Buy Or Sell Opportunity • Jul 02
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at zł27.20. The fair value is estimated to be zł22.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 28% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 25
Medicalgorithmics S.A., Annual General Meeting, Jun 19, 2026 Medicalgorithmics S.A., Annual General Meeting, Jun 19, 2026, at 15:00 Central European Standard Time. Price Target Changed • May 19
Price target decreased by 7.2% to zł41.35 Down from zł44.55, the current price target is an average from 2 analysts. New target price is 40% above last closing price of zł29.60. Stock is up 5.7% over the past year. The company is forecast to post a net loss per share of zł0.20 next year compared to a net loss per share of zł1.17 last year. Buy Or Sell Opportunity • Apr 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to zł26.10. The fair value is estimated to be zł32.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 75% in a year. Earnings are forecast to grow by 84% in the next year. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to zł27.85. The fair value is estimated to be zł34.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 88% in a year. Earnings are forecast to grow by 89% in the next year. Reported Earnings • Nov 09
Third quarter 2025 earnings released: zł0.41 loss per share (vs zł0.21 loss in 3Q 2024) Third quarter 2025 results: zł0.41 loss per share (further deteriorated from zł0.21 loss in 3Q 2024). Revenue: zł7.19m (up 38% from 3Q 2024). Net loss: zł4.06m (loss widened 91% from 3Q 2024). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Medical Equipment industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
Medicalgorithmics S.A. to Report Q3, 2025 Results on Nov 06, 2025 Medicalgorithmics S.A. announced that they will report Q3, 2025 results on Nov 06, 2025 Buy Or Sell Opportunity • Nov 06
Now 22% overvalued Over the last 90 days, the stock has fallen 5.5% to zł31.95. The fair value is estimated to be zł26.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has declined by 89%. Revenue is forecast to grow by 76% in a year. Earnings are forecast to grow by 60% in the next year. Buy Or Sell Opportunity • Oct 15
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to zł34.50. The fair value is estimated to be zł27.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has declined by 89%. Revenue is forecast to grow by 76% in a year. Earnings are forecast to grow by 60% in the next year. New Risk • Oct 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: zł354.3m (US$96.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 02
Second quarter 2025 earnings released: zł0.25 loss per share (vs zł0.53 loss in 2Q 2024) Second quarter 2025 results: zł0.25 loss per share (improved from zł0.53 loss in 2Q 2024). Revenue: zł6.97m (up 18% from 2Q 2024). Net loss: zł2.49m (loss narrowed 53% from 2Q 2024). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Medical Equipment industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. New Risk • Sep 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Sep 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to zł41.70. The fair value is estimated to be zł34.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Earnings per share has declined by 64%. Revenue is forecast to grow by 72% in a year. Earnings are forecast to grow by 50% in the next year. Announcement • Aug 25
Medicalgorithmics S.A. to Report First Half, 2025 Results on Sep 30, 2025 Medicalgorithmics S.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Jun 04
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł6.77m (down 3.5% from 1Q 2024). Net loss: zł4.20m (loss widened 4.8% from 1Q 2024). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Medical Equipment industry in Europe. Announcement • May 20
Medicalgorithmics S.A., Annual General Meeting, Jun 17, 2025 Medicalgorithmics S.A., Annual General Meeting, Jun 17, 2025. New Risk • Jan 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risk Market cap is less than US$100m (zł225.1m market cap, or US$55.7m). Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: zł5.21m (down 46% from 3Q 2023). Net loss: zł2.13m (loss widened zł1.95m from 3Q 2023). Reported Earnings • Oct 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł5.91m (down 39% from 2Q 2023). Net loss: zł5.32m (loss widened 328% from 2Q 2023). Reported Earnings • Jun 04
First quarter 2024 earnings released: zł0.40 loss per share (vs zł0.15 profit in 1Q 2023) First quarter 2024 results: zł0.40 loss per share (down from zł0.15 profit in 1Q 2023). Revenue: zł7.02m (down 38% from 1Q 2023). Net loss: zł4.01m (down 364% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 18
Medicalgorithmics S.A., Annual General Meeting, Jun 12, 2024 Medicalgorithmics S.A., Annual General Meeting, Jun 12, 2024. Reported Earnings • Apr 24
Full year 2023 earnings released: zł0.06 loss per share (vs zł3.17 profit in FY 2022) Full year 2023 results: zł0.06 loss per share (down from zł3.17 profit in FY 2022). Revenue: zł43.1m (down 31% from FY 2022). Net loss: zł578.0k (down 103% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Dec 03
Third quarter 2023 earnings released: zł0.019 loss per share (vs zł0.93 profit in 3Q 2022) Third quarter 2023 results: zł0.019 loss per share (down from zł0.93 profit in 3Q 2022). Revenue: zł9.57m (down 45% from 3Q 2022). Net loss: zł178.0k (down 104% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł25.90, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 12x in the Medical Equipment industry in Poland. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to zł32.45, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 11x in the Medical Equipment industry in Poland. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł36.50, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 15x in the Medical Equipment industry in Poland. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł27.35, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 14x in the Medical Equipment industry in Poland. Total returns to shareholders of 5.0% over the past three years. New Risk • Jul 03
