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16 August 2022

MedApp after Q2 2022: Another Quarter of Geographic and Product Expansion

MedApp, a publicly listed company in the innovative medical technology industry, recorded net sales of PLN 1,588 million, PLN 878 thousand EBITDA earnings and PLN 405 thousand net profit in the second quarter of 2022, despite the increasing uncertainty in the business environment and the challenges facing medical facilities. The company is monitoring the prolongation of sales processes on the Polish market and strives to offer its solutions more actively in foreign markets. On June 28, the company applied for FDA certification in the US market and received the ANVIS certificate in Brazil in May.

Increasingly after two quarters of 2022r. The company generated PLN 4,552 million in net sales, PLN 2,013 million in EBITDA and PLN 1,082 million in net profit.

-“In the second quarter of 2022, we saw an increase in general economic insecurity and cost pressure in health care facilities due to lengthy tenders. As a result, we see a postponement of the conclusion of the planned sales contracts”. – comments Krzysztof Mędrala, CEO of MedApp S.A.

– “We are working consistently to expand our sales network and increase its efficiency based on our technological solutions. In May, we signed a distribution agreement with Promedica Praha Group to offer CarnaLife Holo in the Czech Republic, Slovakia, Hungary and Finland. We are in the process of registering a subsidiary in Germany and have received the so-called ANVISA certificate of conformity in Brazil. And thanks to the collaboration with Laven, CarnaLife Holo will be available in the company’s complementary health policies”.

– “In June, with Parexel International’s know-how, we submitted an application to the FDA, which tied us to the largest medical market in the world, the United States. And the invitation of the young European medtech companies from Google to TOP15, as well as other awards or awards from independent companies, mean that our company is gaining more and more recognition not only on the domestic market, but also on the European markets. We believe that after receiving the FDA about our technology will be equally noisy in the United States”. – adds the president of MedApp S.A.

– “The company focuses on the managed activity and development of the offered technologies and focuses on the next stage of development. We hope to attract new investors, increase the capital and change the shareholder of the company. With this in mind, an agreement was signed with Haitong Bank in March of this year. We deeply regret that publications about the current share of society influence the image of MedApp. I would like to expressly point out that the Company did not and does not have any influence on the activities of its shareholders or persons connected with them. We cannot refer in any way to the activities and activities described in the publications”. – comments Krzysztof Mędrala.

At the beginning of 2021, MedApp concluded its first foreign distribution contracts and expanded its distribution channels in Poland. The market entry took place in Brazil in the fourth quarter of 2021 and in the second quarter of 2022. The company received the certificate from the Agência Nacional de Vigilância Sanitária (Brazilian Health Authority) for compliance with the requirements of the CarnaLife Holo app. br. The company has started the registration process of MedApp Germany GmbH, which covers the markets of Germany, Austria and Switzerland. In the second quarter, MedApp was able to gain a strong distributor for the Czech, Slovak, Hungarian and Finnish markets by signing a contract with Promedica Praha Group.

In June this year, MedApp and Laven, Polish companies in the field of medical and insurance innovations, entered into a collaboration that will enable patients to better access treatment using holographic diagnostic data imaging technology. Primarily, customers of AWP Polska (Mondial Assistance), a company of the Allianz Group, have access to CarnaLife Holo. This solution should be offered by other insurance companies later this year.

On June 28 of this year, MedApp applied for certification of the CarnaLife Holo Solution with the US Drug and Food Administration (FDA) as a prerequisite for entry into the United States. Development plans also affect other countries, and international expansion could speed up the attraction of new investors.

MedApp develops the functionality of the solutions based on CarnaLife Holo, 3D visualization and the digital medical platform CarnaLife System. Initiatives to develop the product portfolio led to an EU grant for the development of a medical navigation tool (CarnaLife Holo MedNav) and to the signing of a contract with the Helimed Diagnostic Imaging Network to develop software such as the Radiology Information System (RIS) used to store and manage medical imaging data and eventually to telemedicine. MedApp Car platform is integrated.

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