Lars Grieten, FibriCheck - Atrial Fibrillation Detection & Monitoring | LSI USA '24

Lars Grieten  0:02  
My name is Lars and I'm CEO of FibriCheck. We do device agnostic, cardiovascular diagnostics. I like to quote, a burden not shared as a burden not felt we were too late to help my grandfather who died from a little stroke due to atrial fibrillation. We were too late to help my grandmother who developed late stage heart failure due to age population, we were just in time to save my father from a second stroke caused by unknown atrial fibrillation. And we were right on time to help the 1.2 million people that are currently our user base. The problem of atrial fibrillation is that it is an is a heart rhythm disorder that is intermittent and can be asymptomatic if you have symptoms is not always related due to the heart rate and problem. And there are a lot of diagnostics out there but they yield in a very low diagnostic yield. 80% is negative. If undetected and untreated, you have a three fold increase in mortality 30% of AFib patients develop heart failure, and of all the strokes 20% of them have atrial fibrillation. Why is this relevant to you is because the statistics are against, you know, one out of four above the age of 40 will develop atrial fibrillation in their lifetime. How is that detected? Well, fortunately, there's an entire industry out there that has specialized technology to help you with that. They require ECG or electrocardiographic recordings. And they are big for style machines to wearable patches. They've made them smaller, more tangible, portable device that you can put in your pockets. But still you are depending on the device. They even have those wearable devices with optical sensing capabilities to do some more tracking. But if you look at a small letters there, a lot of ifs and dents linked to that, that don't lead to clinical decision making. And that's where FibriCheck comes into play that we provide a unique product positioning into this existing markets, where we provide a device agnostic or device independent approach that utilizes existing devices with the patient's Bring Your Own Device strategy that delivers clinical grades accuracy to detection and management of atrial fibrillation. So how does the FibriCheck system looks like you have a product that you have in the hands of the user or patients, this can be a wearable a ring an ear block, this can be your smartphone. And just for reference, there are more smartphones in the world. And there are toothbrushes and toilets, that means that it's very well penetrated in the entire population, and therefore very accessible, a key word accessibility. The technology use on a smartphone as you just put your finger on the camera, it takes a reading for one minute. And then that data is sent to a medical AI platform that performs a heart rhythm analysis. And that model has been trained on more than a million data sets from over 100,000 users and get state of the art performance with 99% accuracy. And that of course makes them visible to healthcare professionals to interpret the information and take clinical decisions were needed. So there's an actual portal that drives clinical decision making. This means that the product that we have developed and on the market right now is providing all the bells and whistles needed to have useful digital health to for both patients, users and physicians. We are unlocking global regulatory market access with European and Middle Eastern approvals that are already in place, Australia, Singapore and India as well. We have for us and global patterns approved as we speak. Real world accuracy demonstrated around 99% and more than 70 peer reviewed publications about our technologies with also more than 20 external clinical trials ongoing utilizing our technology. How do we market this today? We do this to treat different business models that work in synergy with each other with a model towards healthcare providers, a model towards partners, we have a model towards end users they generate today 160k MRR revenue for us with 450k additional secondary revenue streams with more than 30,000 monthly active users on our system, and have compiled a huge database of more than 15 million annotated data sets that we use to train or AI towards future developments. Zooming in on the healthcare provider model, how does this look like? Very simple. As a physician, I prescribe the application to my patients and I monitor and manage my patient remotely. We do this in hospital license model approximately 20 to 25k Arr per customer. After three years. We have 0% journalists customers, we have a 30% growth per accounts that we see because they diversified deployment of our technology. We've monitored more than 20,000 patients last year, which was 50% More than the year before. More than 500 1000s monitoring days. uplights average age of a patient is 65 96% activates on the first touch, so there's no technology averseness or barrier and we see that the compliance is more than they asked for It's 145%, that people are actually using the system. second model is what we provide to partners. Partners are insurance providers, wearable providers, or remote patient monitoring platforms, where they distribute our technology to their customers. They can do this with our standalone products, or utilize the building blocks that we have the SDK and API to integrate that into their ecosystem model went live last year currently done active integrations ongoing. And the deal size per customer varies between 25 to 120,000 Arr per customer. The last model, and that's a very relevant one is the end user model. It's where we disclose our technology to the end user, and they're in control. They take a subscription fee on our products. And the main indications why an end user purchases future today is because they had a previous treatment for the atrial fibrillation, they feel symptoms, or they had a family burden of the condition. There we are in the sweet spot, 64 years of age. And we see that the long term value of the lifetime value of a customer versus the customer acquisition cost ratio is two to one. So this model pays for itself. But more interestingly, this generates a wealth of information for us to continue or r&d innovation cycle. What we see is when we deploy this into the markets, and it doesn't matter which care pathway, we deploy this in. So far, we've deployed more than 20 different clinical pathways, we see instant cost savings from day one. This goes from reduction in healthcare utilization, increased diagnostic yields, reduction in nurse time reduction, and that stays a lot of very nice cost effectiveness of health and health economic data that we are observing. Where does this fit into the markets, if you look at the cardiac arrhythmia markets, and there are different areas, ranging from belt mutations to at risk populations to diagnose populations, but more than interestingly is that less than 10% of this market actually gets serviced? So there's a direct entry for us potential in this market without being competitive, and actually very nice energetically to the other players in the markets. But of course, our ambitions are bigger, what is beyond arrhythmias? What if we can expand to other cardiovascular opportunities and therefore expense or market potential? So then the question is, how do you get there? And just like Tesla is using the video streams of their cars to train their AI, we are utilizing the data generated by your users to train our AI. So what can we do beyond atrial fibrillation? Can we do hypertension? Can we do heart failure can develop valvular or vascular disease? Can we predict arrhythmia onsets. While that is actually the work that we currently do based on the data, and the first results are looking promising. Today we have a team that gets things done. So we're now at 24 People with a focus on mental health and electrophysiology, we're expanding or activities beyond Europe. The way that we see the way forward Phoebe check is that today we are hitting three milestones. The first one is getting 100 Gate MRR in Europe and Australia. Second one is outperform ECG state of the art devices. And the third one is to unlock to US market access. The next step we're getting into is raising 8 million that will be done for later this year, to have 18 months of runway to have three new milestones. One is to scale in Europe and Australia beyond the 300k MRR. Secondly is we want to validate the business model we have in Europe, in the United States. And thirdly is to demonstrate our health economic benefits from Europe and translate them to United States. Thank you