Irish tech firm 3D4Medical is set to double revenues

Irish tech company 3D4Medical has added significant extra content to its flagship application, Complete Anatomy, as part of a series of moves this year that will see its revenues double to $8 million (€7.2 million).

The medical applications developer has completed a 2.0 version of the app that includes 3D course content and interactive lectures.

This will bring high-quality academic teaching directly to users around the globe for the first time. Each lecture will be a guided journey through custom content created and narrated by top anatomy experts.

3D4Medical has partnered with professor Alan Detton PhD, to offer lectures at launch, covering skeletal joints and an introduction to the Muscular System.

Mr Detton, 3D4Medical’s head of anatomy and previously an assistant professor and anatomy lecturer at Stanford University, said educators would now be able easily to create content and share it instantly with their classes, creating an “unprecedented revolution in medical teaching”.

John Moore, 3D4Medical's chief executive, said the company was on the "path to transform medical learning".

“Users can learn at their own convenience, while new features such as Origin Path and Muscle Innervation, allow for greater understanding and exploration of the anatomy than ever before,” he said.

The additions are available via free updates for existing customers from the iPad App Store, where Complete Anatomy has reached number one in the medical category in 80 countries since its launch six months ago. It has 350,000 users worldwide.

3D4Medical was founded in 2004 by Mr Moore and with more than 15 million downloads, it is the world’s most successful developer of medical apps. Its software is used in every major university and hospital globally.

Valuation

The company has almost 100 employees, of which about half are located at its head office in Dublin. It also has operations in Russia, Poland and California.

3D4Medical was valued at $55 million (€49.3 million) earlier this year. This represented an uplift on its $45 million (€40.3 million) valuation at the time of Malin plc's investment in the company in 2015.

Malin paid $16.4 million for a 38 per cent stake.

“We’ve put a lot of infrastructure in place and these applications are about to take off. We’re really starting to monetise what we’ve been building for a number of years.”

Mr Moore, who owns 54 per cent of the business, expects its revenues to double each year for the next four years.

The Irish executive is a finalist in the EY Entrepreneur of the Year programme and is currently in Boston for its chief executives’ retreat.

3D4Medical has positioned itself as a disrupter to traditional anatomy book publishers.

"We’re about to do a significant deal with a large educational company. They have done research and realised that if they don’t embrace 3D they will be out of business,” Mr Moore said

He said the company would wait until it got to the $20 million (€18 million) mark in revenues before considering a further liquidity event.