James Howard-Tripp on StageZero’s Q1 Results, Aristotle as part of the AVRT Program and the Rexall Partnership for COVID-19 Saliva Tests

In a recent InvestorIntel interview, Tracy Weslosky spoke with James Howard-Tripp, Chairman and CEO of StageZero Life Sciences Ltd. (TSX: SZLS) about StageZero’s first-quarter financial results, Aristotle as part of the AVRT Program and the Rexall Partnership for COVID-19 Saliva Tests.

In this InvestorIntel interview, which may also be viewed on YouTube (click here to subscribe to the InvestorIntel Channel), James went on to provide an update on the launch of Aristotle as part of the AVRT Program and StageZero’s intent to acquire Health Clinics Limited. Unlike COVID-19 tests, cancer tests in the U.S. have to be prescribed by a physician. James explained how Health Clinics as “part and parcel” of StageZero will help them reach patients and have a bigger impact than trying to launch a stand-alone cancer-detection service. Driven by the goal “…to reduce the incidence of late-stage cancer by 50% over the next decade through early interventions”, James said that the acquisition of Health Clinics will set StageZero in liquid biopsy, early detection of disease and telemedicine, three of the highest growth areas within healthcare right now.

To watch the complete interview, click here

About StageZero Life Sciences, Ltd.

StageZero Life Sciences is dedicated to the early detection of multiple diseases through whole blood tests. The Company’s next-generation test, Aristotle®, is the first-ever multi-cancer panel for simultaneously screening for 10 cancers from a single sample of blood with high sensitivity and specificity for each cancer. StageZero’s full service, telehealth platform includes access to physicians and phlebotomists who can prescribe and draw samples for individuals and groups, and the Company operates a CAP accredited and CLIA certified high-complexity reference laboratory in Richmond, Virginia. In addition, leveraging its specialty in polymerase chain reaction (PCR) testing for the early identification of cancer through blood, StageZero also provides both COVID PCR testing (swab and saliva) and blood test analysis (Antibody testing).

To know more about StageZero Life Sciences Ltd., click here

Disclaimer: StageZero Life Sciences Ltd. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp. (IIC) does not contain, nor does it purport to contain, a summary of all the material information concerning the Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete. 

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation.  Forward-looking statements are based on the opinions and assumptions of management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken,  as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on www.Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please email info@investorintel.com.




StageZero announces $2.5 million in revenue from COVID-19 testing for Q1

StageZero Life Sciences Ltd. (TSX: SZLS) (“StageZero”) has just announced mixed results for Q1, 2021. The good news was that StageZero generated $2.5 million in revenue from COVID-19 testing for the quarter. The bad news was the $7.3 million loss for the quarter.

The good news

Given StageZero has gone from zero to $2.5 million in COVID-19 testing revenue in about a year shows StageZero’s ability to quickly adapt and ramp up new services to meet patient’s needs. The COVID-19 testing revenues are also helping to fund StageZero’s expansion which includes the recent Aristotle 10-in-1 cancer test and potentially the Health Clinics Limited acquisition (Letter Of Intent signed and effective as of March 31, 2021). The other good news is that StageZero has built their cash levels up to $6.4 million as of March 31, 2021.

The bad news

As per the Q1 2021 earnings announcement: “Net loss for the quarter totaled $7.3 million…..or $0.08 loss per common share…..The $4.9 million increased loss results from the $4.2 million impact of the revaluation of warrants, the $0.7 million impact from the increase in cost of goods sold, the $1.2 million impact from the increase in general and administrative costs, the $1.4 million impact from the change in the fair value of the conversion debenture, offset by the $0.2 million impact of a decrease in finance costs and the $2.4 million impact of the increase in revenue.”

Most of this bad news was really just accountancy revaluation measures which are mostly a one-off related to the StageZero stock price movements, so longer term investors need not be alarmed.

StageZero is striving to become a leader in early stage cancer diagnosis using their Aristotle 10-in-1 cancer test

Source

The big picture

The big picture for StageZero is still looking good. From an operational point of view StageZero is making very good progress. Here are the recent highlights:

  • Aristotle launched as part of the AVRT Program.
  • Announced intent to acquire Health Clinics Limited (transaction expected to close during
    Q3 2021). Health Clinics will operate the trade name “Care Oncology Clinic”. Health Clinics provides a patented and safe adjunctive treatment for all cancer types.
  • Expanded testing in Canada via the Company’s partnership with Ichor Blood Services.
  • Hired further staff and expanded testing capacity for COVID-19 and Aristotle®.
  • Partnership with Rexall to sell COVID 19 saliva test kits throughout Canada. Rexall is a leading drugstore operator with more than 400 pharmacies across Canada.
  • Partnerships with additional Fortune 500 companies for COVID-19 testing.

