Applications of AI-aided iCare ILLUME screening solution are expanding

Translation: Original comment published in Finnish on 6/8/2023 at 6:45 am.

In addition to diabetic retinopathy, the AI-aided iCare ILLUME screening is expanded to screen for age-related macular degeneration and glaucoma. The signs of disease can be detected from the same retinal image, which expands applications and allows additional income next to diabetic retinopathy screening. The development of the iCare ILLUME solution has been fast and the pilots have quickly progressed to actual customer use in Europe, which also means (so far small) income flow to the company. The path from a growth initiative to a medium-term growth driver seems to progress very well in Europe based on the first examples, but the steps are still unclear in the US.

A more versatile screening solution

The iCare ILLUME screening solution instantly detects the signs of sight-threatening diseases with AI and thus helps detect eye diseases that are becoming more common at an early stage. The solution was introduced in the spring of 2022 to screen diabetic retinopathy and has received excellent feedback from the markets and the development has been fast. The solution now allows screening of three common eye diseases: Diabetic retinopathy, age-related macular degeneration and glaucoma. In the past, diabetic retinopathy has been the spearhead, where the potential is still the greatest and, e.g., reimbursement is most advanced.

To our understanding the AI supplier for the solution is Thriona and all three diseases can be detected simultaneously in a few minutes. The company claims the solution is easy to use, highly accurate, and fully automated. The severity of the eye disease can be seen on the screening report. The screening solution has also been developed to be more flexible regarding the number and used fields of ophthalmic images. The main market for the solution is currently Europe, where Revenio (and partners) have sufficient approvals. According to the company, the solution is now available in 11 languages.

Waiting for openings in the US

Revenio's aim is to expand with its ILLUME solution especially to the US, which is the largest single market. However, this requires FDA approval for the solution, as the US requires clinical trials and authorization for the combination of the device and AI (DRSplus and, e.g., Thirona). In Europe, it is sufficient that studies have been carried out separately for the device and the algorithm, and both have been approved. Revenio has not given any precise steps for the US market, and to some extent the best strategy is apparently still being assessed. Overall management would be particularly important for the software business.

In the market, we believe Revenio aims to follow two different growth strategies. In the first arm of the strategy, the company aims to maximize its device sales by ensuring that the iCare DRSplus device works with as many AI providers as possible. In this case, however, the company will not be able to enjoy a steady income stream. In the second arm of the strategy, the company sells its complete solution (the device and the ILLUME platform with a partner's algorithm), which allows the company to participate in ongoing revenue streams. Success in the latter would significantly increase Revenio's potential, even if the device business itself is very profitable.

Background of the iCare ILLUME screening solution

The iCare ILLUME screening solution supports clinical decision-making for ophthalmic diseases. The accurate data generated by iCare imaging devices and the related software are at the core of the solution. iCare ILLUME combines the images taken with iCare DRSplus retinal imaging system with AI, and a screening report is immediately available. After this, a digital referral for a follow-up examination by an ophthalmologist can be made for the patients who need it, which is based on Oculo’s previous technology. This allows for even more extensive utilization of the high-quality images generated by retinal imaging devices to enhance the efficiency of treatment processes. The comprehensive iCare Solutions includes digital tools to enhance and improve the quality of eye care while enabling the diagnosis and treatment of larger numbers of patients as the eye care pathway and productivity can be developed.