SPÓŁKA AKCYJNA
Medicalgorithmics
Medicalgorithmics Spółka Akcyjna
Medicalgorithmics S.A. (WSE: MDG) is a Polish medtech company specialising in remote cardiac diagnostics and AI-based ECG signal analysis. Its flagship offerings are the PocketECG system for long-term ambulatory cardiac telemetry, the Kardiobeat.ai wearable device and the DeepRhythmAI (DRAI) algorithms cleared by the US FDA. After divesting its US subsidiary Medi-Lynx Cardiac Monitoring in 2022, the Group rebuilt its business model around licensing software and AI algorithms to diagnostic partners in the United States, Europe, Asia and Australia. In 2025 the company posted a record PLN 31.0 million in revenue (+29% year on year) and in Q4 delivered, for the first time in two years, positive EBITDA and operating cash break-even.
What Medicalgorithmics actually sells and operates.
Flagship ambulatory cardiac telemetry system with real-time ECG analysis, used among others for long-term arrhythmia monitoring.
Suite of AI algorithms for automated arrhythmia detection, cleared by the US FDA and licensed to diagnostic partners.
Cloud platform for ECG analysis across multiple devices, integrated with partners' Holters and monitors and the DRAI algorithms.
Wearable ECG recorder combining long-term signal capture with AI analysis; sold as a device bundle with a software licence.
Software for advanced cardiac diagnostics based on CT imaging, sold to partners in Europe and the Middle East.
Ticker / ISIN
MDG / PLMDCLG00015
2025 revenue
PLN 31.0 m
2025 revenue growth
+29% year on year
Q4 2025 EBITDA
PLN +1.0 m
Strategy target (2027 revenue)
PLN 75 m
Shares
9.95 m
Market capitalisation
273.70M PLN
Ranked #117 among the largest Polish companies in WIG-POLAND.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
72.19.ZOther research and experimental development on natural sciences and engineering
Other activities
Selected excerpts from our analysis of Medicalgorithmics. Full analysis on the Analysis tab.
Medicalgorithmics S.A. is a Polish medtech company listed on the main market of the Warsaw Stock Exchange under the ticker MDG (ISIN PLMDCLG00015, KRS 0000372848). The company specialises in remote cardiac diagnostics and ECG signal analysis using artificial-intelligence…
Read the full company profile MedicalgorithmicsAfter divesting its US subsidiary Medi-Lynx in 2022, Medicalgorithmics shifted its business model from a US diagnostic-services provider to a software company that licenses the DeepRhythm platform and DeepRhythmAI algorithms to cardiac partners. Revenue today comes mainly…
Explore the business model MedicalgorithmicsIn 2025 Medicalgorithmics generated PLN 31.0 million of consolidated revenue versus PLN 24.0 million a year earlier, an increase of 29% year on year. In Q4 2025 revenue reached PLN 10.1-10.2 million (+71-74% year on year), and the Group posted its first positive EBITDA in two…
See full financial performance MedicalgorithmicsCredibility rating
44.9 / 100
Average credibility
Insolvency risk
Very low
Low threat
Closure risk
17
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
Spółka wykazuje sygnały niestabilności organizacyjnej: częste zmiany w zarządzie. Może to wskazywać na podwyższone ryzyko współpracy.
Shareholder changes
0
0/15 yrs
Board changes
12
12/15 yrs
PKD changes
1
1/15 yrs
Name changes
0
0/15 yrs
Data from 15 years of registry activity.
Payment reliability score from 2015–2025
Current: D (45/100)
Trend: stable (-1.5 pts/year)
Słaba wiarygodność płatnicza – wskaźniki finansowe sugerują podwyższone ryzyko opóźnień lub niewykonania zobowiązań.
Standard limit from 2015–2025
Current: 462.9 K PLN
Safe: 138.9 K PLN
Difference between risk models
Closure - probability of ceasing operations (operational continuity). Insolvency - probability of formal bankruptcy / restructuring. The models use different data - results can diverge significantly when balance-sheet data is incomplete.
