Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Echo IQ Posts 193% Jump in Quarterly Assessments as US Rollout Gathers Pace
Highlights:
Growing US Usage Lifts Assessment Numbers
Echo IQ Limited (ASX: EIQ), an AI-driven medical technology firm, said usage of its cardiac assessment platform rose sharply in the September 2026 quarter. According to its quarterly activities report, issued on 26 October 2026, EchoSolv AS returned full results for 9,697 assessments, against 3,312 in the same quarter of 2025. That equates to growth of about 193%. Over the nine months to 30 September 2026, full-result assessments totalled 29,117, around 406% above the 5,759 recorded a year before. When assessments returning limited data are added, volumes came to 12,345 for the quarter and 37,026 for the nine months. Shares were quoted at AU$0.512, a gain of AU$0.072 (16.477%), according to the market data provided.
Echo IQ credited the rise to wider clinical adoption among its US customers, systems already in operation and installations still being rolled out. Its focus remains on converting trials and evaluations into signed deployments that generate recurring revenue.
Large Health Systems and Strategic Partners
The company kept talking with big US health systems, academic medical centres and hospital groups. Its EchoSolv VIEW and SHADOW programs let prospective customers test the technology before committing to a larger rollout.
Echo IQ also signed convertible note and option agreements with Pro Medicus Limited (ASX: PME). These advance a planned strategic investment and possible commercial partnership worth up to AU$20 million. As of 30 September 2026, the first AU$10 million convertible note tranche was still waiting on a reseller agreement being signed.
In a separate deal, Echo IQ secured exclusive rights to license data from Advara HeartCare, covering 500,000 to one million de-identified echocardiography studies, subject to conditions. The company expects this dataset to underpin the building and validation of future cardiovascular AI products.
EchoSolv HF Heads Into Further Regulatory Steps
Echo IQ continues working to bring EchoSolv HF to market after the US Food and Drug Administration ruled its first 510(k) submission Not Substantially Equivalent in September. After studying the FDA’s comments, the company outlined several options, including an administrative appeal and a fresh submission. It filed the administrative appeal on 12 October 2026, and the FDA accepted it. Echo IQ stressed that the ruling has no bearing on the FDA-cleared EchoSolv AS product or on its current commercial operations.
Cash Reserves Back the Growth Plan
Echo IQ closed September holding AU$107.8 million in cash and equivalents, following a AU$110 million institutional placement priced at AU$1.45 per share. Operating activities consumed AU$5.9 million over the quarter, and investing activities accounted for a AU$0.55 million outflow. Management intends to prioritise broader US deployment, tighter platform integration, progress on regulatory and reimbursement goals, and the creation of additional cardiovascular AI tools.
Note: All data presented is based on information available at the time of writing.
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