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Medicalgorithmics SAMedicalgorithmics health tech signs contract with US diagnostic centre IDTF
Listed health tech company Medicalgorithmics has signed agreement with the US-based diagnostic centre IDTF to supply cardiac monitoring systems, the company said in a market filing. The contract is expected to boost Medicalgorithmics' revenue by up to USD 11.5 million in the first two years.
"The signing of this agreement is a key step in implementing the company's strategy, as outlined in current report dated June 19, 2023," Medicalgorithmics said in the market filing.
"The strategy aims to significantly increase the company's revenue and profitability (leveraging its high operational leverage) and generate positive cash flows," it added.
The company estimates that the total revenues from the agreement will amount to USD 7.7-11.5 million in the first 24 months following integration acceptance and the commencement of commercial analyses.
The guaranteed minimum revenue under the agreement is set at USD 1.7 million with a guaranteed minimum monthly payment for analysed sessions of USD 60,800.
Following the announcment of the agreement, Medicalgorithmics shares have been soaring the most since October 2022.
Prior to this, the company's shares dropped 45 percent in 2024 as company has been reporting losses since the second quarter of 2023.
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