EIQ FDA submission 2024.pdf

90 days till the results of the FDA submission approximately. Will be waiting patiently for this one!

Nessy

held

EIQ quarterly report for the 3rd quarter here EIQ quarterly Q3 2024.pdf

Looking for a CEO again. Hopefully a better choice this time.

US Reader study finished which enables FDA submission in next 2 weeks. Apparently it takes about 100 days for approval (if given). This will be the critical cornerstone of the business. I believe they have extensive good research to back up their application.

The next phase is adapting EchoSolv to heart failure, which is the leading cause of hospital admissions for over 65's worldwide. Their new algorithm for heart failure has been lodged for patent. EIQ expects an Australian study to start shortly and be completed by August 2024. Assuming a successful outcome, a US study would be initiated shortly after.

Boom or bust? Seems the research is good for FDA approval and commercialisation channels are being put in place. Given this is broadly in my area of health I am happy to have a small holding.

Nessy

EIQ letter.pdf

So the former CEO did buy before a market sensitive announcement about completion of the US Reader Study, but he had no knowledge of the upcoming announcement. It was his cultural fit that the company wasnt happy with. Does one say the appointment was not well researched enough or he was a very good actor and his real personality wasnt evident until he was a few months in to the job. Hopefully the latter and the board made a good swift decision before too much harm was done. Time will tell.

Nessy

held

So the new CEO from end of Jan 2024 is now the former CEO...... Never like those sorts of announcements. I wonder if it was anything to do with him buying 500k shares on market just recently.

Nessy

disc - held

Some developments here. First cash flows coming in from sales - extremely small, but a starting point. With R&D refund they only have 2 quarters before they will probably need to do a capital raise. There is a new product aiming at determining heart failure earlier and more readily. FDA approval papers to be submitted very soon (hopefully). My main interest lies in how big the potential market is and the reimbursement possible in the US. This is an educated "bet" on where this may go and I will follow the hopefully increasing cash flows with interest.

EIQ quarterly Q2 2024.pdf

EIQ quarterly cash flow Q2 2024.pdf

Nessy

disc: held in SM and RL

Looks to be a well credentialed appointment to help direct a promising product to market.

EIQ CEO appt.pdf

Nessy

Disc: held IRL & SM

EIQ update Dec 2023.pdf

Steady progress to FDA approval. Also searching for a new CEO who is capable of driving the next phase. Credit to the current team to recognise they may need help in taking that step to further commercialisation and cash generation.

Nessy

disc: held

EIQ pathway for FDA approval.pdf

Good info from EIQ showing progression to FDA approval and patients obtaining a rebate from health insurance. Also gives an indication of revenue from a scan. Many things in place for bigger things to happen in early 2024 it seems

Nessy

held in both

EIQ results update.pdf

Interesting research results, especially the gender bias in diagnosis (no idea how that can happen). Further confirmation that their software is doing what it is meant to. Next step is a commercial agreement.

Disc: held IRL & SM

Trading Halt! The trading halt is requested pending an announcement by the Company in relation to the Australian Clinical Study Results - could be further reinforcement this tech is good (hopefully). Still no word on contracts in the US for commercialisation. Waiting and holding IRL and on Strawman

EIQ St V's research Dec 2022.pdf

Kicking another goal with the research. Confirming their technology further. Sets themselves up for commercialization outside of the US too. Let's see what the next step is.

Nessy

held

EIQ commercialisation Dec 7.pdf

Well this happened way faster than I expected. EIQ have launched "Echosolv" for immediate distribution to the US Market. Results of their study were only out very recently but it seems they have been working on this in the background. They will be selling on either a per scan model or a SaaS model. There is no mention of contracts or what they are worth but the US hospital market is very expensive so I would expect it would be meaningful. One of the really appealing aspects of this technology is that there is no expensive equipment upgrades required for it to be implemented - it is just added to existing hardware. There is mention of their US based healthcare exec already being in talks with major hospitals. Watch this space!

The attached article is a good read.