Investors should take a mid to long term view towards StageZero. Establishing a niche cancer diagnosis and treatment business takes time and money. StageZero is currently still establishing itself in this area.

CEO Tripp summarized StageZero’s direction well when he stated:

“Together with Health Clinics, we are taking three of the highest growth areas within healthcare – liquid biopsy, early detection of disease and telemedicine – and combining them into one innovative company that with ground-breaking technology, will find disease early (as opposed to late and with presentation of symptoms), diagnose and treat, or diagnose and seek to prevent late stage disease, with a telemedicine reach in both North America and the UK/Europe.”

StageZero has made tremendous progress over the past year and is now in the stage of commercializing Aristotle after their 20 years of work developing it.

Closing remarks

The world is yet to see the full potential of both StageZero and their revolutionary 10-in1 cancer test, ‘Aristotle’. Diagnosing disease (especially cancer) early means giving patients a chance to alter the course of their disease, rather than fighting a losing battle against late-stage disease. This is potentially a game-changer for medicine and for patients in the battle against cancer and many other debilitating diseases.

StageZero Q1 2021 results do look to be a mixed bag at first glance. But looking deeper the loss is mostly accountancy issues and the growing revenues and tremendous progress in the direction the Company is heading means investors should remain very positive on the Company. If StageZero can succeed on their mission of diagnosing disease (especially cancer) early and then providing treatment (boosted via the health Clinics acquisition), then the world is their oyster.

StageZero Life Sciences trades on a market cap of just C$43 million. The recent stock price dip allows a better entry for investors who see the potential of StageZero and who are prepared to take the long term view.

Disclosure: The author is long StageZero Life Sciences (TSX: SZLS).

Further learning




StageZero’s New Cancer-Testing Platform and Health Clinics Acquisition Forms Telemedicine “Circle of Care”

StageZero Life Sciences Ltd. (TSX: SZLS) is a life science and telehealth company that recently launched Aristotle®, which is its next-generation, proprietary clinical test for the early detection of cancer. From one blood sample, it can screen for 10 cancers.

On the same day as it officially launched Aristotle®, StageZero announced that it entered into a Letter of Intent (LOI) to purchase Health Clinics Limited and Health Clinics USA Corp. (together, the “HC Companies”).

Founded in London, England in 2013, the HC Companies use telemedicine to provide clinical services across Europe and North America.

Under the trade name Care Oncology Clinics, the HC Companies offer cancer (oncology) treatment services and, under the trade name AVRT, focus on early disease detection utilizing proprietary treatments.

James Howard-Tripp, Chairman and CEO of StageZero, explained the rationale behind the transaction,

“Together with Health Clinics, we are taking three of the highest growth areas within healthcare – liquid biopsy, early detection of disease and telemedicine – and combining them into one innovative company that with ground-breaking technology, will find disease early (as opposed to late and with presentation of symptoms), diagnose and treat, or diagnose and seek to prevent late stage disease, with a telemedicine reach in both North America and the UK/Europe.”

According to market research by Fortune Business Insights, the Telehealth market is estimated to be US$559 billion by 2027 and Reports & Data estimates the Early Disease Detection market to be worth US$115 billion by 2027.

The continued rise of cancer cases and deaths has shifted the attention towards the adoption of early detection and diagnosis techniques for cancer, to help lower health costs and increase survival rates.

StageZero - Market Opportunity

Source: StageZero Company Presentation (April 1, 2021)

StageZero – From Point Solution to Circle of Care

With the COVID-19 pandemic, many physician practices are closed, so patients are not visiting their doctors in person but are connecting via telehealth.

To illustrate the dramatic decrease, according to an article last month by the National Cancer Institute, the COVID-19 pandemic led to a sharp decrease in the number of cancer screening tests. One example from Massachusetts General Brigham Hospital recorded a 74% decrease in cancer screening tests during the same 3-month period in 2019 (pre-pandemic) versus 2020.

Unlike COVID-19 tests, cancer tests in the U.S. have to be prescribed by a physician. Therefore StageZero needed to find a way to reach patients with doctor support.

The HC Companies acquisition immediately filled this requirement and more, as it provides an existing network of physicians as well as patients, a marketing group, and a 24/7 support team.

