

Short description

MGC Diagnostics designs non-invasive cardiorespiratory diagnostic systems and software for hospitals, pulmonary function labs, cardiology, sports medicine, and asthma clinics. It sells hardware (Ultima, Meridian, Platinum Elite, Fenom Flo), the Ascent software platform, and recurring consumables across 45+ countries.

Ownership category

akta.pro rank

Product category

Cardiorespiratory Diagnostic Systems

NAICS

Analytical Laboratory Instrument Manufacturing (334516), Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Surgical & Medical Instruments & Apparatus (3841), Laboratory Analytical Instruments (3826)

akta.pro primary industry

Hemodynamic Monitoring & Cardiac Diagnostics (Cath Lab, FFR/IVUS/OCT) (HLAHAFAI)

akta.pro secondary industries

Cardiometabolic RPM & Chronic Disease Management (diabetes, hypertension, CHF, obesity) (HLALAFAA), Personal Medical Devices & Home Diagnostics (Thermometers, Blood Pressure Monitors, Glucose Meters, Rapid Tests) (CRADAMAK)

Keywords

• Cardiorespiratory diagnostic systems
• Pulmonary function testing equipment
• Cardiopulmonary exercise testing
• Metabolic stress testing
• Non-invasive medical diagnostics

Headquarters

HQ city

Saint Paul

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Diagnostic Hardware Systems: Sale of cardiorespiratory diagnostic systems including pulmonary function testing equipment, metabolic stress testing systems, body plethysmographs, spirometers, and exercise testing equipment. Products include Ultima Series, Meridian Series, Platinum Elite, and related peripheral devices.
2. Software Licenses and Subscriptions: Ascent and BreezeSuite cardiorespiratory diagnostic software platforms with capabilities for data collection, review, networking, and EMR integration.
3. Consumables and Supplies: Proprietary consumables including preVent flow sensors, DirectConnect metabolic flow sensors, BreathPath patient circuits, face masks, mouthpieces, filters, calibration gases, and other testing supplies.
4. Service and Support Contracts: Ultracare continuous support service contracts, extended warranties, technical support, training, and professional services for installation and calibration.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

MGC Diagnostics develops, manufactures, and sells non-invasive cardiorespiratory diagnostic systems for detecting, classifying, and managing cardiorespiratory disease. The portfolio spans pulmonary function testing equipment, cardiopulmonary exercise testing (CPET/CPX) systems, body plethysmographs, indirect calorimeters, FeNO monitors for asthma management, and non-invasive hemoglobin monitors, integrated through the Ascent software platform with HL7 EMR connectivity. Revenue is generated through hardware sales, software subscriptions, proprietary consumables, and Ultracare service contracts to hospitals and clinical laboratories.

Product overview

MGC Diagnostics is a medical technology company offering a comprehensive portfolio of cardiorespiratory diagnostic systems and software. The product portfolio is organized around a platform-plus-modules architecture centered on the Ascent™ Software Solutions platform, which serves as the unified workflow interface for all diagnostic testing. Core hardware systems include the Ultima Series (CardiO2®, PF, PFX, CPX, CCM) for comprehensive pulmonary function and metabolic testing, the Platinum Elite™ body plethysmograph for lung volume measurements, and the Meridian Series™ (CPX, Cardio2, CCM configurations) as the latest-generation modular diagnostic systems. Specialized devices include FeNO monitoring systems (Fenom Flo™ and Fenom Pro), indirect calorimeters (Ultima CCM™ and CCM Express®), and the NBM 200 non-invasive hemoglobin monitor. Supporting accessories include Nonin pulse oximeters, MDI holding chambers/spacers, RAM treadmills, Lode ergometers (Corival CPET and Recumbent), and Trackmaster treadmills. Remote patient monitoring is supported through the MTI CarePortal™ cloud platform and RPM Connected Devices (GoSpiro spirometer, GoWeight scale, GoBlood Pressure monitor, GoPulseOx, glucose meter, thermometer, hand dynamometer) with Bluetooth connectivity. HL7 interface integration connects diagnostic data to hospital EMR systems.

Differentiator

Problem solved

Functional benefit

Brands

• Ascent: Cardiorespiratory diagnostic software platform combining PFT and CPET testing options
• BreezeSuite
• Ultima Series
• Meridian Series
• Platinum Elite
• Fenom Flo
• CCM Express
• CPFS/D USB
• preVent

