EchoIQ's AI Cardiac Diagnostics Rally Draws a 'Ten-Bagger' Call

FDA approval, a validating Pro Medicus investment, and deployment into major US hospital systems have fund managers betting EchoIQ's rally has much further to run.

30 Sep 2026 · 3 min read

EchoIQ has become one of the ASX's fastest-rising medtech stories, rallying more than 150 percent since February as it secured FDA approval for its AI-driven aortic stenosis detection tool, a landmark investment and distribution deal from Pro Medicus, and deployment into major US hospital systems, with Wilson Asset Management calling it a potential ten-bagger from here.

An AI platform built on the world's largest echocardiogram database

Wilson Asset Management described EchoIQ as an Australian medical technology company focused on improving cardiology decision-making through an AI-driven technology platform and proprietary software, with its flagship EchoSolv platform scanning echocardiogram reports to dramatically improve detection of structural heart disease, starting with severe aortic stenosis and expanding into heart failure and other conditions. The stock rose 47 percent in March following the announcement that EchoIQ had received US Food and Drug Administration approval for severe aortic stenosis detection, with additional clearance for heart failure detection expected in the near term.

Continued FDA progress and expanding partnerships

Wilson Asset Management said the stock rose a further 44 percent in May following the announcement of an expanded FDA clearance pathway. SG Hiscock and Company said EchoIQ was a strong contributor to performance in June following a series of significant clinical, strategic and funding milestones, with its EchoSolv platform applying proprietary algorithms to identify patients who might otherwise be missed through conventional clinical workflows.

A validating Pro Medicus investment, and a potential ten-bagger

Wilson Asset Management said EchoIQ had become its second-largest holding at 10.1 percent, having built the world's largest echocardiogram database of more than 20 million records used to train its AI cardiac diagnostic tools, with FDA approval for its aortic stenosis module already secured and a heart failure algorithm close behind, after fellow ASX-listed medical imaging software company Pro Medicus invested $20 million and signed a distribution agreement. Wilson Asset Management said EchoIQ had secured financial and operational backing from Pro Medicus to accelerate its go-to-market strategy, with FDA approval for its heart failure algorithm imminent, tripling its addressable market, alongside a strong pipeline of additional disease applications and potential for further partnerships or acquisitions to accelerate US market penetration.

Pro Medicus recently invested $20m and signed a distribution agreement. We think they can still be a 10-bagger from here over time.

— Wilson Asset Management, Article, July 2026

Deployment into major hospital systems, backed by a large capital raise

Naos Asset Management described EchoIQ's AI-driven technology as genuinely effective at improving decision making in cardiology, underpinned by a data advantage with relatively straightforward commercials, noting its EchoSolv AS aortic stenosis software had been deployed into the Mount Sinai Health System, alongside a new research collaboration announced with the Mayo Clinic, on top of the existing commercialisation deal and funding agreement signed with Pro Medicus, supported by a $110 million placement and dataset acquisition.

EchoSolv AS software deployed into Mount Sinai Health System. Research collaboration announced with Mayo Clinic, in addition to the existing commercialisation deal. Commercial and funding agreement signed with Pro Medicus, backed by a $110m placement and dataset acquisition.

— Naos Asset Management, Quarterly Report, August 2026

What fund managers say they are watching next is FDA approval of the heart failure algorithm, which would triple EchoIQ's addressable market, continued deployment into major US hospital systems following Mount Sinai, delivery on the Pro Medicus partnership's distribution reach, and whether Wilson Asset Management's ten-bagger thesis continues playing out.