StageZero believes that launching Aristotle via AVRT will have a bigger impact than trying to launch a stand-alone cancer-detection service and positions it uniquely in the market.

In addition, the Company commented that the release of Aristotle® via AVRT is just the first step and StageZero will continue to develop a broader market for the product including physician networks, health care insurance providers, and employers.

StageZero’s new cancer-testing platform Aristotle® becomes integrated with HC Companies’ AVRT service. The AVRT program focuses on finding diseases early, notably cancer, and then would work with the primary care physicians and oncologists of HC Companies’ Care Oncology Clinics to establish appropriate treatment.

Therefore StageZero will have a fully integrated telehealth platform that supports both its cancer diagnostics program as well as treatment services – creating the “Circle of Care” – and now multiple revenue streams.

StageZero - Circle of Care

Source: StageZero Company Presentation (April 1, 2021)

Lab Expansion for COVID-19 and Aristotle® Testing

StageZero continues to expand its CAP-accredited and CLIA certified high complexity reference laboratory in Richmond, Virginia. Being CAP-accredited and CLIA certified ensures that the testing facilities and test results are meeting or exceeding the industry standards for clinical laboratory testing.

Last year, to help out during the COVID-19 crisis, StageZero launched a COVID-19 testing service, offering both the serology point-of-care and lab-based polymerase chain reaction (PCR) tests.

The Company’s revenue benefited from offering various COVID-19 tests as fourth-quarter 2020 results released last month had revenue at US$2.6 million, up 77% quarter-over-quarter and up over 5,000% from the same period last year.

StageZero forecasted that COVID-19 testing-related revenue should be even higher in the first quarter of 2021.

Expanded Testing in Canada with Ichor Blood Services

Yesterday, StageZero announced that its partner Ichor Blood Services will distribute StageZero’s COVID-19 PCR saliva test kits through Canadian retail outlets in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario starting immediately.

James Howard-Tripp commented: “StageZero is proud to make these kits available to Canadians to enable immediate and convenient PCR testing, at home, via supervised telehealth, for families, companies, and travelers. COVID-19 PCR testing is considered the gold standard for helping to determine if someone is infected with SARS-CoV-2, the virus that causes COVID-19, and saliva-based PCR testing is an easy, non-invasive way to collect a sample”.

Final Thoughts

The recent C$7.2 million financing has strengthened the Balance Sheet and revenue from the COVID-19 testing brings additional cash flow that should enable the Company to meet its current obligations, complete the HC Companies acquisition, and commercialize its new offering.

StageZero should continue to benefit from the market’s shift to telehealth and book revenue growth from its COVID-19 testing service and product offering.

With the growing need for both COVID-19 and cancer testing, revenue could double for the Company this year.

StageZero closed today at C$0.77, up 22% on the day, and currently has a Market Cap of over C$41.2 million.




Commercializing their telemedicine platform globally for the early detection of skin cancer, MedX Health revenue (and stock) is rising

MedX Health Corp’s  (TSXV: MDX) (‘MedX’) stock price is beginning to move higher as they gain further success commercializing their SIAscope and DermSecure™ telemedicine platform globally for the early detection of skin cancer.

MedX’s stock price is moving

Source

MedX is a leading medical device and software company focused on the early detection of skin cancer. MedX’s platform is being used in over 200 pharmacies in 3 countries with regulatory approvals in 35 countries including Australia, Brazil, Canada, the European Union, New Zealand, Norway, Turkey and the USA. In the Netherlands MedX and their local partner have begun to very successfully rollout their platform in skin screening clinics.

The Netherlands has started very strongly

In news released late in 2020, MedX announced they are now rolling out DermSecure® in the Netherlands, partnering with national telehealth leader IVPG. Below are the key highlights:

  • “MedX partners with national telehealth leader IVPG in the Netherlands.
  • Two skin screening clinics opened in November 2020, with more than 800 assessments on close to 500 patients completed to date using MedX’s DermSecure® platform.
  • Three additional clinics to come online in the Netherlands by the end of December 2020.
  • IVPG plans to expand to 41 skin assessment clinics by 2022.
  • More than half of all cancers reported in the Netherlands are skin cancers.”

Based just on the above information we can see MedX’s DermSecure® should be in a total of 46 clinics by 2022, all going to plan. Clearly, if the ramp-up of clinics does reach 46, then the number of assessments will be much higher, as would revenues, just for the Netherlands. In Norway, MedX has already done over 80,000 assessments/scans. MedX is already on the way to achieving sales in several other countries including North America, Mexico, Brazil (500 units sold), and Canada.

