Ann: Echo IQ Webinar 6 November 2024 - Recording Available, page-4

In the Echo IQ webinar, several questions were asked by investors. Here’s a list of key questions covered during the Q&A segment:

1. Competitive Positioning

   • Investors asked how Echo IQ’s AI solution compares to other FDA-approved AI products in cardiology, especially those focused on echocardiography. Echo IQ explained its unique value in focusing on interpreting diagnostic outputs for cardiologists rather than assisting sonographers with imaging.

2. Team Building and Culture

   • Questions were raised about Echo IQ's strategies for attracting and retaining top talent, particularly those with a problem-solving mindset and action-oriented qualities. Dustin Hayes, the incoming CEO, addressed this by highlighting the company’s focus on hiring high-performing individuals passionate about healthcare innovation.

3. Sales and Integration Process

   • Investors wanted to understand the sales cycle length and the integration process after a sale. Echo IQ noted that using partnerships with established imaging platforms helps speed up integration, avoiding lengthy IT backlogs.

4. Financial Position and Cash Burn

   • Questions were asked about the company’s cash reserves and monthly cash burn rate. Echo IQ confirmed they had over $7.1 million in cash as of the last quarter and discussed current monthly burn rates.

5. Revenue and Sales Goals for 2025

   • Investors asked about anticipated sales targets for 2025 and the impact of U.S. reimbursement processes. Echo IQ responded by explaining that, with Category 3 codes and free trials in place, they expect revenue streams to begin in mid-to-late 2025.

6. AI Adoption in Healthcare

   • A question was raised regarding the adoption rate of AI in healthcare and the challenges in the sales cycle specific to AI integration within health systems. Echo IQ highlighted the importance of leveraging imaging software partnerships to bypass common IT department delays in hospitals.

7. Market Share Goals

   • Investors inquired about the percentage of the echocardiogram market Echo IQ aims to capture over time. Echo IQ provided insight into the large U.S. echocardiography market, emphasizing that even a small percentage capture could represent significant volumes.

8. Leveraging CEO’s MedTech Experience

   • Questions about how the new CEO’s experience in MedTech would enhance operational excellence and growth strategy were addressed, with Hayes explaining his focus on a “laser-focused” approach to growth.

9. Potential for Reseller Partnerships

   • There was a question about whether Echo IQ would consider reseller agreements with larger healthcare players to reduce costs. The company confirmed exploring distribution partnerships, such as its work with Castling Diagnostics, to efficiently expand its footprint in the U.S.

These questions reflected investors' interests in competitive positioning, financial health, growth strategy, and the practical aspects of AI adoption in healthcare settings.