Medicalgorithmics 2026: first positive quarterly EBITDA (Q4 2025: +PLN 1 m), revenue PLN 31 m (+29% YoY) and the US +452% YoY - medtech-AI cardiology turnaround

Medicalgorithmics with first positive quarterly EBITDA (Q4 2025: +PLN 1.0 m), revenue PLN 31 m (+29% YoY), US +452% YoY - medtech-AI cardiology turnaround

Medicalgorithmics S.A. - headquartered at Al. Jerozolimskie 81 in Warsaw (postcode 02-001, Mazowieckie voivodeship), registered in the KRS under number 0000372848 - closed 2025 with revenue of PLN 31 m (+29% YoY) and reached its first positive quarterly EBITDA in Q4 2025 (+PLN 1.0 m). Q4 2025 alone stands out: revenue PLN 10.2 m (+74% YoY, +42% QoQ), of which the US market PLN 4.8 m (+452% YoY). ECG studies conducted in Q4 reached ~135,000 (+70% YoY) - an operational record for the company.

The second layer of the 2025 story is the acceleration of US expansion and FDA certifications. During the year the company received FDA approval for DRAI algorithms (Deep Recurrent AI), signed a contract with one of the top-5 US IDTF (Independent Diagnostic Testing Facility) and published a validation of the DRAI algorithm in Nature - a rare scientific endorsement of the technology's value. The latest solutions show 14× fewer errors than traditional ECG analysis.

The third theme is strategic international partnerships signed in 2025:

• Wellysis - a Samsung spin-off, a global-distribution partnership.
• CardioScan (Australia) - entry into the Asia-Pacific market.
• VCAST - first contracts in Sweden and Turkey (product platform extension).
• Canada - a contract worth USD 5.9 m for over 2,000 Kardiobeat.ai devices.

The company targets full-year profitability in 2026, working through the integration of three additional partners and continuing the development of DRAI. In 2025 it acquired 19 new clients, of which 8 were operationally integrated by year-end.

Medicalgorithmics

WARSZAWA · KRS 0000372848 · SPÓŁKA AKCYJNA

Revenue

31.0 M PLN

Al. Jerozolimskie 81 in Warsaw: Siemionow's two-member board, medtech-AI with FDA + Nature publication

The address Al. Jerozolimskie 81, 02-001 Warsaw places Medicalgorithmics' seat in the office part of central Warsaw (Śródmieście Południowe) - by the main avenue running west from the central station, in the office-and-government cluster. The company has operated in its current corporate form (Medicalgorithmics S.A., KRS 0000372848) since 10 December 2010, listed on the Warsaw Stock Exchange under the ticker MDG (ISIN PLMDCLG00015) since 2011.

Governance: a two-member management board - CEO dr Krzysztof "Kris" Siemionow plus a board member. Joint representation: two board members or one board member with a proxy holder. The cap table belongs largely to Polish OFE / TFI funds plus founder-stage shareholders.

Under Polish PKD codes the principal activity is 72.19.Z (research and experimental development on natural sciences and engineering). The subsidiary Medicalgorithmics Polska Sp. z o.o. handles operational medical services. E-delivery address: AE:PL-16085-73484-VJTAG-35; websites medicalgorithmics.com (English) and medicalgorithmics.pl.

Product portfolio:

• PocketECG - flagship remote heart-rhythm monitoring system, used in the US, Canada, Europe and Asia.
• Kardiobeat.ai - new generation of AI devices for first-contact cardiologists (Canada, 2,000+ devices in the first contract).
• DRAI (Deep Recurrent AI) - ML algorithms with 14× fewer errors than classical ECG analysis, FDA-certified.
• VCAST - new diagnostic-platform product, first 2025 contracts (Sweden, Turkey).

Polish medtech-AI sector on the WSE: Medicalgorithmics as the only FDA-certified maker in the cardiology AI segment

The Polish medtech-AI sector listed on the Warsaw exchange has a narrow representation in 2026 - Medicalgorithmics is one of the few Polish companies with FDA certification for AI algorithms in medical diagnostics:

• Medicalgorithmics (Warsaw, sWIG80) - cardiology AI, FDA + Nature, US + Australia + Canada.
• Voxel (Kraków, sWIG80) - diagnostic imaging, network of Polish radiology centres.
• Captor Therapeutics (Wrocław, mWIG40) - TPD biotech.
• Mabion (Konstantynów Łódzki) - biosimilars CMO.
• Selvita, Ryvu Therapeutics (Kraków) - oncology biotech.
• Bioton, Polpharma - traditional pharmaceuticals.