MedX makes some money on selling the hardware (costs C$700 and sells for C$1,600-2,000), but the real potential revenues are set to come from the scans. MedX receives ~$10 per assessment/scan based on their Software as a Service business model. The scan cost for MedX is only ~C$0.26 so margins are very high.

December 15, 2020, Beacon Securities report states:

“We believe investors should understand the recurring, high margin, revenue juggernaut that is in the midst of being created. Given the metrics already apparent after just one month at the 2 installed clinics, 41 clinics would represent ~$3 million of recurring revenue (ie. 41×312 days x20 scans x $10).”

The same report sets a 1-year price target for MedX of C$0.45, with a buy rating.

Massive revenue growth potential for MedX

MedX’s goal is to roll out an initial 1,500 hardware devices (SIAscope) to an approved distributor in an approved location, say Brazil. MedX’s President, Dermatology Services, Mike Druhan stated: “At 1,500 installs in year 1 it represents C$8.4M in revenue for us”, up from C$860,000 in revenue in 2019. The C$8.4M would be C$3M in upfront one-off hardware revenue, and potentially C$5.4M in recurring revenue. Note for now the Brazil rollout is at 500 hardware devices, so the above figures are to show the potential and the business plan of MedX.

MedX has also recently begun a rollout in Ontario Canada at select Ontario Integrated Health Centres with partner Empower Clinics Inc. Steven McAuley, Chairman and CEO of Empower, stated:

“MedX is an ideal teledermatology partner, as their screening platform is second to none. We look forward to the results of this pilot and making this platform more widely available throughout our network.”

Closing comments

The best time for investors to consider a company is often just as they start to commercialize and bring in rapidly growing revenues. With MedX it looks like now is that time. The best companies are Software as a Service companies. Again another tick for MedX.

Finally, MedX has a competitive advantage due to their advanced technology that can view 2mm below the skin. This is backed up by a secure telemedicine platform and a track record of success.

The stock price has begun to climb, however, the market cap still looks reasonable at C$40M, especially if their Netherlands success continues as well as their other global rollouts. What a great time to know about MedX Health Corp.




Expanding globally in the AI image based diagnosis sector, Diagnos is actively commercializing their CARA technology

CARA’s Artificial Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. Targeting the early detection of these diseases by using AI to better examine and diagnose patients as early as possible is the focus for Diagnos Inc. (TSXV: ADK | OTCQB: DGNOF) (‘Diagnos’).

Diagnos uses an Artificial Intelligence (AI) tool known as CARA (Computer Assisted Retina Analysis) to examine patient’s retinas in the eye for the early detection of diseases such as diabetics, hypertension and other cardiovascular disease. CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software). CARA’s AI image enhancement algorithms make standard retinal images sharper, clearer and easier to read.

Key winning features of CARA:

  • CARA is accessible securely over the internet and is compatible with all recognized image formats and brands of fundus cameras.
  • CARA is a cost-effective tool for screening large numbers of patients in real-time.
  • CARA complies with local regulations, is FDA cleared for commercialization in the United States of America, is Health Canada licensed for commercialization in Canada, licensed by the Saudi FDA, COFEPRIS in Mexico and is CE marking compliant in Europe.

Diagnos’ AI software enhances the ability to detect early-stage cardiovascular disease by viewing the retina of the eye

Source: www.diagnos.ca/

Diagnos has already had their CARA platform in production since mid-February 2020 and will be following with further applications and enhancements for the technology. Diagnos already operates in 16 countries, 131 screening sites, and has 222,034 patients under their care. The Company is fully funded until about mid 2022 and should continue to grow revenues as their CARA platform commercializes further.

Diagnos operates in 16 countries and has 222,034 patients under care

Source: www.diagnos.ca/

The latest news just the past month shows how quickly Diagnos is commercializing. For example:

  • 24 February, 2021 – Exclusive Strategic Partnership Agreement with Labtician Ophthalmics, a leader in Canadian and International eyecare markets. Labtician Ophthalmics has customers across Canada and will introduce and commercialize Diagnos’ AI platform to monitor ocular health and improve patient care in diabetic patients.
  • 2 February, 2021 – Further deployment of Diagnos’ AI based CARA Technology in Saudi Arabia. Dr. Salman Abdullah Al-Mutairi, Executive Director of Enayah Charitable Association stated:

“For almost three years, Enayah has been using DIAGNOS’ AI based CARA platform successfully to screen thousands of diabetic patients for diabetic retinopathy with an early detection test. By using DIAGNOS’ telemedicine solution we have been able to identify patients needing care early so their vision can be saved. As part of our “Combating Blindness” program, we are extremely pleased to extend this service and add it to other tests in our fleet of vans of Mobile Smart Eye Clinics.”

