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29 April 2022

MedApp with record FY 2021 results, doubling revenue and profits from previous year

MedApp, an innovative medical technology company in the field of SaMD (software as a medical device) continues its dynamic international expansion and product portfolio development while increasing its profitability.

The expansion and entry into new global segments related to diagnostics, monitoring and visualization of medical data may be accelerated with the acquisition of additional investors. To this end, the Company has entered into cooperation with the global Haitong Bank.

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 139% to PLN 6.3 million, and net profit was twice higher year-on-year, reaching PLN 3.8 million. The company also boasts high profitability.

“We are focusing on further geographic and product expansion. We are also acquiring new partners and collecting more awards, and our technologies are increasingly more often used in diagnosis and treatment of patients,” emphasizes 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 is now 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. Its plans for growth include other countries, and international expansion can be accelerated by attracting new investors. The company communicated in early April that it had selected global Haitong Bank to lead the process.

MedApp is also developing solutions based on CarnaLife Holo, 3D holographic visualization and its digital medicine platform, CarnaLife System. Product portfolio development initiatives 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 startups in Europe. In February this year, MedApp won the OVHcloud competition for medtech entities.

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