Listed on the Warsaw Stock Exchange
MDGISIN: PLMDCLG00015Główny Rynek
Ranked #117 in WIG-Poland
Founded
December 10, 2010
15 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
WARSZAWA
MAZOWIECKIE
Primary PKD
72.19.Z
Other research and experimental development on natural sciences and…
Share capital
995.3 K PLN
Shareholders
N/A
Board
2 people
Sup. board: 6
Filed years
11 years
2015–2025 · profitable: 5/11
Registry entries
111
latest: November 18, 2025
Risk signals
Revenue
31.0 M PLN
2025
Net profit
-11.7 M PLN
2025
Assets
108.2 M PLN
2025
Equity
64.6 M PLN
2025
EBITDA
-5.1 M PLN
2025
Listing data for Medicalgorithmics on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
MDG
ISIN: PLMDCLG00015
Global Legal Entity Identifier (LEI) for Medicalgorithmics from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
259400O65SLJ2CVTSP22
Legal name
MEDICALGORITHMICS SPÓŁKA AKCYJNA
Registry number
0000372848
Jurisdiction
PL
Registered address
WARSZAWA AL. JEROZOLIMSKIE 8102-001 WARSZAWAPLHeadquarters
Same as registered address.
Rate business credibility - Medicalgorithmics.
Consumer brand owned by this company.
Umbrella brand
Producent rozwiązań technologicznych dla kardiologii — systemy holterowskie i analizy zdalnej.
Visit website
News
Warsaw-based Medicalgorithmics S.A. (KRS 0000372848) - maker of the flagship PocketECG remote heart-rhythm monitoring system - 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 alone: revenue PLN 10.2 m (+74% YoY, +42% QoQ), of which the US market PLN 4.8 m (+452% YoY). ECG studies ~135,000 in Q4 (+70% YoY). 2025 milestones: FDA approval for DRAI algorithms, USD 5.9 m Canadian contract for 2,000+ Kardiobeat.ai devices, partnerships with Wellysis (Samsung), CardioScan (Australia), first VCAST contracts (Sweden, Turkey).
News
Wrocław-based Bioceltix S.A. (KRS 0000744521) entered Q2 2026 in the final EMA dialogue phase regarding BCX-CM-J - Europe's first veterinary cell-therapy drug from mesenchymal stem cells for dogs with osteoarthritis. Responses to the final EMA questions are due in May 2026; the CVMP recommendation and marketing authorisation are possible in Q3/Q4 2026. Pre-commercial biotech: 2024 closed with a PLN 14.9 m loss on zero revenue; cash of PLN 33.6 m at year-end. Trigon DM maintained a buy rating with a price target of PLN 127.2.
FDA-cleared DeepRhythmAI algorithms. The company secured and extended DRAI clearance in the US (product code QYX), opening the path to licensing the algorithms to American IDTFs and medtech partners. Clinical validation in Nature. Comparative-study results of DRAI versus…
Explore the strengths MedicalgorithmicsSmall business scale. PLN 31.0 million of revenue in 2025 is still a small base compared with global peers (iRhythm, Philips/Cardiologs), limiting operating leverage and bargaining power. Multi-year loss history. The 2020-2021 period ended with deep losses and impairments,…
Explore the weaknesses MedicalgorithmicsGrowing AI market in cardiology. Rising adoption of artificial intelligence in arrhythmia diagnostics and increasing demand for remote ECG monitoring support licensing of DRAI algorithms. Expansion of US IDTF contracts. Each additional contract with a large Independent…
Explore the opportunities Medicalgorithmics2025-2027 execution risk. Targets of PLN 55 million of revenue in 2025, PLN 60 million in 2026 and PLN 75 million in 2027 require sustained partner acquisition and DRAI licensing growth. The 2025 result (PLN 31.0 million) is materially below this year's incentive-programme…
