Video Transcription
Lars Grieten 00:02
Good evening, everyone. Last presentation, they told me I had 50 minutes to tell the story before the bar opens, so I'll take my time. Fibricheck, we are seemingly simple yet incredibly sophisticated cardiovascular diagnostics that convert ordinary consumer devices into medical devices using AI. These people, my grandparents and my father, put a face on the debilitating condition and legal condition that is called atrial fibrillation, which is also called a heart rhythm disorder. Just as them, there are 220 million people out there that are in need of diagnostics annually. The problem is that only 10% of that population is being serviced today, meaning which is already creating a ten billion market that is annually growing at a 30% CAGR. The challenge is that today, limitations in resources in healthcare, both utilization and financing, do not enable this to scale up. We know that consumer devices have enabled heart rhythm monitoring to that population, but they fail to fill the need to address that issue accordingly. If you do not timely detect, diagnose, and treat these conditions, you have a two-fold increase of dementia in the long term. You have a three-fold increase of heart failure, and you have a five-fold increase of stroke, just like my grandparents and my father. You can imagine that these long-term health economic outcomes are detrimental both from a cost and quality of life perspective. That's actually where Fibricheck comes into play. We are transforming that space by providing an AI-powered, device-agnostic platform that transforms these ordinary devices, which you already have in your pocket, into medical devices. Accordingly, we are in the commercial stage in Europe. We are regulated as a Class IIa device in Europe, with a CE mark, and recently obtained FDA clearance, putting us as the only device in the US market with these capabilities. So far, 600,000 users have utilized our system in Europe. We are prescribed by 70 health systems, and everywhere we're deployed, we're generating cost efficiency, and we're deployed by 10 health insurance providers that utilize us to relieve the burden on the healthcare system accordingly. How does Fibricheck work? Well, as mentioned, it's seemingly simple but yet incredibly sophisticated. You use existing devices out there today. The smartphone is everywhere at present, contactless face cameras, and you have also wearable devices. We extract the raw data out of those technologies with our patented technology. We convert that in combination with our AI into data that is interpretable, so physicians can read this, but we can detect and differentiate different types of arrhythmias based on these readings, and that actually translates into clinical insights that drive clinical decision-making. So basically, your smartphone, by putting your finger on it, is making insights for physicians to drive clinical decisions. And that's also what the evidence that we've generated actually demonstrates. We have more than 80 peer-reviewed publications out there, and the latest two that were published this year demonstrated that Fibricheck is outperforming state-of-the-art ECG devices, not only on accuracy level but also on data rejection level. Secondly, a randomized control trial demonstrated that if you put patients on monitoring versus usual care, which is traditional Holter technology, we have a five times higher incidence of relevant treatment induction on those patients utilizing our technology versus usual care, demonstrating superiority wherever we're deployed. Business model-wise, we have two models. One is an insurance provider model, where we have an agreement with insurers that have a per member base or per active user base, and on the other side, we have a medical provider model, where physicians prescribe the applications to patients. If reimbursement is in place, they can claim reimbursement, and we bill them accordingly for the services that they have consumed. What we see from tens of thousands of users in the insurance model is that 30% of that population have symptoms, but if you have symptoms, apparently, 95% of those patients actually have a mild arrhythmia that requires a completely different healthcare decision to be taken than those patients with atrial fibrillation who don't have symptoms. So basically, Fibricheck helps insurers relieve the burden on the healthcare system by providing the right insights to the right patients accordingly. On the medical provider side, our impact is different. We have cost efficiency, workforce utilization, and we have symptom management programs that avoid unnecessary consultations. These result in an 11 to 1 return on investment for those partners. When you have early discharge programs to keep patients out of the hospital and reduce the amount of bed days, there is a 17 to 1 return on investment that we've demonstrated. Today, after our FDA clearance, which took place at the end of June, we're preparing to enter the US market this quarter, and we're having a laser-sharp focus on building a prescriber base that enables us for further growth. Fibricheck can be deployed in the entire patient journey, from early detection to monitoring according to our FDA clearance. What we're doing today now is focusing very specifically on an obtainable market of $85 million that grows annually at 20%, and those are 140,000 patients annually, which can be very easily localized based on the physician that is treating them. That will be our starting point; that will be our target. Where we position ourselves in the landscape is that we are providing billable services, so there's reimbursement in place for what we're doing. On the other side, we're scalable, meaning that we can use the devices that patients already have and remove the entire burden of logistics accordingly. Next to that, we put physicians in control. They are sick and tired of just receiving data from their consumer devices. We tell the physician, now you have an interface that can manage the data flow accordingly. These pains resonate very well with the ecosystem we're engaging with, and that's the US piece we're providing with Fibricheck. Of course, this doesn't stay with arrhythmia monitoring. We do atrial fibrillation today. We already differentiate different cardiac arrhythmias, but what we have built is a contextualized database of 17 million annotated data sets that unlock future cardiovascular biomarker identification. Even during my talk right now, already 100 new measurements have been added to this database, and that provides a very effective growth model, which provides longitudinal insights that help us to tap into other disease patterns and go from detection to management to prediction of those cardiovascular biomarkers. Accordingly, we are a team that knows how to get things done. We know how to get things done in a very capital-efficient way. We have formed a team of 25 people who are supported by a strong medical advisory board that has a background within the industry and the US ecosystem that is helping us push forward accordingly. Last year, we hit three milestones. One, our MRR continues to grow with a 30% CAGR. We have also demonstrated that we outperform state-of-the-art and standard of care, and we have unlocked the US market by getting FDA clearance. This triggers us now to start a Series A fundraise of eight to ten million to enter the US markets and continue our growth. We will use that funding for two new additional milestones to unlock. One is to validate our beachhead market that we're addressing right now, prior to further growing and scaling on that one, and secondly, unlocking the over-the-counter market, which will unlock our insurance model and therefore broaden our scope for growth on that level. So thank you for your attention, and I wish I could open the bar, but I still have 40 minutes left. So have a nice evening.