Three structural features of the Medicalgorithmics model that explain the 2025 turnaround:

• PocketECG as a 14-year FDA product = a moat - the PocketECG system has been on the US market since 2012 with FDA certification, creating a structural competitive advantage over new entrants (BioTelemetry, iRhythm). Each new product on the same market requires its own FDA certification (typically 18–36 months and millions of USD of investment), slowing competition. The DRAI update in 2025 refreshes the technological position.
• Reverse-acceleration of the US = +452% YoY quarterly - in Q4 2025 US revenue rose 452% YoY (PLN 4.8 m), showing the company is reaching the point where the contract network (top-5 IDTF + 19 new customers) translates into exponential revenue growth. Each new IDTF generates monthly payments per ECG study; the cumulative scale effect is typical of B2B SaaS.
• 2026 profitability target = mathematically achievable at the current growth pace - at Q4 EBITDA +PLN 1 m and revenue PLN 10.2 m, if the company holds Q4 levels for the next four quarters, annual revenue will exceed PLN 40 m and full-year EBITDA would be structurally positive. Risk: any drop in US dynamics (e.g. through competition) or operational issue could push the target out.

Implication for the investment profile: medtech-AI with FDA + Nature, in a pre-profitability scale-up phase

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“Q4 2025 was a breakthrough moment for us - the first positive quarterly EBITDA and 74% YoY revenue growth, with 452% dynamics on the US market. We expect similar dynamics and profitability to be sustained in subsequent 2026 quarters as we integrate further partners and expand the DRAI offering.”

Three possible consequences of the 2025 results and the 2026 strategy for Medicalgorithmics' investment profile:

• First positive quarterly EBITDA = an operating signal, not confirmed long-term profitability - Q4 2025 with +PLN 1 m of EBITDA is mathematically symbolic but structurally pivotal: it closes a multi-year operating-loss cycle. Growth/medtech investors should watch the maintenance of positive EBITDA in Q1–Q2 2026 as the key signal confirming the turnaround. Any backslide would be a meaningful risk signal.
• US +452% YoY = confirmation of the "America-first medtech" thesis + concentration risk - the strong US growth is a positive signal for the expansion strategy but at the same time creates structural single-market dependence. Any change in FDA regulation, Medicare reimbursement or competition (BioTelemetry/Philips, iRhythm) would directly impact the result. Diversification into Canada + Australia + Sweden + Turkey is a positive strategic signal.
• Nature publication + FDA approval = entry barrier for competition - a publication validating DRAI algorithms in Nature is a rare scientific endorsement (only a fraction of medtech-AI has publications of this rank), and FDA certification is a legal barrier. Together they form a structural moat protecting against competition. This is a long-term asset for the company's intellectual value.

Main company-specific risks across the 2026–2027 cycle:

• Competition from BioTelemetry/Philips, iRhythm, AliveCor - global medtech-AI players with R&D budgets multiples larger than Medicalgorithmics; any change in their ECG/holter strategy affects the position.
• Medicare reimbursement and FDA - US revenue is a function of Medicare and commercial-insurance reimbursement rates; any rate change (CMS) directly affects pricing.
• 2026 profitability target delivery - without sustained US dynamics and integration of further partners the full-year positive-EBITDA target may slip.
• Medtech valuation cycle - medtech-AI multiples are volatile; a fall in valuations in 2026 would limit access to expansion capital.
• Apple Watch / Samsung Galaxy Watch ecosystem competition - consumer heart-rhythm monitoring through wearables creates pricing pressure on professional diagnostic devices; Medicalgorithmics competes on quality and certification, but the market is shifting.

What you'll find in the Medicalgorithmics S.A. profile

The Medicalgorithmics S.A. profile in our database carries the full picture of the company: composition of the two-member management board (with CEO dr Krzysztof Siemionow), the KRS registration history from 10 December 2010, the registered address at Al. Jerozolimskie 81 in Warsaw, e-delivery status (AE:PL-16085-73484-VJTAG-35), the websites medicalgorithmics.com and medicalgorithmics.pl, and the assigned PKD code 72.19.Z (research and experimental development). The profile is also available in English - important for international medtech-AI fund investors, since Medicalgorithmics is the only Polish stock-listed company with FDA certification for AI algorithms in cardiology diagnostics (DRAI), a Nature validation publication and the first positive quarterly EBITDA in Q4 2025.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000372848); Medicalgorithmics S.A. - communication on Q4 2025 estimated revenue and the first positive EBITDA (January 2026); Medicalgorithmics.pl - communication on the record Q4 2025; Strefa Inwestorów - quarterly Medicalgorithmics 2025 results analyses (Q1, Q2, Q3, Q4); Parkiet - Medicalgorithmics results analysis; Bankier.pl - MDG listing profile; PKD 72.19.Z classification (research and development); company history - registration as S.A. on 10 December 2010, WSE debut 2011, as of 2026-05-02.