AI and Medical Technology company Echo IQ Limited (ASX:EIQ) has signed an important pilot agreement with Advara HeartCare WA, Australia’s largest cardiology healthcare provider for the deployment of the company’s AI- backed EchoSolv technology which is used to greatly enhance the detection of numerous forms of structural heart disease.
Paid Pilot Agreement
Under the terms of the agreement between Echo IQ and Advara, Echo IQ’s decision-support platform for aortic stenosis, EchoSolv, will be used in Western Australia to assess echocardiographic measurement data, retrospectively.
The aim of the pilot is to demonstrate the effectiveness of EchoSolv as a tool to support enhanced clinical practice for the timely identification of severe aortic stenosis.
Potential for wide deployment across Advara’s 90-centre network
Pending successful completion of the paid pilot program, this agreement could see EchoSolv rolled-out to Advara HeartCare sites across Australia. The agreement includes an initial implementation fee and outcome-driven fees that are variable in nature.
Due to the variable use nature, the full value of this contract cannot be accurately determined at this time, but the company expects to update the market on the progress on this revenue stream as it materialises.
Advara HeartCare is recognised worldwide for integrating innovative new technologies into its practice. We are committed to bringing cutting edge solutions to our facilities and see significant potential for artificial intelligence to help support even better outcomes. This pilot agreement will see Advara use the decision-support power of EchoSolv for the benefit of our patients and cardiologists,” Advara HeartCare’s Chief Medical Officer, Dr Daniel Cehic, said.
Echo IQ Executive Chair Andrew Grover said the company is making rapid progress commercialising its technology with more revenue-generating agreements.
“The paid pilot agreement with Australia’s largest cardiology provider is further evidence of the level of interest in our AI-backed technology and the kind of commercial traction we have been gaining. It is also an outstanding endorsement of our technology.
“Advara HeartCare is a national leader in its field with operational scale and the potential to significantly impact Echo IQ’s commercial revenue streams with wider deployment across their network of 90 centres.
“We look forward to sharing the results of the pilot and any commercial outcomes that materialise. As well, additional commercial agreements in Australia and the United States are advancing favourably and we look forward to updating shareholders accordingly.”