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NOVATO, Calif. - QT Imaging Holdings, Inc. (OTCQB:QTIH), a medical imaging company with a current market capitalization of $58.35 million, has entered into an exclusive distribution agreement with Gulf Medical Co. (GMC) for its breast imaging technology in Saudi Arabia, according to a press release statement.
The agreement calls for minimum shipments of five QTI Breast Acoustic CT scanners per quarter beginning in the first quarter of 2026 through the end of 2028. The deal is expected to generate approximately $33 million in revenue over the three-year period, with a total of 60 scanners to be delivered. This expansion comes as the company demonstrates strong revenue growth, with InvestingPro data showing a 166% increase in the last twelve months.
Under the arrangement, GMC will serve as the exclusive distributor for both the scanners and user subscriptions to QTI’s Cloud Platform in Saudi Arabia.
The QTI Breast Acoustic CT scanner has received FDA clearance in the United States and provides 3D breast imaging without compression, contrast agents, or ionizing radiation. The company is also developing a cloud platform that will offer AI-driven tools for findings classification and second-read decision support through a subscription model.
"Successfully marketing and distributing an innovative technology like the QTI Breast Acoustic CT scanner requires a deep understanding of regional market dynamics and the specific needs of clinicians and patients," said Dr. Raluca Dinu, QTI’s Chief Executive Officer. The company’s stock has shown remarkable performance, with InvestingPro reporting a 336% year-to-date return, while analysts have set a target price of $3.40 per share. Subscribers to InvestingPro can access 8 additional key insights about QTIH’s financial health and market position.
The company noted that its technology may address specific regional needs, as Saudi Arabia reportedly has a higher prevalence of BRCA mutations among women with breast cancer compared to other populations, with a large proportion of cases occurring in women aged 40 to 59 years. While operating with moderate debt levels, QTIH maintains a healthy current ratio of 1.69, indicating sufficient liquidity to fund its expansion plans.
Gulf Medical Co., founded in 1983 and owned by Al-Naghi Group, specializes in bringing medical technologies to the Middle East market.
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