Medicalgorithmics S.A. Logo

Medicalgorithmics S.A.

ISIN: PLMDCLG00015 | Ticker: MDG | LEI: 259400O65SLJ2CVTSP22
Sector: Health CareSub-Industry: Health Care Technology
Country: Poland

About Medicalgorithmics S.A.

Company Description

Medicalgorithmics S.A. is a Polish company that develops advanced systems for cardiology. Innovation is one of its main advantages –it is present both in the organization of day-to-day work and in the development process. Thanks to a multidisciplinary group of researchers and developers, Medicalgorithmics markets ground-breaking technological solutions. We develop algorithms, software and devices which are then implemented for manufacturing. It lets us provide telemedicine services – arrhythmia diagnostics and cardiac telerehabilitation supervision – to thousands of patients around the world.

The Medicalgorithmics flagship product is PocketECG, a system for heart arrhythmia diagnostics, which has been successfully used by patients in the United States for 10 years. It has become one of the most popular systems for long-term heart monitoring. So far, PocketECG has diagnosed several hundred thousand patients in the U.S. and recorded 200 million hours of heart beating.

Year founded


Served area



Al. Jerozolimskie 81, 02-001 Warszawa – Poland

Financial statements

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Line item in (pln) 02.01.2021 01.01.2022 01.01.2023
Assets N/A 114,410,000.00 108,736,000.00
Noncurrent Assets N/A 77,664,000.00 65,943,000.00
Property Plant And Equipment N/A 26,996,000.00 2,003,000.00
Deferred Tax Assets N/A 0.00 0.00
Current Assets N/A 36,746,000.00 42,793,000.00
Inventories N/A 0.00 8,771,000.00
Trade And Other Current Receivables N/A 25,079,000.00 7,857,000.00
Cash and cash equivalents 16,197,000.00 11,667,000.00 26,165,000.00
Equity And Liabilities N/A 114,410,000.00 108,736,000.00
Equity 207,365,000.00 47,394,000.00 80,079,000.00
Issued Capital N/A 498,000.00 995,000.00
Retained Earnings N/A -104,758,000.00 -135,340,000.00
Other Reserves N/A 148,123,000.00 210,982,000.00
Equity Attributable To Owners Of Parent N/A 47,385,000.00 80,070,000.00
Noncontrolling Interests N/A 9,000.00 9,000.00
Liabilities N/A 67,016,000.00 28,657,000.00
Noncurrent Liabilities N/A 26,761,000.00 17,053,000.00
Noncurrent Provisions N/A 105,000.00 191,000.00
Accruals Classified As Noncurrent N/A 3,227,000.00 4,178,000.00
Deferred Tax Liabilities N/A 4,378,000.00 8,293,000.00
Other Noncurrent Financial Liabilities N/A 10,784,000.00 4,244,000.00
Other Noncurrent Liabilities N/A 144,000.00 147,000.00
Longterm Borrowings N/A 8,123,000.00 0.00
Current Liabilities N/A 40,255,000.00 11,604,000.00
Current Provisions N/A 3,200,000.00 641,000.00
Trade And Other Current Payables N/A 18,416,000.00 5,788,000.00
Accruals Classified As Current N/A 8,999,000.00 35,000.00
Current Tax Liabilities Current N/A 113,000.00 125,000.00
Other Current Financial Liabilities N/A 8,008,000.00 5,006,000.00
Current Borrowings And Current Portion Of Noncurrent Borrowings N/A 1,519,000.00 9,000.00
Line item in (pln) 01.01.2021/
Revenue 48,349,000.00 62,719,000.00
Raw Materials And Consumables Used 9,918,000.00 12,354,000.00
Services Expense 8,695,000.00 12,218,000.00
Employee Benefits Expense 12,893,000.00 17,093,000.00
Depreciation And Amortisation Expense 4,187,000.00 4,020,000.00
Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss -21,737,000.00 0.00
Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss -21,737,000.00 0.00
Other Expense By Nature 497,000.00 657,000.00
Profit Loss From Operating Activities -9,635,000.00 17,212,000.00
Finance Income 3,245,000.00 955,000.00
Finance Costs 620,000.00 295,000.00
Profit Loss Before Tax -7,010,000.00 17,872,000.00
Income Tax Expense Continuing Operations -438,000.00 -216,000.00
Profit Loss From Continuing Operations -6,572,000.00 18,088,000.00
Profit Loss From Discontinued Operations -174,066,000.00 -48,492,000.00
Profit (loss) -180,638,000.00 -30,404,000.00
Profit Loss Attributable To Owners Of Parent -180,638,000.00 -30,404,000.00
Profit Loss Attributable To Noncontrolling Interests 0.00 0.00
Line item in (pln) 01.01.2022 02.01.2021 01.01.2023
Profit (loss) -180,638,000.00 N/A -30,404,000.00
Adjustments For Income Tax Expense -17,343,000.00 N/A -1,804,000.00
Adjustments For Decrease Increase In Inventories 0.00 N/A -1,633,000.00
Adjustments For Increase Decrease In Other Operating Payables -13,855,000.00 N/A 5,867,000.00
Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss 162,283,000.00 N/A 1,148,000.00
Adjustments For Provisions 332,000.00 N/A 335,000.00
Adjustments For Unrealised Foreign Exchange Losses Gains -4,474,000.00 N/A 3,679,000.00
Other Adjustments For Noncash Items -2,499,000.00 N/A 11,000.00
Adjustments For Losses Gains On Disposal Of Noncurrent Assets -85,000.00 N/A 0.00
Interest Received Classified As Operating Activities 607,000.00 N/A 0.00
Income Taxes Paid Refund Classified As Operating Activities -2,216,000.00 N/A -2,144,000.00
Other Inflows Outflows Of Cash Classified As Operating Activities 11,000.00 N/A 46,000.00
Cash Flows From Used In Operating Activities -6,479,000.00 N/A 6,331,000.00
Cash Flows From Losing Control Of Subsidiaries Or Other Businesses Classified As Investing Activities 0.00 N/A 19,957,000.00
Purchase Of Property Plant And Equipment Classified As Investing Activities 9,910,000.00 N/A 0.00
Purchase Of Intangible Assets Classified As Investing Activities 5,969,000.00 N/A 12,374,000.00
Proceeds From Other Longterm Assets Classified As Investing Activities 103,000.00 N/A 0.00
Cash Flows From Used In Investing Activities -15,776,000.00 N/A -1,812,000.00
Proceeds From Issuing Shares 11,447,000.00 N/A 13,870,000.00
Proceeds From Borrowings Classified As Financing Activities 0.00 N/A 0.00
Repayments Of Borrowings Classified As Financing Activities 1,536,000.00 N/A 1,477,000.00
Payments Of Lease Liabilities Classified As Financing Activities 5,233,000.00 N/A 0.00
Proceeds From Government Grants Classified As Financing Activities 15,087,000.00 N/A 0.00
Other Inflows Outflows Of Cash Classified As Financing Activities 0.00 N/A -763,000.00
Cash Flows From Used In Financing Activities 17,725,000.00 N/A 9,979,000.00
Increase (decrease) in cash and cash equivalents after effect of exchange rate changes -4,530,000.00 N/A 14,498,000.00
Cash and cash equivalents 11,667,000.00 16,197,000.00 26,165,000.00

Please note that some sums might not add up.

Filings & Publications


Consolidated Report
Corporate Governance Report
Company Presentation
Sustainability Report
Remuneration Report


Consolidated Report
Corporate Governance Report
Company Presentation
Sustainability Report
Remuneration Report

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