MedApp, a NewConnect-listed company operating in the medtech segmentand offering solutions based on, among others, artificial intelligence, mixed reality and 3D imaging, in the first quarter of 2021 achieved net sales revenues of PLN 1,944,000, which means a continuation of the dynamic growth insales revenues and profits from the end of last year.
Q1 2021 was a very good start to the year for MedApp, both in terms of finances as well as operations. Net revenue in the reported period amounted to PLN 1,944,000, with PLN 16,000 in the comparable period of 2020. On the other hand, net profit reached PLN 376,000, which is a 244% increase compared to the first quarter of 2020, when the Company recordeda result (loss) of PLN -260,000.
In addition to further developing its product offer, the company used the time between January and March of this year to continue its commercialization efforts by expanding its customer base both in Poland and abroad.
“I am glad to say that by presenting the current report for the first quarter of 2021 to our investors, I feel that the strategy of commercialization of MedApp S.A. solutions was well implemented. This is the Company’s best Q1 result to date. Our entire team has put in a tremendous amount of effort to make sure that the results of the actions we take are visible both operationally and financially. We have entered into distribution agreements with partners in the United Kingdom and France. We are strengthening our position by cooperating with market leaders such as Diagnostyka and Microsoft. All these activities allow us to look into the future with hope,” comments Krzysztof Mędrala, CEO of MedApp S.A.
For the Company, Q1 2021 has primarily focused on sales activities. In January of this year, MedApp entered into its first foreign distribution agreement with Insight Direct (UK) Ltd. The UK partner is part of Insight Enterprises, Inc. -a global leader in providing cutting-edge technology solutions for the healthcare sector. Insight Direct Ltd, being a distributor of CarnaLife Holo and HoloComm3D holographic imaging technology, is expected to provide MedApp with a wider access to UK public bodies, including medical universities and hospitals. MedApp also strengthened its international position by signing a distribution agreement with a French partner, FP Business SAS, in April. The agreement covering the CarnaLife Holo solution concerns operations in France and Luxembourg. The offer for the French market will be directed mainly to physicians and hospitals specializing in the areas of cardiology, oncology, orthopedics, radiology and laryngology.
MedApp also developed its domestic business in Q1 2021. The company has entered into a cooperation agreement with Diagnostyka -the largest Polish chain of medical laboratories. The agreement is for a two-year collaboration to add new functionality to the CarnaLife Systemapplication, an advanced digital medicine platform that supports diagnosis and monitoring of patients’ health.
The development and strengthening of cooperation with the Company’s existing partners was an important operational element of the reported period. At the beginning of the year, MedApp was selected by Microsoft to join the Microsoft Mixed Reality Partner Program (MRPP) receiving the status of a Silver Partner. Shortly thereafter, the Company further strengthened its relationship with Microsoft, achieving the status of a Mixed Reality Distributor -Managed Partner (DMP). Both of these distinctions allow the Company to participate in marketing and sales activities organized by Microsoft and to sell its own software along with Microsoft HoloLens 2.
The beginning of 2021 was also a time for the Company to undertake new research and development projects. Since April of this year, the company has been a participant in the EU Marie Skłodowska-Curie -Horizon 2020 program for research and innovation and supporting career development and training of researchers. In addition, in March of this year, MedApp has been invited to join the NEO Hospital Group’s Living Lab program for developers of innovative digital services and solutions.
“We are focused on commercialization of our solutions in Poland and on foreign markets, as well as on further improvement of current features and implementation of new ones in each of our four main products: CarnaLife System, CarnaLife Holo, Digital Clinic and HoloComm. The main task for us in the periods to come is to offer technological support for patients and doctors in the form of innovative medical solutions based on artificial intelligence, big data analysis or three-dimensional imaging. We hope that the initiated research and development work will directly contribute to the further expansion of MedApp solutions, while increasing the competitiveness of the company on the market of new technologies,” comments Krzysztof Mędrala, CEO of MedApp S.A.
