Diagnos (ADK) has entered into an agreement with Diagnos Europe in order to access the most significant region optical market in Europe — DACH countries.
The DACH countries — which stands for Deutschland (Germany), Austria, and Confoederatio Helvetica (Switzerland) — is one of the most notable optical industries in Europe, while diabetics in these countries are estimated to number roughly 10 million out of 140 million.
The company's goal is to be able to access and serve individuals who are at risk of losing their vision due to diabetes through its artificial intelligence (AI) technology.
"Diagnos complies with the highest standards in terms of delivering precision results and in real-time, so the referral of patients is done effectively," André Larente, CEO of Diagnos, said in a release.
"Our AI technology enhances the experience of the patient and our indications show that at least 9 per cent of referrals will be sent to the specialists so they can be treated properly."
With its headquarters in Brossard, Quebec, Diagnos is a company focused on the early detection of critical health care problems through its FLAIRE AI platform.
The platform allows for the modification and development of applications, including computer-assisted retina analysis (CARA), which is an AI-based image enhancement algorithm that provides sharper, clearer and easier-to-analyze retinal images.
Following the announcement, shares of Diagnos dropped 1.85 per cent to C$0.53 as of 2:14 p.m. EDT.