MedApp, an innovative medtech company (SaMD – software as a medical device) listed on stock exchanges in Poland and Germany (NewConnect and Börse Frankfurt), continues its very dynamic business growth and international expansion, resulting in the start of cooperation with a distributor and sales representative in Brazil.
MedApp recorded close to PLN 3.7 million in revenues between July and September this year, which is almost 4 times more than a year ago. EBITDA in Q3 2021 amounted to PLN 1.6 million (almost 10 times more than last year), and net profit increased by more than PLN 1.4 million (31 times higher yoy). In the three quarters of 2021, the company generated revenue of PLN 9.14 million and record net profit of PLN 3.2 million. EBITDA after three quarters of this year exceeded PLN 4.6 million.
“We are incredibly pleased with the high dynamics of the generated results. We are focused on geographic expansion and acquiring clients in additional markets. We are investing in product development and scaling our technology, which results in signing more distribution agreements,” indicates Krzysztof Mędrala, CEO of MedApp S.A.
This year, MedApp S.A. signed its first foreign distribution agreements in the markets of Great Britain, France, and Luxembourg, and expanded its sales channels in Poland. The company is also in the process of certification with the FDA, which is a necessary part of entering the world’s largest medical market, the United States. Already in the current quarter, working on distribution agreements with additional partners has resulted in the entry into the Brazilian market, where the training of distributor representatives and the first treatments with the use of CarnaLife Holo in Brazilian hospitals have begun.
“We are entering the fifth most populous market in the world, with a population of more than 216 million, equivalent to almost half of the entire European Union. Brazil is a market open to innovations that improve the quality of medical services and increase the economic efficiency of treatment, and four of its facilities are on the prestigious list of the 200 best hospitals in the world,” says Krzysztof Mędrala, CEO of MedApp S.A.
MedApp is a 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 industry accolades, this October, Google selected MedApp for its accelerator program as one of the top fifteen medtech startups in Europe.
“This is a clear signal that we are becoming more and more internationally recognized and we believe that the doors are open now. As the CEO, but also a shareholder, I will do everything to take full advantage of this opportunity,” says Krzysztof Mędrala, CEO of MedApp S.A.
Increasing the scale of international expansion of the Company is to be accelerated by the planned issue of shares in the IPO on the main market of the Warsaw Stock Exchange. Currently MedApp is listed on the NewConnect market and awaits the approval of the Prospectus by the Polish Financial Supervision Authority.