Medicalgorithmics 2026: first positive quarterly EBITDA (Q4 2025: +PLN 1m), revenue of PLN 31m (+29% YoY), US up 452% YoY

Medicalgorithmics posts its first positive quarterly EBITDA (Q4 2025: +PLN 1.0m), revenue of PLN 31m (+29% YoY), US up 452% YoY – a 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 around 135,000 (+70% YoY) – an operational record for the company. According to the company's 2025 financial statements, the net loss narrowed to PLN 11.7 m from PLN 16.1 m a year earlier.

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-five US IDTFs (Independent Diagnostic Testing Facilities), and published a validation of the DRAI algorithms 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 to develop DRAI. In 2025 it won 19 new clients, eight of which 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 at Al. Jerozolimskie 81, 02-001 Warsaw places Medicalgorithmics' seat in the office district of central Warsaw (Śródmieście Południowe) – on the main avenue running west from the central railway station, in an 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 rests with a two-member management board – CEO Dr Krzysztof "Kris" Siemionow plus one board member. Representation requires two board members acting jointly, or one board member with a registered proxy. The shareholder base belongs largely to Polish OFE and TFI funds, alongside founding 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) – FDA-certified machine-learning algorithms producing 14× fewer errors than classical ECG analysis.
• 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 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 and contract manufacturing (CDMO).
• 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). Any new product entering the same market needs its own FDA certification (typically 18–36 months and millions of dollars of investment), which slows competitors. The 2025 DRAI update refreshes the company's technological position.
• US acceleration = +452% YoY in a single quarter – in Q4 2025 US revenue rose 452% YoY (PLN 4.8 m), showing the company is reaching the point where its contract network (a top-five IDTF plus 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.
• The 2026 profitability target = mathematically achievable at the current growth pace – with Q4 EBITDA of +PLN 1 m on revenue of PLN 10.2 m, holding Q4 levels for four more quarters would push annual revenue past PLN 40 m and make full-year EBITDA structurally positive. The risk: any slowdown in the US (e.g. from competition) or an operational setback 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's +PLN 1 m of EBITDA is symbolic in size but structurally pivotal: it closes a multi-year cycle of operating losses. Growth and medtech investors should treat sustained positive EBITDA in Q1–Q2 2026 as the key signal confirming the turnaround. Any slide back into the red would be a meaningful risk signal.
• US +452% YoY = confirmation of the "America-first medtech" thesis + concentration risk – the strong US growth validates the expansion strategy but also creates structural single-market dependence. Any change in FDA regulation, Medicare reimbursement, or the competitive landscape (BioTelemetry/Philips, iRhythm) would directly hit the result. Diversification into Canada, Australia, Sweden, and Turkey is a positive strategic signal.
• Nature publication + FDA approval = an entry barrier for competitors – a publication validating the DRAI algorithms in Nature is a rare scientific endorsement (only a fraction of medtech-AI companies have publications of this rank), and FDA certification is a legal barrier. Together they form a structural moat. 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, and AliveCor – global medtech-AI players with R&D budgets many times larger than Medicalgorithmics'; any shift in their ECG/Holter strategy affects its position.
• Medicare reimbursement and the FDA – US revenue is a function of Medicare and commercial-insurance reimbursement rates; any rate change by CMS directly affects pricing.
• Delivery of the 2026 profitability target – without sustained US momentum and the 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.
• Competition from the Apple Watch / Samsung Galaxy Watch ecosystem – consumer heart-rhythm monitoring on 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 – relevant for international medtech-AI 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 its 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; financial statements filed with KRS, as of 2026-07-27.