Explore the key risks MedicalgorithmicsMedicalgorithmics competes in the global market for remote cardiac diagnostics and AI-based ECG signal analysis. Its toughest competition is in the United States, where the market leader is iRhythm Technologies with its ZIO XT and ZIO AT systems, alongside other meaningful…
See the competitive analysis MedicalgorithmicsThe most important items to watch in the coming quarters are: maintaining revenue-growth momentum after a record Q4 2025, the repeatability of positive EBITDA, and execution of the 2025-2027 incentive-programme targets (PLN 55, 60 and 75 million of revenue). Q1 2026, with…
Explore the outlook MedicalgorithmicsAfter divesting the US subsidiary Medi-Lynx in 2022, Medicalgorithmics adopted a strategy of becoming a software and platform company, in which core value comes from diagnostic software and AI algorithms rather than the Group's own US diagnostic services. Development is…
Explore the strategy MedicalgorithmicsIn Medicalgorithmics' history a period of regular dividends came in 2014-2015, when the company - as the most profitable issuer on NewConnect - first shared its profit with shareholders. After moving to the WSE main market in 2014 and a series of losses related to the…
See the dividend policy MedicalgorithmicsMedicalgorithmics S.A.'s Management Board is a two-person team appointed for a new term on 17 June 2025: Krzysztof Siemionow as President of the Management Board and Michał Zapora as Management Board Member and Chief Financial Officer. On the same day, the mandates of…
Explore corporate governance MedicalgorithmicsGLEIF data, retrieved 2026-05-10.
View 259400O65SLJ2CVTSP22 on GLEIFCompeting companies or those operating in the same market segment as Medicalgorithmics (in Warszawa, industry: Research and development).
WARSZAWA· Research and development
Revenue 2024: 2.9 B PLN
WARSZAWA· Research and development
Revenue 2024: 796.1 M PLN
WARSZAWA· Research and development
Revenue 2023: 609.6 M PLN
WARSZAWA· Research and development
Revenue 2024: 579.9 M PLN
WARSZAWA· Research and development
Revenue 2024: 499.5 M PLN
WARSZAWA· Research and development
Revenue 2024: 390.5 M PLN
Latest reporting year
2025
Available years
16
Filing entries
0
Average annual headcount for Medicalgorithmics and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2024
97
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 97 | -4 (-4%) |
| 2023 | 101 | -5 (-4.7%) |
| 2022 | 106 | -4 (-3.6%) |
| 2021 | 110 | +7 (+6.8%) |
| 2020 | 103 | -4 (-3.7%) |
| 2019 | 107 | -18 (-14.4%) |
| 2018 | 125 | +39 (+45.3%) |
| 2017 | 86 | -1 (-1.1%) |
| 2016 | 87 | +3 (+3.6%) |
| 2015 | 84 | +6 (+7.7%) |
| 2014 | 78 | +42 (+116.7%) |
| 2013 | 36 | +11 (+44%) |
| 2012 | 25 |
Consolidated headcount across the capital group.
As of 2024
117
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 117 | -5 (-4.1%) |
| 2023 | 122 | 0 (0%) |
| 2022 | 122 | -207 (-62.9%) |
| 2021 | 329 | -5 (-1.5%) |
| 2020 | 334 |
GPW data, retrieved June 14, 2026.
| -66 (-16.5%) |
| 2019 | 400 | -76 (-16%) |
| 2018 | 476 | -19 (-3.8%) |
| 2017 | 495 | +150 (+43.5%) |
| 2016 | 345 | +261 (+310.7%) |
| 2015 | 84 |
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeMedicalgorithmics Spółka Akcyjna
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
The 2025-2027 incentive programme targets revenue of PLN 55 million in 2025, PLN 60 million in 2026 and PLN 75 million in 2027, alongside further expansion of DeepRhythmAI algorithm licensing.
20 historical registry entries for Medicalgorithmics
Board change
WA.XII NS-REJ.KRS/39319/24/907
Change in Section 1 (basic data)
WA.XII NS-REJ.KRS/39319/24/907/ADE
Filing documents submitted (8 documents)
Board change
WA.XII NS-REJ.KRS/41881/25/893
Board change, Articles of association amended
WA.XII NS-REJ.KRS/69060/25/624
