Video Transcription
Peter Csikos 00:02
Hi, Peter Csikos from Intuescope. Let me briefly introduce what we do. What we do is that we enable gastroenterologists and surgeons—those who are performing colonoscopies—to analyze, see, and interact with the colonoscope on a completely different level. We have already raised something like 4.5 million euros. We have 15 employees. Our next product goes to market in Q1 2025, with two more products going into the market in 2025 and the beginning of 2026. We already have vital traction, with advisors from seven countries across two continents, and also KOLs and resellers already testing the product.
What is the market? The market is fairly simple. It's all of you guys. If you are over 40, you have to see a gastroenterologist for a colonoscopy at least once every five to ten years. As you know, this is not a social event. How should I say? This is fairly inconvenient and also painful, and in some cases, lesions are missed. According to statistics, six to 26% of lesions are missed. In some cases, there is a waiting list, and there's also a learning curve for the gastroenterologist. They need to perform a couple of hundred, a couple of thousand procedures to interact nicely with the system.
What we do is help them with new technologies such as AI, computer vision, and digitization to resolve this problem. The first product, you know, typically when they perform a colonoscopy, it's like when you are reversing with your car. They are pushing very hard, and then they pull out and try to look for regions. It's like you guys reversing in a tunnel with your car. So it's very, very boring. You see just the tunnel all around. This is what the gastroenterologist is doing.
The first product, what we call Intu AI, is a simple artificial intelligence tool that can be connected to any endoscope on the market. It discovers potential cancerous lesions and doesn't need the agreement of the endoscopy manufacturer. It is software as a service, cost-effective, and tells the medical professional where the lesions are.
The second product that goes to market at the end of this year resolves a typical problem. Again, you are reversing with your car. You don't see what is behind. Your car has mirrors, but the colonoscope doesn't have mirrors. So when you are reversing, there are lesions potentially in front of you, behind you, and below you that you don't see because the colonoscope's field of view is limited. What we provide is a simple tip for the endoscope that enables a 360-degree view with artificial intelligence. The medical professional doesn't have to change the process or what they normally do. It tells them, "Wait, there is a lesion behind you. There is a lesion below you. Please check it out."
The third product coming to market at the end of 2025 or the beginning of 2026 is again for the colonoscope. It has a very, very long tube and a steering wheel that is very analog. They have to use two steering wheels to control the two axes, which is very old-fashioned. It is also problematic for women with smaller hands to use the two steering wheels at once. We give them an adapter that we call Intu Drive, which enables them to steer the endoscope with a simple thumb joystick. What does this mean for them? This means that they can use one hand to steer and the other one to pull out. So private practices, for example, need one assistant less.
What does this actually mean for them? This means, of course, for patients, usually less pain; for medical professionals, it means safer endoscopy with fewer undiscovered lesions. Also, what is very important is that the average quality of the endoscopy will be better because those who have less experience can perform the procedures with the same quality as those who are very experienced.
On the competition side, as I said, Intu AI is a fairly simple, cost-effective device compared to competitors. Based on the KOL feedback, they like the fact that we provide fewer false positive results. They appreciate that it's easier to integrate with existing colonoscopes. There is no brand attachment, and last but not least, it also provides a sort of confidence index. This is a definitely cancerous lesion, a potentially cancerous lesion, or we don't know, but we assume so.
Regarding the Intu Drive adapter, others have also tried a 360-degree field of view with multiple monitors and multiple cameras. We just want to avoid a simple tool. Others are also putting adapters to improve the endoscopes, but these are for different purposes, not for a 360-degree field of view.
On the market, we already have traction from resellers. At the moment, KOLs and resellers are checking the product and having local demos in six to seven countries. Hopefully, even before the start of general revenue generation, we can provide some contrast to potential investors. We are in a fairly nice 2.4 billion market that will grow to 4 billion by the end of this decade. That said, all of you need a colonoscopy every five years if you are over 40. So I would say the market is fairly nice.
On the financial side, we are looking for 1.6 million euros with a pre-money valuation of 11 million euros. This will go for commercialization, certification, and also for the go-to-market part. We expect to be profitable around 2026, and as you see, the business has quite a healthy EBIT margin, something like 20-30% EBIT margin from 2027-2028 onwards.
Potential buyers for the technology—some people like to show it. I think it has to be shown. There have been multiple acquisitions like this in the past few years, notably the acquisition of EndoChoice by Boston Scientific and the acquisition of Odin Vision by Olympus.
Last but not least, just to summarize, we have a technology that I would say is beyond the state of the art. We help the endoscopist use new tools—AI, computer vision, and digitization—with their current endoscopes by providing a retrofitting product line. We have profitable and high-margin operations, with profitability expected from 2026. We have three products and a fairly nice team experienced in medical devices and IT. Some of us have been working together for 15 years, and some of the investors have also been investors in my previous business. Last but not least, we have a valuable product that is already validated by key opinion leaders, and resellers are continuously looking to sell it.
Thanks. Applause.
