Ann: Echo IQ Webinar 6 November 2024 - Recording Available, page-2

Echo IQ (ASX) Meet Incoming CEO Webinar (6 Nov 2024)

Video Overview

• Title: Echo IQ (ASX) Meet Incoming CEO Webinar
• Presenter: **promotion blocked**
• CEO & Key Team Members: Philip Wolf (COO), Dion Strum (CCO), Dustin Hayes (Incoming CEO)
• Focus: Echo IQ's advancements, vision for AI in cardiovascular diagnostics, team updates, and future goals

Key Highlightsfrom the Webinar

1. Introduction of New CEO and Company Vision

• Dustin Hayes introduced as the incoming CEO, bringing 25+ years of global leadership experience in MedTech.
• Vision for Echo IQ: to become the world's leading health technology company specializing in artificial intelligence (AI) to improve the diagnosis of cardiovascular disease, focusing initially on aortic stenosis and heart failure diagnostics.
• Mission: Improve early intervention rates in cardiovascular disease, aiming to impact over 1 million lives in the next 4-5 years.

Technology Focus and Differentiation

• Echo IQ uses AI to enhance diagnostic confidence and efficiency in cardiology, distinguishing itself by focusing on interpreting diagnostic outputs rather than imaging.
• FDA clearance achieved in October for their aortic stenosis diagnostic tool, with further plans to seek approval for heart failure applications, particularly through strategic U.S. partnerships like Mayo Clinic.

Clinical Validation and Commercial Readiness

• Robust validation from studies in Australia and the U.S.; partnered with institutions to integrate AI diagnostics more broadly.
• Partnerships with imaging software providers (e.g., Studycast) aim to streamline integration with hospitals and expand U.S. market coverage.
• Reimbursement Strategy: Echo IQ’s technology will be supported by a reimbursement code (category 3), aligning with U.S. insurance structures to facilitate wide adoption.

Strategic Partnerships and Growth Initiatives

• Collaborating with device manufacturers and prominent hospitals (e.g., Mayo Clinic) to validate technology and integrate it into practice.
• Developing pilot programs with large hospitals in the U.S. and device manufacturers in Australia for proof-of-concept.
• Exploring European expansion with resellers, establishing Echo IQ’s footprint as a global solution for cardiovascular diagnostics.

Sales Cycle and Market Potential

• Market Size: Approximately 20 million echocardiograms annually in the U.S., with target segments for aortic stenosis and heart failure.
• Integration Process: Streamlined approach reduces traditional delays, using partnerships to expedite AI technology adoption across U.S. hospitals.
• Revenue Projections: Anticipating initial revenue generation by mid-2025, with faster integration cycles through partner networks.

What's Next for Echo IQ?

• U.S. Market Expansion: Building U.S.-based team members and strengthening partnerships to integrate and demonstrate AI tech efficacy in real-world hospital settings.
• Global Reach: Preparing for European C-marks and Australian TGA applications to establish Echo IQ’s diagnostic AI globally.
• Product Updates: Monitoring and leveraging policy changes that support early interventions for cardiovascular disease, ensuring that Echo IQ’s diagnostic capabilities remain at the forefront.

Echo IQ anticipates a substantial engagement in echocardiogram analysis as it scales its operations over the next five years. Here’s a breakdown of potential volumes based on insights from the recent webinar and the company’s stated goals:

Estimated Echocardiogram Analysis Goals

1. Market Size and Target Segment

• Total U.S. Echocardiograms: Approximately 20 million performed annually in the U.S. (including both private and Medicare).
• Specific Focus: 6 million for aortic stenosis and 7 million for heart failure each year.

Company’s Reach and Market Penetration Goals

• Initial Penetration Target: Even a 2% capture rate of the 13 million aortic stenosis and heart failure echocardiograms annually would amount to analyzing around 260,000 echocardiograms per year in the early years.
• Growth Expectation: As partnerships, reimbursement codes, and technology integration advance, Echo IQ aims to scale this capture rate over time.

Five-Year Analysis Projection

• Year 1–2 (Introductory Phase): Approx. 2-3% of targeted echocardiograms, translating to 260,000–390,000 annually.
• Year 3–5 (Growth Phase): Aiming for a 5-10% penetration rate as Echo IQ expands U.S. and global partnerships and builds its reputation in diagnostics.
• Potential Total Over 5 Years: With steady growth, Echo IQ could analyze 1.5 million to 2.5 million echocardiograms over five years, depending on successful integration and expansion rates.

Key Success Factors

Echo IQ’s ability to achieve these numbers will depend on:

• Successful Partnerships with hospitals and imaging platforms.
• Broad Reimbursement Coverage to facilitate adoption in the U.S.
• Scalable Integration Models with minimal IT delays to expedite deployment.

This ambitious scale-up positions Echo IQ as a transformative player in the cardiovascular diagnostic space.