Nessy

disc: held

Well, it seems the AI tech in this one is fast approaching commercialization (or making EIQ a takeover target). The heart valve scanning they do is picking up a much larger group of aortic stenosis patients than is currently being picked up. The importance of this is that AS is deadly and early treatment is more than just a gold standard. This is not a reversible disease by my understanding so early detection is really important. The attachment is an easy read and has good statistics (patient numbers in the study are over 30k to pretty solid).

EIQ research update Dec 1.pdf

Nessy

disc: held

EIQ trading halt 29 Nov.pdf

Trading halt pending release of US clinical study results. Could be very interesting.

EIQ quarterly Oct 2022.pdf

Interesting quarterly. Cap raise and cash at bank will get them through 2023. Hitting pretty good milestones in the US after presenting at the cardiac conference mentioned in a previous straw. I like the following points.

In a further sign of US traction, Echo IQ was recently selected for inclusion in the coveted 2022 HeartX Accelerator, a cardiovascular-focused healthcare accelerator that helps to fast-track deployment of new cardiovascular innovations. This program is powered by HealthTech Arkansas and MedAxiom and selects only 5 accomplished, early-stage companies to take part each year from several hundred that apply. 

Appointment of Echo IQ USA President Donald Fowler - seems a guy with good credentials including 26 years at Siemens.

The Company is pleased to advise that, in line with guidance provided in the last quarterly update, it has been granted certification in both HIPAA SOC2 compliance - big things for the US market.

Still a speculative health tech company at this stage with a potential big market. When/if it shows further promise likely to be snapped up by a big health care company. I have some knowledge of this area and am happy with a small "bet" on it.

Disc: held IRL and on strawman

EIQ presentation Europe.pdf

These guys have just presented at a top level cardiac conference in Europe. Their AI seems to be gaining traction. They have some cash in the bank to keep them going. This is not what you would call a viable business at this stage but has very good potential and is most likely a takeover target by a big health company. Being in the health field myself it seems to have a good asymmetric upside for those willing.

Disc: held IRL and on Strawman

EIQ have been asked to present at relatively late notice at the European Society of Cardiology Congress to be held in Barcelona in August. To be included at late notice is relatively unusual. Watch this space!

EIQ research conf July 2022.pdf

EIQ investor preso.pdf

Interesting to follow the progression to FDA clearance in the US. Cardiac problems are a massive market in the US. This AI seems to be starting to stack up well. Early stages yet but very interesting.

HWH could be an interesting company to keep an eye on and has gained some interest recently.  Small cap of 64M and only has 980k earnings but increasing at a reasonable rate.  3.8M cash at hand but burned 3M last year so may need to raise capital at some stage soon.  

AI is always difficult to assess. From what I can read they have a variety of components of their business. Intelfuze takes data from multiple sources as well as human input to predict any outcome.  Was originally developed for use in military intelligence and still have a contract in place for this it seems.  Appraise, Mailout and Elvis platforms help prevent health insurance fraud (working with HCF currently). Their software is also being used in the fintech environment to help enable lenders assess potential clients with a high degree of success. Have just purchased Echo IQ which is possibly the most exciting opportunity.  This AI review of echocardiograms can help with the earlier diagnosis of aortic stenosis (a fairly large problem in the community) which can lead to early treatment and reversing of the condition.  They have been fully funded by Edwards Lifesciences, a US$74B health care company in the US, for a clinical trial of the platform and will advance to FDA approval after.  Obviously a potentially massive market for them. Working in the health industry I can see this being potentially a large opportunity and that seems to be showing in the share price right now.

Management looks strong with reasonable skin in the game and plenty of performance options available.  Izzy Whitelock as CEO has solid experience in AI but is still young enough to be sharp, and is backed up by Andrew Grover and Stephen Formica who both have many years of experience growing businesses.

As for valuation, that is where I struggle and would be happy to accept opinions.  In its current form it is probably over valued (may reach break even in 3 years if it sustains 45% yoy growth), however if its study in to aortic stenosis is positive and approved by FDA it could be headed for exponential growth or a takeover target.