Echo IQ: A Breakthrough in Cardiovascular Care
Tuesday, Dec 10, 2024 2:23 pm ET
Echo IQ Limited, an Australian AI and medical technology company, has recently signed an integration agreement with Beth Israel Deaconess Medical Center (BIDMC), a leading Harvard Medical Teaching Hospital in Boston, Massachusetts. This strategic partnership marks a significant milestone for Echo IQ, as it represents the company's flagship deployment of its EchoSolv-AS solution with a major hospital group in the USA. The agreement follows the recent receipt of FDA clearance for Echo IQ's innovative technology.
Beth Israel Deaconess Medical Center is an academic medical center specializing in the latest technologies and teaching initiatives. With 743 licensed beds, it manages approximately 37,600 inpatient discharges per annum and has nearly 50,000 emergency department visits and 803,000 outpatient visits annually. The organization undertakes around 30,000 echocardiograms yearly, making it an ideal partner for Echo IQ's cutting-edge solution.
The integration agreement follows a successful trial of EchoSolv-AS at BIDMC, where researchers validated the technology's key performance metrics. During the trial, BIDMC tested EchoSolv-AS across routine echocardiographic reports from over 31,000 US Medicare beneficiaries at the hospital. The trial successfully identified 98% of patients who met clinical guidelines for severe aortic stenosis (AS) and more than 1,000 patients who likely had severe AS but did not meet clinical guidelines. The findings of the clinical trial were published in the medical research journal, JACC Advances.
To integrate the technology, BIDMC will utilize EchoSolv-AS on a no-cost basis while Echo IQ pursues relevant reimbursement codes for users of the technology under insurance. Reimbursement codes are anticipated to be secured in the coming quarters, marking an important commercial milestone which, when achieved, will allow for first revenues to be recognized.
The integration agreement with BIDMC is expected to provide important exposure for EchoSolv-AS across the industry, as well as increased real-world data highlighting the considerable benefit of the technology. Echo IQ remains in advanced discussions with other US hospital groups and expects further deployments to materialize over the coming months.
Head of Cardiovascular Research at the Richard A. and Susan F. Smith Center for Outcomes Research at BIDMC, Dr. Jordan B. Strom, MD, MSc, expressed his enthusiasm for the collaboration: "We are excited to collaborate with EchoIQ to deploy and evaluate their innovative EchoSolv-AS technology which detects the phenotype of individuals with severe AS. Incorporation of novel AI software such as this into clinical practice has the potential to improve the quality of echocardiogram reporting and identify at-risk individuals with the goal of improving the health and outcomes of the individuals we treat daily at BIDMC. This integration further underlines our resolute commitment to delivering the highest standards of clinical excellence to our patients."
Incoming CEO, Mr. Dustin Haines, shared his optimism about the partnership: "To have secured Beth Israel as our flagship deployment hospital in the US marks an early vote of confidence in the Company's EchoSolv-AS technology. Furthermore, it follows an independent trial undertaken by BIDMC researchers which validated the key performance metrics and accuracy of EchoSolv-AS across the hospital's extensive historical patient population. We look forward to providing further updates on our progress."

The integration agreement with BIDMC presents significant revenue opportunities for Echo IQ. Assuming each of BIDMC's 30,000 annual echocardiograms is for aortic stenosis, and a US$68 rebate per use, potential annual revenue could reach US$2,040,000. However, this is a rough estimate, and actual revenue will depend on factors like reimbursement codes and usage rates. Echo IQ anticipates securing a reimbursement code for aortic stenosis in the coming quarters, marking a crucial commercial milestone for first revenues.
In conclusion, Echo IQ's integration agreement with Beth Israel Deaconess Medical Center is a significant step forward for the company, as it demonstrates the potential of its innovative EchoSolv-AS technology to improve cardiovascular care and generate meaningful revenue. As Echo IQ continues to expand its partnerships with leading healthcare institutions, investors can expect to see further growth and progress in the company's mission to revolutionize the diagnosis and treatment of structural heart disease.