Karen Holzberger Presents SpinTech MRI at LSI USA '23

Transcriptions

Good morning, everybody. I'm Karen Holzberger. I'm the president CEO of SpinTech MRI. LSI also has a very special place to meet because I started about a year ago and LSI was my first investor innovator conference to go to I've been in the job maybe about five minutes. With SpinTech MRI, it's been really interesting for me and excellent experience, because we've really transformed the company over the past year. And really what we do at SpinTech MRI is health systems no longer have to compromise between the trade off of image quality and an imaging versus speed and clarity, really, for what we do is MRIs are really powerful, incredible machine to do all sorts of imaging. And if you've been a patient, you typically have had to wait. So there are these constraints that happen within the health system. You know, it's the backlog of patients. It's the pressure of getting more throughput through, you heard from our keynote speaker this morning that 45% of the health systems within the United States are really struggling and running in the red. So they're looking for ways to really put more patients through the radiology department, specifically an MRI. The doctors, though, really need image quality, and they need the improved contrast for those brain imaging. And so that struggle that's happening today, what we solve for is that we able to improve upwards of 30% throughput through the machines to do neuro imaging, what does that really create to it creates more throughput, it creates a scheduling into the machine upwards of 30%, that creates about an hour per day per machine. For us why that's important, why its health system to the health systems are important. An hour per day can create almost one, you know, to three types of scanning slots. And those scanning slots. Typical reimbursements are about $300 per slot per per schedule. And so what does that equal to about $1,000 per day per machine, really important when you're thinking about, again, the problems, especially in the US health systems, around not being able to scan the patients quickly enough, creating more revenue streams really getting those budgets back into the green that they have to do? Why is this important for the doctor, it's it's important for the doctors because we've improved the image quality to without compromising the speed that they need to do. So improving very small brain lesions, the white and gray matter contrast in those images have they make those decisions all within their workflow. And so it's not that we're asking them, the doctors to go to a different device, a different screen, really within their tools. So really our benefit of 30% Faster, you know, cross mixing manufacturers not changing their workflow, a fully, you know, taking the best of the MRI machine through that type of thing really, really important for that perspective. And so as we've gone to market and so we're FDA cleared, we've been FDA cleared for about a year now we're going out with our second FDA clearance at the end of this month, is the fact that our ROI of upwards of $250,000 per year per machine is really an incredible business case for the health systems who are trying to bring these patients back in. So let me talk to you a little bit now as we're going through. So I've talked a little bit about the problem statement where the compromise between efficiency getting throughput into the customer up to the health system through the patients not compromising the image quality and what the doctors need to make the most informed decisions. And really now the business case for this is how did we get there? We got there. Excuse me, we got there with the sheer fact of the work that we've done with our co founder, we have 20 patents around our technology globally. He's our Chief Technology Officer and founder Dr. Mark Heiki. We've also brought on a chief medical officer. It's really important and one of the transformations of the company this year has been on the fact that we've taken a research product that has been focused on Parkinson's, Ms. Dementia, really the biomarkers and the quantitative output to putting into the hands of doctors to be able to use in daily clinical practice. And so we brought on Dr. Dr. Armstrong from from Dr. Backstrom from Armstrong hospital is also part of Reyes to really help guide what we need to do for the doctor. So as they take on more work, that they can more confidently make informed decisions around the routine work that they're doing with that. We also brought on our CFO last year and really rounded out the leadership team from a technical and research perspective for the MRI software platform that we have really thinking about how we we go to market and really think about what's important for the clinical folks, the really the radiologists, the users of this information as well as we thinking about go to market, because one of the big challenges is when I came on board that we've really solved for is that we don't need different reimbursement codes. So we're using the reimbursement codes from the routine work. And that's 80% of what happens in a hospital each and every day. If you think about the fact that the market size is about a billion dollars for the provider market that we're going after globally, between Europe, China, and the United States, is the fact that 1/3 of those MRR MRIs, which are 11,000, in the US today, 1/3 of those machines are doing some type of neuro imaging scanning, our improvement by that routine work to be able to drive that 30% Faster, create that revenue back to the system, without a special CPT code or be on an AI CPT code, anything like that, for post processing really gives us this clear defined business case for us. So as I think for us, it's a very exciting time for how we've rounded rounded out the leadership team, our key partners, we're actually generating revenue for, you know, with a couple of customers within the US with a very strong pipeline of another 150 opportunities, you know, over a distinct amount of, you know, leadership health systems within the United States with ambitions than to expand to China and Germany. What's important for us and important for your if you're thinking about investment and innovation, is the fact how well can you go to market and because we can follow the MRIs, whether you're a GE machine, a Siemens machine, 1.5, or three T canon, or Philips, we work across those makes and manufacturers. And so we have the ability to standardize across that data, no assumptions in that data, for able to have a doctor to be able to use that successfully. So again, and I'll end it here is that clearly with our return on investment that we can give to the health systems really solving for a problem of throughput needs that they need to do reducing patient backlogs, giving improved image quality and data and information to the doctors to make a better informed decision. Our software platform which is FDA approved, has the ability to solve for all of that for the US health systems. Thank you again, I'm Karen Holzberger. I'm here the week. It was really nice to be able to speak to all of you.