Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ).
- Noel Ong
- 1 day ago
- 7 min read
Updated: 21 hours ago
In this episode of Coffee with Samso, we sat down with Dustin Haines, the newly appointed CEO of EchoIQ Limited (ASX: EIQ), to unpack the company’s transformative AI-based technology for cardiovascular diagnosis. While the format shifted to Zoom to accommodate Dustin’s base in the United States, the conversation was no less in-depth as we explored how Echo IQ is aiming to solve one of the most pressing challenges in cardiovascular medicine—misdiagnosis.
With a 50% misdiagnosis rate in conditions like heart failure, Echo IQ’s FDA-cleared AI solution could become a game-changer for structural heart disease diagnosis. This is a timely discussion as AI continues to gain traction in medical settings and investors begin to appreciate the real-world value of clinical validation and scalable software solutions.
As always, grab your coffee and dive into the conversation.
Coffee with Samso: An AI Solution to A Cardiovascular Problem.
Guest: Dustin Haines, Chief Executive Officer – EchoIQ Limited (ASX: EIQ) Location: Australia and USA.
Meet the CEO: Dustin Haines
Dustin brings over 25 years of experience across the pharmaceutical, biotech, and medtech sectors, having operated across regions from Hong Kong to the Middle East and North America. What drew him to Echo IQ was not AI expertise per se, but a deep understanding of how healthcare systems globally are grappling with aging populations, comorbidities, and inefficiencies in diagnosis.
"Cardiovascular disease remains the leading cause of death—globally. Echo IQ’s solution doesn’t aim to replace cardiologists, but to help them diagnose better and faster," says Haines.
The Problem: 50% Misdiagnosis in Heart Disease.
One of the most surprising revelations during the research for this episode was the staggering rate of missed or incorrect diagnoses for cardiovascular conditions:
Up to 50% misdiagnosis in heart failure
Up to 40% in aortic stenosis
These are not untrained professionals making mistakes—cardiologists are highly skilled. The issue lies in complex data interpretation, poor image resolution, and incomplete datasets.
Echo IQ’s core proposition is to enhance diagnostic accuracy through its AI engine, which interprets the underlying data behind echocardiogram images. This is where the company adds the most value.
EchoSolv: Real-Time AI Integration That Works.
EchoIQ has developed a proprietary neural net-based system that creates a 3D model of the patient’s heart using the raw data from echocardiogram images. The model can then:
Predict presence and severity of structural heart disease
Present results in real-time (within 3 seconds)
Integrate seamlessly into existing hospital systems—no new hardware or workflow disruption
Importantly, EchoSolv delivers a Negative Predictive Value of 99.5%, meaning the system is almost never wrong when it says a patient does not have the disease. On the positive side, its predictions lead to correct diagnoses or detection of other serious heart conditions.
“Our AI doesn’t replace cardiologists—it makes them better.”
Milestones Achieved & Revenue Model.
EchoIQ has ticked off several critical milestones over the past three years:
FDA Clearance (late 2024) – Marked the transition from an R&D company to a commercial entity
Flagship Hospital Integration – First integration with Beth Israel, part of Harvard Medical School
Reimbursement Pathway – Using Code 93799 (miscellaneous), with plans to secure a Category III code in September 2025
Second Product – Heart failure model pending FDA submission by end-2025
EchoIQ’s revenue model is built around a subscription-based SaaS framework, with hospitals either paying directly or through Medicare/Medicaid reimbursement systems. Once Category III reimbursement is achieved, this could act as an inflection point for growth.
"We’re in revenue generation mode now—pre-revenue, yes—but on the path to cashflow positivity in 2–3 years."
Market Size & Competitive Landscape.
The total addressable markets (TAM) are significant:
Heart failure: USD $17 billion
Aortic stenosis: USD $10 billion
Dustin believes EchoIQ will be a market leader in aortic stenosis and highly competitive in heart failure, with companies like Ultromics serving as benchmarks.
"Ultromics raised $55 million recently. Based on that, I believe Echo IQ is currently undervalued at a ~$140M market cap."
Expansion Pipeline: More Than Just Two Conditions.
EchoIQ’s AI engine is not limited to aortic stenosis or heart failure. The team is exploring:
Pulmonary Arterial Hypertension
Mitral Valve Regurgitation
Hypertrophic Cardiomyopathy
The exclusive partnership with NEDA (National Echo Database of Australia) gives EchoIQ access to one of the world’s most comprehensive datasets, allowing future product development to scale rapidly.
AI Bias and Equity in Healthcare.
One of the most compelling aspects of this conversation was the discussion on AI bias in medical diagnosis, especially regarding gender. EchoIQ’s algorithm has shown it can remove gender bias, diagnosing women with cardiovascular disease at the same rate as men.
"We don’t ask for gender in our model, yet we achieve equal diagnostic rates. This is a critical area of impact where AI can do real good."
Capital Position & Investor Outlook.
Echo IQ recently completed a raise and holds $18 million in cash with no debt. With a burn rate of ~$500k/month, the company has a multi-year runway without needing to return to market.
Dustin’s message to investors is clear:
“We’ve got cash in the bank, a cleared product, a second in the pipeline, and access to large, growing markets. That’s the definition of robust fundamentals.”
And what of market potential?
“Look at what Promedicus did. They’re in our space, now worth billions. That’s our blueprint—only faster.”
Samso Concluding Comments
What stood out in this Coffee with Samso conversation was the real-world practicality of the EchoIQ solution. This is AI working in a tangible, validated, regulated medical setting.
EchoIQ (ASX: EIQ) represents the intersection of medtech, AI, and clinical utility—a rare trifecta. With FDA clearance, an upcoming CPT Category III reimbursement milestone, and integrations into world-class hospitals, the foundations are clearly laid for scale.
Dustin Haines is a seasoned operator, and his global healthcare perspective, coupled with clear investor communication, suggests a leadership team that understands both product and capital markets. With revenue on the horizon and a growing product pipeline, EchoIQ might well be on track to follow the path of Australia’s next Promedicus.
Watch The Coffee with Sasmo:
Chapters:
00:00 Start
00:10 introduction
01:47 Introducing Dustin Haines
05:42 The Cardiovascular Diagnosis Issue.
08:33 The milestones for EchoIQ Limited
13:45 What stage is EchoIQ at?
15:07 What is the core medical issue that EchoIQ is solving?
18:27 What is the accepted level of error for the EcoIQ product?
21:16 What is the realistic level of Misdiagnosis for EchoIQ?
23:58 Why is your technology good?
27:13 The EchoIQ WorkFlow Enhancement
30:06 The Revenue Pathway
33:32 Where does EchoIQ sit on the table of Market Leaders?
36:39 Reimbursement is the Key Revenue Driver.
37:46 Can EchoIQ technology be adopted for other pathways?
39:35 How far can AI go?
44:51 The Benefits and Issues of AI
46:57 Why buy EchoIQ shares?
49:54 What market capitalisation could investors of EchoIQ see in the future?
52:37 Dustin Haines' last Words
54:25 Conclusion
PODCAST
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