New major risk - Revenue and earnings growth Earnings have declined by 62% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 62% per year over the past 5 years. High level of non-cash earnings (48% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (zł231.9m market cap, or US$56.9m). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to zł21.85, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 7x in the Medical Equipment industry in Poland. Total loss to shareholders of 15% over the past three years. Announcement • Jun 13
Medicalgorithmics S.A., Annual General Meeting, Jun 30, 2023 Medicalgorithmics S.A., Annual General Meeting, Jun 30, 2023, at 14:00 Central European Standard Time. Reported Earnings • Jun 04
First quarter 2023 earnings released: EPS: zł0.15 (vs zł11.14 loss in 1Q 2022) First quarter 2023 results: EPS: zł0.15 (up from zł11.14 loss in 1Q 2022). Revenue: zł11.3m (down 61% from 1Q 2022). Net income: zł1.52m (up zł57.0m from 1Q 2022). Profit margin: 14% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: zł5.51 (vs zł0.31 loss in 3Q 2021) Third quarter 2022 results: EPS: zł5.51 (up from zł0.31 loss in 3Q 2021). Revenue: zł17.4m (down 43% from 3Q 2021). Net income: zł4.63m (up zł5.98m from 3Q 2021). Profit margin: 27% (up from net loss in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Oct 05
Bio Fund Management Ltd. signed an agreement to acquire 100% stake in Kardiolytics Inc. for $44.9 million. Bio Fund Management Ltd. signed an agreement to acquire 100% stake in Kardiolytics Inc. for $44.9 million on October 3, 2022. Bio Fund to also provide company with additional financing of up to $2.8 million (PLN 13.8 million) over three year period from share purchase. Reported Earnings • Sep 30
Second quarter 2022 earnings released: EPS: zł1.39 (vs zł0.43 loss in 2Q 2021) Second quarter 2022 results: EPS: zł1.39 (up from zł0.43 loss in 2Q 2021). Revenue: zł35.5m (up 28% from 2Q 2021). Net income: zł6.93m (up zł8.79m from 2Q 2021). Profit margin: 20% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Aug 11
Medicalgorithmics S.A. Secures FDA Approval for DeepRhytmAI Technology Medicalgorithmics S.A. has received FDA approval in the U.S. for its proprietary next generation system in ECG signal analysis called DeepRhytmAI. It is a cloud-based Artificial Intelligence algorithm that classifies ECG signals. Without excessive human involvement, DeepRhytmAI is able to recognize a wide range of arrhythmia disorders for a more quick and accurate patient diagnosis. DeepRhytmAI is designed for use with the Company's devices but can be integrated with solutions of other providers, as well. Based on the Company's data, once DeepRhytmAI is integrated with the next generation of PocketECG system (under development) it could cut down the work needed to classify ECG signal by about 50%. DeepRhytmAI will be accessible to business partners who use its devices together with the next generation PocketECG system not earlier than in the second half of 2023. Medicalgorithmics operates in the industry of advanced telemetry for medicine. The Group provides solutions for cardiac diagnostics, especially in the area of ECG signal analysis. Its services are available in several countries and continents of the world, including North America, Asia, Europe and Australia. Announcement • Jun 07
Medicalgorithmics S.A., Annual General Meeting, Jun 30, 2022 Medicalgorithmics S.A., Annual General Meeting, Jun 30, 2022, at 09:00 Central European Standard Time. Announcement • Jan 22
Rafal Brzoska Withdrawn from Negotiations with Medicalgorithmics Medicalgorithmics S.A. (WSE:MDG) said on January 20, 2022 Rafal Brzoska (investor) has withdrawn from negotiations regarding purchase of company's stake. The investor said the business conditions of the deal, as well as the current economic cycle and increased variability of financial markets do not provide sufficient reasons for carrying out a potential transaction. The company continues strategic options review. Reported Earnings • Nov 17
Third quarter 2021 earnings released: zł0.31 loss per share (vs zł0.80 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: zł30.6m (up 22% from 3Q 2020). Net loss: zł1.36m (loss narrowed 61% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Second quarter 2021 earnings released: zł0.43 loss per share (vs zł0.33 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: zł27.7m (up 20% from 2Q 2020). Net loss: zł1.85m (loss widened 55% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • May 28
First quarter 2021 earnings released: zł0.23 loss per share (vs zł0.91 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: zł31.4m (down 13% from 1Q 2020). Net loss: zł1.01m (loss narrowed 69% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 04
Full year 2020 earnings released: zł3.12 loss per share (vs zł1.19 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł111.7m (down 36% from FY 2019). Net loss: zł12.9m (down 402% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 15
New 90-day high: zł25.50 The company is up 2.0% from its price of zł24.95 on 17 November 2020. The Polish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Medical Equipment industry, which is down 20% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: zł0.80 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: zł25.1m (down 41% from 3Q 2019). Net loss: zł3.44m (down zł3.52m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 91% per year but the company’s share price has only fallen by 53% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 29
New 90-day low: zł19.98 The company is down 23% from its price of zł26.00 on 30 July 2020. The Polish market is down 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 68% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: zł21.00 The company is down 17% from its price of zł25.30 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 194% over the same period.