Products and services

• Platinum Elite™ Body Plethysmograph Comprehensive body plethysmography system with patented zero-clearance revolving door design, providing the smallest footprint of any body box on the market, unlimited weight capacity, and largest usable patient space. For hospitals and pulmonary function labs performing lung volume measurements.
• Meridian Series™ Cardiorespiratory Diagnostic Systems Modular diagnostic system available in CPX, Cardio2, and CCM configurations that accurately assesses cardiovascular and respiratory function. Redesigned in 2025 with focus on accuracy, precision, and performance for hospitals and clinical diagnostic environments.
• CPFS/D USB™ Spirometer Small, portable full-function spirometer compatible with desktop and laptop computers. USB powered with incentive graphics for pediatric populations. For clinical spirometry in office or lab environments.
• Ultima™ CardiO2® Gas Exchange Analysis System
• Ultima PF™ Pulmonary Function System
• Ultima PFX® Pulmonary Function/Stress Testing System
• Ultima CPX™ Metabolic Stress Testing System
• Ultima CCM™ Indirect Calorimeter
• CCM Express® Indirect Calorimeter
• NBM 200 Non-Invasive Hemoglobin Monitor
• Fenom Flo™ FeNO Monitoring System Handheld portable FeNO device approved for 6-second breath test in adults and pediatric patients ages 7+. Designed for point-of-care use with no daily calibration required and user-replaceable NO sensor. For asthma and allergy management.
• Fenom Pro FeNO Monitor
• Ascent™ Software Solutions Cardiorespiratory diagnostic software platform combining pulmonary function testing (PFT) and cardiopulmonary exercise testing (CPET) in one solution. Features AscentReview physician review software and AscentConnect HL7 interface for EMR integration.
• MTI CarePortal™ Remote Patient Monitoring Platform
• Trackmaster TMX 428 Treadmill
• RAM Treadmills
• Corival CPET Ergometer
• Corival Recumbent CPET Ergometer

Quantifiable outcome

• COPD affects over 300 million people worldwide and is the third leading cause of death globally
• +1 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability2 records

Feature10 records

Partnerships

Five partnerships are on record, tiered core.

• MSE MedicalcoreStrategic or Co-development Partner · 1 January 2019Acquisition of France-based MSE Medical in 2019 expanded French market and resulted in MGC Diagnostics France entity.
• AscenciacoreStrategic or Co-development Partner · 1 January 2019Acquisition of Australia-based Ascencia in 2019 expanded South Pacific market and resulted in MGC Diagnostics Australia entity.
• Medisoft SAcoreStrategic or Co-development Partner · 1 January 2013Acquisition of Belgium-based Medisoft SA in 2013 significantly expanded MGC Diagnostics business internationally, adding Body 5500 device and European market presence.
• Mortara Instrument, Inc.coreTechnology or IntegrationMortara provides 12-lead ECG technology integrated into Ultima CardiO2 systems. Mortara is described as the world leader in ECG technology with automated arrhythmia detection and event marking capabilities.
• Nonin MedicalcoreTechnology or IntegrationNonin Medical provides WristOx2 3150 Bluetooth Pulse Oximeter integrated with MGC Diagnostics cardiorespiratory diagnostic software for Six Minute Walk Testing. Pulse oximeter data is captured seamlessly within BreezeSuite and Ascent software.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• COSMED: Italy-based manufacturer of cardiopulmonary exercise testing (CPET), metabolic assessment, and body composition equipment. Directly competes with MGC's Ultima CPX and Meridian Series CPX/CardiO2 systems for hospital and sports medicine customers.
• Vyaire Medical: Respiratory diagnostics and ventilation company (formerly CareFusion/BD respiratory segment) offering pulmonary function testing, body plethysmography, and metabolic measurement systems. Direct competitor to MGC across the hospital pulmonary function lab.
• Schiller AG: Swiss manufacturer of cardiopulmonary diagnostics including ECG, stress testing, and pulmonary function equipment. Directly comparable to MGC's Ultima CardiO2 stress testing systems and integrated PFT/CPET offerings.
• ndd Medical Technologies: Switzerland-based company specializing in ultrasonic spirometry and pulmonary function testing equipment. Directly competes with MGC's spirometers (CPFS/D USB) and PFT systems in the same pulmonology and primary care channels.

Broad incumbents

• GE Healthcare: Global medical technology incumbent offering ECG, stress testing, patient monitoring, and anesthesia delivery that overlap with MGC's cardiorespiratory diagnostics from a much broader hospital capital equipment portfolio.
• Hillrom (Baxter): Now part of Baxter, Hillrom's diagnostics and patient support portfolio includes ECG and vital signs monitoring that overlap with the Mortara-powered components within MGC's Ultima CardiO2 systems.
• Philips Respironics: Broad respiratory care and sleep diagnostics franchise within Philips that overlaps with MGC's respiratory testing and RPM offerings as part of a larger hospital portfolio rather than a focused cardiorespiratory niche.

Emerging players

• Morgan Scientific: US-based specialist in pulmonary function testing, spirometry, and respiratory diagnostics. Smaller competitor with overlap on PFT systems (similar to MGC's Ultima PF and Platinum Elite) targeting hospital and occupational health segments.
• Bertin Technologies: European provider of physiological monitoring and respiratory instrumentation including exhaled nitric oxide (FeNO) measurement. Closely comparable to MGC's Fenom Flo FeNO platform in the asthma and respiratory diagnostics workflow.
• Nonin Medical: US-based pulse oximetry specialist supplying the WristOx2 3150 integrated into MGC's BreezeSuite and Ascent software. Now led by MGC's former president/CEO Todd Austin, making it both an existing technology partner and an emerging adjacent competitor in respiratory monitoring.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCbHCvNMtlKJab2yJlubTvsQ
• LinkedInlinkedin.com/company/mgc-diagnostics
• Xx.com/mgcdiagnostics

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments

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

Frequently asked questions about MGC Diagnostics