Diagnos Inc. (TSXV: ADK | OTCQB: DGNOF) is a software platform provider for the early detection of critical health issues through the use of Artificial Intelligence (“AI”) and Machine Learning (“ML”), and it continues to expand globally with recent deals and government financing support.
Utilizing AI and ML, Diagnos developed a Computer Assisted Retina Analysis (“CARA”) software platform to process image data, making standard retinal images sharper, clearer, and easier to read. This technology assists healthcare specialists in the detection of vision loss, including diabetic retinopathy.
CARA is a teleophthalmology platform, a branch of telemedicine, which delivers eye care through digital medical equipment and telecommunications technology. The CARA platform integrates with various types of existing retinal cameras at the point of care, is compatible with all recognized image formats, and is Electronic Medical Records (“EMR”) compatible.
Digital Health Surging
AI technology is spreading rapidly into various verticals including automotive, healthcare, and pharmaceuticals. According to ABI Research, global AI venture capital investments in the healthcare and pharmaceutical sectors reached $2.4 billion in 2019, up 140%, compared with $1 billion in the prior year.
In the healthcare industry, companies are leveraging AI to overcome human’s lack of ability to detect pertinent details in data from various sources, including photos, microscopic images, X-rays, CT scans, and MRI scans.
During the current COVID-19 health crisis, with shelter-at-home orders, telemedicine and remote monitoring tools have seen a growth in demand as hospitals focus on keeping patients safe while delivering care.
Diagnos Client Signings Continue
Recent client successes have included:
- Last month, Diagnos announced a contract with Devlyn Grupo, an optical retailer with over 900 stores in Mexico and Guatemala. Devlyn will test the CARA platform for diabetic retinopathy screening at select locations with a planned larger roll out to more stores in early 2021.
- In September, Diagnos reported that it re-signed a U.S.-based client, Chaparral Medical Group, to another three-year agreement. Chaparral is a 60 physician multi-specialty group serving 23 clinics in Southern California.
- In July, Diagnos signed a service agreement with the Colombian Telemedicine Centre Ltd (“CTMC”) in Colombia, South America. The CTMC selected the CARA platform to start screening Colombia’s population in conjunction with largest vision specialist center in the country.
- In June, Diagnos executed an agreement with Labtician Ophthalmics, a Toronto-based surgical eye care products and equipment company with customers across Canada, and Labtician will use Diagnos’AI solution to monitor ocular health in its diabetic patients.
Well Funded for Growth
Diagnos is well funded after raising $2.1M in capital earlier this year and then receiving a $2M, 10-year, interest-free loan from the government of Quebec via the Economic Development Fund to support the commercialization of the CARA platform globally.
The CARA platform is securely accessible over the Internet and Diagnos currently operates screening sites in 15 countries with certifications from regulatory bodies in various countries including the U.S., Canada, the European Union, and Mexico.
Meanwhile, even after Diagnos’ recent stock jump, the Company’s market capitalization is only $32.5M and makes it a prime takeover target for any consolidator executing a roll-up strategy in the healthtech industry.