Closing remarks

Diagnos Inc. is in the early days of commercializing their CARA technology having only begun in mid-February 2020, approximately a year ago. This is good news for investors as the company is trading on a market cap of just C$39 million.

I see (no pun intended) exciting times ahead for this company in a potentially huge market.




Safe Entry Stations offers real competition in the AI-driven remote sensing reality already for entry

“Hey Siri”

“Hey Google”

“Hey Alexa”

Have we missed anybody? Probably…. Yes, technology is watching you, but is that a good or a bad thing?

In the case of Predictmedix Inc. (CSE: PMED) (OTCQB: PMEDF), that’s the point and yes it is a good thing. As some of you know, the company “develops disruptive AI technologies for health and safety in workplaces and healthcare”. Translated – remote sensing and artificial intelligence (AI) solutions to protect our health.

The value of this technology should not be underestimated, necessity is the mother of invention. It’s a coronavirus world now and the virus (like the flu, like a cold etc.) isn’t going away anytime soon. The arrival of the virus and the global pandemic that followed means that there is now a serious focus on detection of early indicators of infected people. Detection will help stem the spread of the coronavirus and others.

Predictmedix is one of those companies which has an infectious disease screening solution. However, unlike the competitors, the company’s Safe Entry Station is head and shoulders above the competition. The fact that the company has Kapil Raval as its Advisory Board Chair should tell the market something – he is the Director of AI, Business Development, for Microsoft.

“Having a long-term sustainable product for better workplace health and safety” is how Dr. Rahul Kushwah, company COO described their vision. Their screening solutions are powered by AI and are designed to analyze seven different symptoms associated with the coronavirus, providing results in seconds. The system utilizes multispectral imaging with a focus on visual spectral imaging along with infrared thermography to identify individuals exhibiting symptoms associated with infectious diseases. The coronavirus detection system is commercial and is being deployed now.

The AI monitors and identifies potential presence of infectious disease symptoms such as fatigue, headache, coughing, sneezing, blood flow, sweat gland activation, metabolism, fever along with other key determinant factors. Sick or not sick.

The AI algorithms in their system are also continuously evolving via machine learning and should be able to detect, assess and determine the probability of that person being infected or not infected, even as the virus mutates. Sick or not sick.

So significant is this technology that the company already has partnerships in Canada, the US and India for system installation. A very significant customer is Indian Oil Corporation (IOC), where deployment is at the logistics stage – IOC has a workforce of more than 33,000 employees. There are several other deployments in the planning stage yet to be announced.

With a physical detection system, in addition to assessing virus conditions, the company can also utilize the AI for the detection of alcohol, cannabis and opioid intoxication. The company has a first-to-market cannabis AI detection system which is being expanded to analyze for other intoxicants. The system uses multispectral recognition technologies that capture data analyzed by the proprietary AI. This is especially important in environments where impairment could be considered a safety risk.

Lastly, a third use for AI detection technology relates to the detection of psychiatric and/or brain disorders such as depression, dementia and Alzheimer’s disease, all of which may benefit the individual when detected early. With an aging population, this could be a massive market and for anyone with loved ones who suffer from any of these disorders, you know the importance of early detection.

In keeping with the company’s screening focus, in 2020 Predictmedix acquired Mobile Wellbeing, a telemedicine remote patient monitoring platform that will integrate with Predictmedix’s AI driven rapid screening system for infectious diseases. According to the company, Mobile Wellbeing has demonstrated its value in multiple different programs over several years, and has shown benefits such as improved patient health, minimized the impact of chronic disease, and driven down the cost for care through remote monitoring.

With an inherent demand for quick, effective and non-invasive detection technologies, Predictmedix is in a very desirable market with an industry leading product. While the company share price has fallen dramatically from the July 2020 high of $1.13, watch for significant business progress and announcements that could reverse this share price trajectory. The Safe Entry System (and others like it) are soon going to become as common as automatic door openers and could be deployed anywhere there is a large movement of people. The market potential is huge – don’t miss it!




