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18 March 2022

MedApp reports record results for 2021, doubling both revenue and profits compared to the previous year

MedApp, an innovative medical technology company in the field of SaMD (software as a medical device), whose shares are listed on the Warsaw and Frankfurt stock exchanges, continues its dynamic international expansion and product portfolio development while increasing its profitability.

MedApp reported PLN 12.7 million in net sales revenue cumulatively after four quarters of 2021, 111% higher than a year earlier. EBITDA increased by 110% to PLN 5.5 million, and net profit was 94% higher year-on-year, reaching PLN 3.7 million. The company also boasts high profitability.

“We are growing the Company based on the current cash flow while generating record revenues and net income. We focus on further geographic and product expansion. We also acquire new partners and collect more awards, and our technologies are increasingly more often used in diagnosis and treatment of patients,” highlights Krzysztof Mędrala, CEO of MedApp S.A.

At the beginning of 2021, MedApp signed its first foreign distribution agreements in the markets of the United Kingdom, France, and Luxembourg, and expanded its sales channels in Poland.

Concluding distribution agreements with new partners has also resulted in entry into the Brazilian market. In March 2022, MedApp began the process of registering its first foreign company, which will be responsible for business development in the German, Austrian and Swiss markets. MedApp S.A., in cooperation with Parexel, is preparing to apply for certification for CarnaLife Holo with the FDA, which is a necessary condition to enter the world’s largest medical market, the United States.

MedApp develops functionality for solutions based on CarnaLife Holo, a 3D holographic visualization and digital medicine platform, CarnaLife System. Product portfolio development initiatives in the current quarter have resulted in obtaining a grant from EU funds to create a navigation tool for physicians (CarnaLife Holo MedNav) and signing an agreement with Helimed Diagnostic Imaging network to create Radiology Information System (RIS) software which will be used to store and manage medical image data and will ultimately be integrated with MedApp’s CarnaLife System telemedicine platform.

MedApp is an innovative technology company, so its potential is naturally enhanced by the appreciation of the technologies by independent experts, which also demonstrates the strength and competence of the team. In addition to numerous accolades, last October, Google selected MedApp for its accelerator program as one of the top fifteen medtech start-ups in Europe. In February this year, MedApp won the OVHcloud contest for medtech entities.

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