Data-driven revenue up 324% over same quarter (3Q) last year
TORONTO, Dec. 08, 2022 (GLOBE NEWSWIRE) -- MCI Onehealth Technologies Inc. (“MCI” or the “Company”) (TSX: DRDR), a clinician-led healthcare technology company focused on increasing access to and quality of healthcare, is progressing its strategic technology and clinical data insights roadmap through committed revenue deals and strategic relationships with world-leading names in data science, health innovation, pharma and life sciences. MCI’s revenue pipeline has grown to $6.5 million, including a large contract with a total opportunity value of up to $1.7 million from a major American pharmaceutical company, representing MCI’s successful entry into the clinical data insights US-market, the powerhouse of the $300 billion North American data and analytics market opportunity.
As a health technology leader, MCI nurtures international opportunities to leverage its vast pool of high-quality structured clinical information. MCI continues to secure interest from larger and more diverse clients who recognize the valuable knowledge to be gained from the full-perspective, real-world patient health journeys that MCI’s tech-enabled network is uniquely able to capture. MCI’s data lake – now grown beyond 3.2 million clinical records representing a highly diverse, multicultural cross-section of the Canadian population – is fully secured and accessible and being queried for data-driven health insights that benefit patients and add value to Ontario’s health system.
“We are one of the only organizations in North America that has this scale of real-world evidence generation that can also control how the data is generated as well as engage relevant patients. Our capabilities are not limited to just retrospective data access like most healthcare systems, but we also can work with our partners on prospective initiatives – a unique value proposition,” said Dr. Alexander Dobranowski, founder and CEO of MCI.
In collaboration with its partners and clients, MCI interrogates this data lake for clinical insights that are relevant for direct patient health impact, as well as for health system improvements and commercial value. Currently, MCI provides data insights as a service in six categories: rare disease; complex major medical/chronic; patient cohort building; clinical trial recruitment; synthetic health data and bespoke insights. Additionally, MCI with its subsidiary Khure Health has advanced the use of AI-driven real-world patient record screening that supports family physician continuing medical education and the development of practice improvement plans for cohorts of patients with certain health conditions. Data insights services are targeted at pharmaceutical companies, life science companies, precision medicine companies and top-tier university centres.
“MCI captures the entire patient journey – primary care, specialist, imaging and lab diagnostics. Plus, we have a robust in-house clinical research organization with more than 15 clinical trials in progress, a corporate health division and executive concierge medicine, providing a truly 360-degree view of a patient's care pathway that enables the capture of multi-modal datasets from clinical care,” added Dobranowski.
MCI has established technology and research relationships with world leaders in data science (e.g., Palantir Technologies; MDClone), leading academic organizations (e.g., Stanford Innovation Lab), as well as a leading Canadian pharmacy chain, to combine expertise that furthers innovation and discovery in primary care.
“Through Khure we are beginning to work with hospitals and hospital specialists, in Canada and the US, not only tapping into additional opportunity from this sector, but enabling more clinical information to become accessible for screening and insights. We’re expanding our reach and reputation beyond community physicians and making a greater impact in more health systems,” added Dobranowski. “Our mutually enhanced insights will quickly translate into improved health and quality of life for patients.”
MCI is a healthcare technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce healthcare costs. As part of the healthcare community for over 30 years, MCI operates one of Canada’s leading primary care networks with approximately 280 physicians and specialists, serves more than one million patients annually and had nearly 300,000 telehealth visits last year, including online visits via mciconnect.ca. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of nearly 600 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered around acquiring technology and health services that complement the company’s current roadmap. For more information, visit mcionehealth.com.
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Forward Looking Statements
Certain statements in this press release, constitute “forward-looking information” and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements include statements with respect to the Company’s data revenue pipeline, the benefits, capabilities and potential for growth of the Company’s data-insights services, and opportunities relating to working with hospitals and hospital specialists. The words “to increase”, “potential”, “expect”, “estimate”, “expanding”, “goal”, “possibility”, “growing”, “continues to”, “beginning to” or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can”, or negative versions thereof, and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by MCI as of the date of such statements, are outside of MCI's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: MCI’s ability to maintain and grow its relationships with data-insights customers, hospitals and hospital specialists; MCI’s ability to maintain and grow its technology and research relationships and collaborations; the potential benefits of the Company’s technology and research relationships and collaborations; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; trends in customer growth; sufficiency of current working capital to support future operating and working capital requirements; the stability of general economic and market conditions; currency exchange rates and interest rates; MCI's ability to comply with applicable laws and regulations; MCI's continued compliance with third party intellectual property rights; the anticipated effects of COVID-19; and that the risk factors noted below, collectively, do not have a material impact on MCI's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of MCI, could cause the actual results of MCI to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in MCI's annual information form dated March 31, 2022, which is available under MCI's SEDAR profile at www.sedar.com. The risk factors are not intended to represent a complete list of the factors that could affect MCI and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. MCI disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.