Thompson on DIAGNOS and the ‘exploding’ AI healthtech industry

AI Healthcare Provider Diagnos Continues to Sign Deals and Partnerships Amid COVID-19 Crisis

Diagnos Inc. (TSXV: ADK | OTCQB: DGNOF | FSE:4D4A), a software platform provider for the early detection of critical health issues through the use of Artificial Intelligence (“AI”) and Machine Learning (“ML”), continues to sign deals and partnerships amid the current COVID-19 health crisis.

Diagnos’ CARA (“Computer Assisted Retina Analysis”) telemedicine platform, delivers eye care and disease diagnosis through standard fundus photography, which involves photographing the rear of an eye, and Diagnos’ patented image processing and AI analysis.

New 3-Year Agreement with University of Montreal Hospital Centre

On January 19, Diagnos announced a three-year partnership agreement with the Center Hospitalier de l’Université de Montréal (“CHUM”) on AI projects related to the early detection of various retinal diseases.

Since 2018, Diagnos has been working with CHUM and using AI to screen for diabetic retinopathy and added a second screening site in the ophthalmology department in 2019 to help improve the screening process for patients with more serious conditions.

The new 3-year clinical trial aims to validate if the AI algorithm (“NeoRetina”) developed by Diagnos to detect the presence of diabetic retinopathy, can detect this disease and grade its severity by the analysis of fundus photographs when compared with traditional methods.

According to the clinical trial information, more than 10% of the population of Quebec (approximately 900,000 people), suffer from diabetes and around 40% of people with diabetes suffer from diabetic retinopathy.

Retinopathy is any damage to the retina of the eyes, which may cause vision impairment, and early detection and regular check-ups are important in preventing the progression of the disease.

Dr. Fabrice Brunet, President and CEO of CHUM, commented, “We are pleased to be working with Diagnos to bring innovation and excellence in care to patients. The evaluation and refinement of Diagnos technology using artificial intelligence in the early detection of certain diseases by our ophthalmology, endocrinology, and now cardiology teams contribute to improving the quality and safety of the care provided to the population.”

New Clinics in Saudi Arabia and New Rollouts Planned in Second Half of 2021

On January 14, Diagnos announced the opening of five new screening clinics at different locations of Magrabi Hospitals & Centers located in Riyadh, Saudi Arabia, with the help of its Saudi business partner, Kanhoor Medical Co.

Magrabi is a provider of Ears-Nose-and-Throat (“ENT”), Dentistry, and Ophthalmology services with more than 35 locations in the Middle East and North Africa and delivers eye care to more than 1 million patients annually.

After 2 field trials using Diagnos’ AI-assisted screening platform, Magrabi is launching the new locations to increase the availability of the CARA service to its diabetic patients and also to reduce wait times.

The plan between Diagnos, Magrabi, and Kanhoor is to rollout the CARA platform to the remaining 22 Magrabi hospitals in Saudi Arabia in the second half of 2021 and then extend the service to the other Magrabi hospitals in the Middle East and Africa.

Healthcare Diagnosis Market Exploding

According to a 2020 industry report on the Healthcare Diagnosis market, AI in the healthcare diagnosis market was valued at US$3.6 billion in 2019 and is forecasted to reach US$66.8 billion by 2027, growing by a staggering 44% annually.

One of the largest growth segments is AI-assisted diagnostic solutions in areas such as cancer detection, cardiovascular disease, eye care, and radiology.

Worldwide Commercialization

Diagnos currently operates screening sites in 15 countries with certifications from regulatory bodies in various countries including the U.S., Canada, the European Union, and Mexico. In 2020, Diagnos signed partnerships and commercial agreements with companies that serve patients in Canada, Colombia, Guatemala, Mexico, and southern California.

Final Comments

In a recent interview, Andre Larente, CEO of Diagnos, commented that the company is fully funded for the next 18 months and he expects that more existing clients are going to restart their operations soon, which should increase revenue for Diagnos.

In addition, he said the company has a “strong pipeline” that could results in new deal announcements during the year.

Finally, screening for diabetic retinopathy is just one application of Diagnos’ AI technology and the company expects to make announcements with new partners to use the technology to detect other health issues, such as cardiovascular problems, including hypertension.

Meanwhile, even after Diagnos’ recent stock increase, the company’s market capitalization is less than C$43 million. With its recent announcements and rollout trajectory, the low valuation makes it a prime takeover target for any consolidator executing a roll-up strategy in the AI healthtech industry.