Echo IQ (EIQ) Q2 2025 TU earnings summary

Strategic and operational highlights

• Achieved FDA 510(k) clearance for EchoSolv AS, enabling US market entry for its AI-driven cardiology technology.

• Appointed US-based CEO Dustin Haines and Non-Executive Director Ken Nelson to drive US commercialisation.

• Integrated EchoSolv AS with Beth Israel Deaconess Medical Center, a major Harvard-affiliated hospital performing 30,000 echocardiograms annually.

• Identified a reimbursement code for EchoSolv AS, offering $100–$150 per use, and initiated steps for a Category III CPT code.

• Submitted a pre-submission meeting request to the FDA for EchoSolv HF heart failure screening tool validation trial.

Financial position and cash flow

• Ended the quarter with $5.35 million in cash and cash equivalents.

• Net cash used in operating activities was $1.76 million for the quarter.

• Raised $7.1 million from equity issuance during the six months, with $6.64 million net cash from financing activities.

• Estimated three quarters of funding available at current cash burn rate.

• $281,000 paid to related parties for director and executive compensation.

Commercial and regulatory outlook

• Focused on converting US pipeline of hospital groups, device manufacturers, and pharma companies for EchoSolv AS adoption.

• Advancing Category III CPT code application to streamline reimbursement.

• Preparing to commence EchoSolv HF validation study after FDA design approval.

• Expects to receive $1.2 million R&D tax rebate in the current quarter.

• Ongoing efforts to strengthen US presence and commercial partnerships.