News | January 21, 2015

Operational efficiency, high levels of product innovation among criteria

Frost & Sullivan, Calgary Scientific, award, 2014, growth, efficiency

January 21, 2015 — Based on its recent analysis of the medical imaging informatics market, Frost & Sullivan recognized Calgary Scientific Inc. with the 2014 North American Frost & Sullivan Award for Growth Capital Investment Opportunity.

Calgary Scientific thrives on continuous innovation of patentable technologies as well as direct integration with global partners. Its next-generation Web, cloud, mobility and enterprise-class software applications are currently offered through the PureWeb and ResolutionMD product lines, with two more cloud and collaboration products set to be launched in Q1 2015.

Through PureWeb, traditional legacy modernization and back-end enterprise systems integration are made less risky, less costly and dramatically more rapid, as no source code must be modified during the PureWeb enablement process. Similarly, through ResolutionMD, medical professionals can securely locate and utilize patient images and reports, as well as a variety of other data and file types, from diverse computers and mobile devices. It also enables them to collaborate in real time with other practitioners and enable more accurate, fully U.S. Food and Drug Administration (FDA) Class II-accredited medical diagnosis from any location.

The company currently holds 22 issued and more than 145 pending patents for its technologies, including more than 50 unique patent families, many filed globally. This represents a highly impressive patent portfolio of unique intellectual property, as most rival software companies have one or two patents, if any at all.

"Importantly, Calgary Scientific Inc.'s extremely capable management team boasts the right combination of experience, expertise and decision-making capabilities," said Frost & Sullivan Senior Research Analyst Saneesh Edacherian. "Owing to its combined expertise, Calgary Scientific Inc. has been able to raise approximately $43 million as of June 2014 through seven rounds of equity funding and $5 million in debt funding."

To date, Calgary Scientific Inc. has signed close to 50 global OEM/white label partners and OEM resellers, including Siemens, Fuji, Hitachi Data Systems, Yokogawa, Dajia, Infinitt, Hyland Software and Allscripts. Between 2012 and 2013, Calgary Scientific Inc. grew by more than 50 percent year over year in revenues. The company is consistently striving to be on target in revenues, and has managed to achieve a year-on-year growth rate of over 107 percent over 2013.

"The company employs a two-pronged approach to increase its clientele and improve its product offerings. It consistently engages with new OEMs in new geographies as well as existing partners in new geographies," noted Edacherian. "It is also currently expanding its business to encompass computer-aided design (CAD) and engineering divisions with the projected launch of its own Web/cloud, mobile and collaboration-enabled version of a CAD product."

Each year, Frost & Sullivan presents this award to the company that demonstrates outstanding operation and execution capabilities, backed by a management team with a successful track record, ability to execute and considerable industry experience. The award recipient has in place a solid expansion and positioning strategy, and outperforms its rivals in funding history as well as the strength and quality of additional investors.

For more information: www.calgaryscientific.com/frost-sullivan

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