Echo IQ Reports Strong US Performance of EchoSolv AS Platform Ahead of Regulatory Clearance

Perth-based medical technology company Echo IQ (ASX: EIQ) has reported strong operational momentum from its EchoSolv AS platform in the US market, with a 153% increase in echocardiograms over the three months to September.

The performance has come about through extensive engagement with US hospital groups, which have integrated the technology into their operations, resulting in the platform’s analysis of more than 90,000 echocardiograms globally.

The company said it was a major milestone that provided it with considerable confidence in the continued use of the technology.

Dedicated Conversion Strategy

Echo IQ is now is advancing a dedicated conversion strategy, with final demonstrations and beta testing underway at a number of large hospital groups and clinics throughout the US, and anticipates additional integrations in coming months.

Echo IQ chief executive officer Dustin Haines said the company continues to build strong momentum across all key workstreams, and expects the increase in platform use to start generating revenue before year end.

“Achieving a consistent growth rate of echocardiogram processing with fully-integrated US customers highlights increased usage of our technology ahead of a broader scale-up and sales push across a range of qualified leads,” he said.

“We have new integrations with leading hospital networks and strategic initiatives underway in the US and European Union, which positions us well to accelerate the global adoption of our technology and deliver significant value to shareholders.”

Mayo Clinic Validation Study

The US-based Mayo Clinic is conducting a clinical study of EchoSolv HF using its in-market AI evaluation program Mayo Validate, which generates an objective report on accuracy, efficacy, and susceptibility to bias for AI-based decision software.

EchoIQ expects the study to validate EchoSolv HF’s ability to detect heart failure and will use the data to support its application with the US Food and Drug Administration.

Regulatory clearance would unlock a significant market opportunity for the company, with heart failure currently the leading cause for rehospitalisation in the US, while accounting for 17% of national healthcare expenditure.

The condition has a market size of US$60 billion and is poised for growth, with estimates that one in four Americans will develop heart failure in their lifetime.

New Executive Appointment

Echo IQ has strengthened its US presence with the appointment of internationally-recognised interventional cardiologist Dr Phillipe Genereux to the role of strategic advisor.

Dr Genereux is one of the world’s leading authorities on structural heart disease and currently serves as medical director of the structural heart program at Morristown Medical Centre in New Jersey.

Over his 15-year career, he has acted as primary or co-investigator on over 20 clinical trials worldwide and has authored more than 300 peer-reviewed publications.

As part of his role, Dr Genereux will help drive the adoption of EchoSolv using his extensive US network and assist with pending regulatory submissions.

Echo IQ is also working with Dr Genereux to advance integration of EchoSolv AS at the Morristown Medical Center, which boasts 735 beds and serves the Northern New Jersey and New York metropolitan area.

Strategic Advisor Engaged

Echo IQ has also appointed cardiovascular specialist Dr Asif Ali as a strategic advisor.

Dr Ali is a clinical associate professor of cardiovascular medicine at the University of Texas Medical School, specialising in cardiovascular and autonomic conditions at Houston Cardiology Consultants, combining traditional cardiology with digital diagnostics and a focus on health equity.

He is also active in the health-tech and innovation space, serving on the American Heart Association’s health tech advisory group and contributing to committees on AI and cardiovascular metabolic-renal integration.

Echo IQ will leverage Dr Ali’s expertise to further refine EchoSolv’s commercial offering for the US market and unlock integration opportunities.

Trans Tasman Pilot Trial

A medical device pilot trial being run in Australia and New Zealand by an undisclosed global structural heart innovation company has recorded an increase in the use of EchoSolv AS to more than 50,000 echocardiograms for the year to date.

The trial uses EchoSolv AS to assess quality assurance and patient recall programs and highlight at-risk patients for further review.

Echo IQ is also focusing on other opportunities with Australian hospitals and clinics prior to potential regulatory engagement with the Therapeutic Goods Administration (TGA).