On behalf of the board of directors of Enlitic, Inc. I am pleased to offer you the opportunity to become a shareholder in Enlitic and join us in the next phase of our exciting journey.
Enlitic focuses the power of artificial intelligence into data management applications, enabling effective administration, processing, and sharing of patient data throughout the healthcare enterprise. By unlocking healthcare data’s value through a real-world evidence medical imaging database and developing a universal data model, we empower evidence-based decision-making, enhance research, and transform healthcare delivery.
Healthcare is a major contributor to the world’s data volume, accounting for 30% of it, and it is growing rapidly at a CAGR12 of 36%, outpacing even the media and entertainment industries.¹ Despite this data abundance, healthcare is not making the most of its potential to enhance clinical and operational outcomes. The main challenge lies in data quality. As the industry increasingly relies on data-driven decisions and value-based care, there is insufficient attention given to enhancing data quality to make it usable and actionable. Data standardization provides a solution by establishing a universal data model that enables seamless data exchange and allows for the practical implementation of data insights.
Enlitic adopts an AI-driven data management approach to establish standardized study and series descriptions, significantly influencing how medical images are utilized across the enterprise. This standardization impacts various aspects, from optimizing radiologists’ workflow and enhancing researchers’ data utilization to streamlining workflow orchestration and implementing data monetization strategies. By ensuring the uniformity of medical image data, data quality is improved, leading to better decision-making and analysis.
Moreover, Enlitic employs AI to effectively deidentify patient studies, safeguarding patient privacy while preserving crucial clinical information. This deidentification process enhances the data by removing sensitive details, making it even more valuable for enterprise-wide strategies and fostering data-driven insights without compromising patient confidentiality.
Enlitic is also actively developing solutions that utilize computer vision and natural language processing to identify discrepancies in coding and billing, capturing potential lost revenues. We are also connecting facilities together to contribute to real-world evidence platforms, incorporating medical images in our upcoming products, ENCODE and ENSIGHT.
Our unique position in the market provides us with a competitive advantage in tackling data quality challenges at an enterprise level. By standardizing medical images at their source, the positive benefits cascade downstream to other departments and staff. Unlike many industry competitors who focus on a singular use for standardized data, our approach provides tangible benefits to multiple stakeholders, ensuring a higher return on investment and maximizing the value of our solutions.
Enlitic commercialized the first of its products in 2022 and the second in 2023 and has begun generating revenues from a healthy pipeline of opportunities. Several customer agreements in place are moving through the Proof-of-Concept phase with expectations that End User License Agreements will come in the latter stages of 2023. With an average Annual Recurring Revenue per customer averaging $335,000USD and a subscription-based business model, the Company believes they can deliver annuity revenue and profitable margins.
Enlitic’s management team has over 250 years’ experience in the healthcare and radiology space, ranging from technology start-ups to major solution providers. The Company’s board has decades of experience in private and ASX-listed companies, and in creating shareholder wealth.
The Company was recognized as one of the 50 Smartest Companies in 2016 by MIT Technology Review and won the €1M prize for its deep learning technology at the CUBE Tech Fair in 2017. This technology has served as the foundation for over sixty patents and the development of the Company’s product portfolio.
We look forward to welcoming you as a Shareholder.
Lawrence B. Gozlan