Dr. Alvira Macanovic reports

THE 2023 YEAR IN REVIEW

Ventripoint Diagnostics Ltd. has provided 2023 in review from the Ventripoint chief executive officer and president, Dr. Alvira Macanovic.

Dear shareholders:

I have now completed my first year as CEO and president. I'm happy to report that we had an extremely productive year at Ventripoint in 2023, with our amazing team meeting many milestones and garnering more attention for Ventripoint than in the history of the company.

It has been an honour leading this company into the next phase of its transformation and showing everyone what can be accomplished with the right people and plan. It has been a historic year for Ventripoint. Our aim to be the standard of care in imaging the heart with artificial intelligence is on course, and the journey has just begun.

Before I cover some of our important milestones, however, I would like to share an incredible moment that demonstrates the extraordinary power of our AI technology to add a new capacity to the global health care system.

In November, 2023, our clinical applications and sales team had an evaluation at the Motol University Hospital in the Czech Republic. That is the only pediatric cardiac centre in the country. The staff immediately put Ventripoint into action -- using it to scan the heart of a 30-minute newborn that has a ventricular septal defect. The baby was literally brought from the delivery room (still gooey as described by the team) to our team. I think this may be the youngest baby our technology has ever been used on.

Now that is elevating cardiac care with AI.

Now, let me tell you about some of our other accomplishments:

Partnerships and sales:

• We signed a global distribution and marketing partnership with Ascend, one of the world's largest providers of cardiac health care technologies. Ascend is trusted by AGFA Healthcare, Sectra, Oracle/Cerner and other major players in the health care system. Its technology stack has been integrated into the workflows of over 1,000 top-ranked health care facilities and over 600 health systems, representing a user base of 50,000 who serve millions of heart patients. To be represented by it is an outstanding accomplishment by the team and bodes well for 2024.
• One of the United States' most respected foundations, the Ollie Hinkle Heart Foundation, has also selected us as one of three technologies it is promoting to U.S. hospitals it works with. The OHHF has called Ventripoint "a game changer for children with heart disease." OHHF has committed to bringing together 13 U.S. hospital partners into its Take Heart program, with 30 more expected to join, to promote new technologies and patient care approaches to heart health care, particularly for children and their families. It has told me it will be making Ventripoint front and centre.

"We want to introduce Ventripoint to all our hospital partners, to make it a standard of care," said Beth Rumack, Ollie Hinkle Heart Foundation.

• In the United Kingdom, Ventripoint is being used by the Evelina London Children's Hospital (part of Guy's and St Thomas' NHS Foundation Trust). This is significant because it is a specialist NHS hospital, the second-largest provider of children's services in London, caring for children and young people across south London and southeast England. The Children's Heart Services (cardiology) cares for around 6,000 patients each year.
• We have also made significant advances in Germany, with two major purchases:
  • The Deutsches Herzzentrum der Charite (DHZC) German Heart Center in Berlin also purchased our system. Prof. Felix Berger, director of the clinic for congenital heart disease, pediatric cardiology, at the hospital, said Ventripoint's AI system offers a way to get "important data on the function of the heart muscle. This allows us to plan therapy even more precisely, check it any time and adjust it if necessary." The DHZC is the university heart centre of Charite-Universitatsmediz, one of Germany's most research-intensive medical institutions, which was ranked this year as the seventh best hospital in the world and the best in Europe by Newsweek.
  • Our VMS+ was purchased by the Freiburg Hospital. Located in Breisgau, Germany, Freiburg's University Medical Centre is one of the largest hospitals in Europe and is recognized as the supraregional centre for the treatment of complicated heart disease. It treats approximately 90,000 inpatients and 897,000 outpatients annually.

Continuing AI innovations

"VMS+ not only gives us a very precise spatial view of complex congenital malformations at any time, but it also provides us with important data on the function of the heart muscle. This allows us to plan therapy even more precisely, check it at any time and adjust it if necessary," said Prof. Berger, director of the clinic for congenital heart disease, pediatric cardiology, at DHZC.

• The next version of our technology -- VMS+ 4.0 -- is on schedule and is expected to be on the market in the second quarter of 2024. This is a major update -- our unit will be even simpler to use and the AI will be able to automatically model out the parts of the heart cardiologists want to see. It is also a much-needed innovation for the health care system. Thanks to our use of AI, Ventripoint will save health care workers time, ensure exams just work with high accuracy, and relieve the expense and pressure currently put on MRI (magnetic resonance imaging) teams, not to mention patients who now will not need to spend hours preparing.
• We are also well on our way to having the ability to show living heart models of the heart functioning in 4-D. This means that cardiologists, other caregivers -- and even patients -- will soon have actual models showing ventricles in action, blood flow and other aspects. What is exciting here, and I believe will make Ventripoint of great interest to physicians, is that these living heart images can be taken in minutes using ultrasound equipment.

Increasing awareness

"Our aim is that by working together, we can ultimately provide reliable and effective tools for clinicians on a global scale," said Dr. Jeffrey Soble, MD, CEO, Ascend.

• We have been getting media attention, too. The Ventripoint story was broadcast across the United Kingdom by the ITV network, as a part of a special on breakthroughs in heart technology. That broadcast was also endorsed by the British Heart Foundation, which continues to show it on its website.
• We are also getting more attention in Canada, where Ventripoint is already in a number of hospitals. Canada Health Watch, whose readership are highly discriminating health care professionals and administrators, featured our latest white paper in January. It also wrote a lengthy story for its audience.
• We have also been a major presence at international conferences, to accelerate brand awareness and connect with potential partners and investors. These include the British Congenital Cardiac Association Annual Conference in Bristol; the British Society of Echocardiography's annual conference; the 51st annual Nordic Paediatric Cardiology Meeting in Helsinki, hosted by the Finnish Cardiac Society; the eighth annual Paediatric Echo Society Symposium in Orlando; the eighth World Congress of Paediatric Cardiology and Cardiac Surgery in Washington, D.C; and the Advanced Imaging 2023 Pericardial Disease conference, sponsored by the British Society of Echocardiography and the Royal Society of Medicine.
• On May 30, our team also obtained European Union medical device regulation (EU MDR) certification for our cardiac diagnostic system. This is an important milestone as we further expand our presence in Europe. By receiving EU MDR certification, Ventripoint Diagnostics has shown it can meet the rigorous regulatory landscape in Europe and can be accepted into hospitals.

"Having had experience with the older Ventripoint system, the new VMS+ system with its increased functionality is a great addition to our echo lab," said Dr. Saleha Kabir, lead physiologist in Pediatrics and advanced echocardiography.

When you read all of the above, I hope you find these encouraging signs of the company's direction and future growth.

For 2024, I can tell you that we are now concentrating on making Ventripoint a well-known brand in the world's hospitals. Our partnerships with Ascend and others will help that happen -- but so will the constant improvements of our technology and AI. Also, we will be bolstering our sales and communication teams throughout the year.

Ventripoint is now being recognized as one of Canada's true success stories in health care innovation. As the Ollie Hinkle Heart Foundation said, we are a game changer. We are literally putting our hearts into AI -- to improve our healthcare system and save lives.

Regards,

Dr. Macanovic

CEO and president

Ventripoint Diagnostics

About Ventripoint Diagnostics Ltd.

Ventripoint has become an industry leader in the application of AI to echocardiography. Ventripoint's VMS products are powered by its proprietary KBR technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI. This affordable, gold-standard alternative allows cardiologists greater confidence in the management of their patients. Providing better care to patients serves as a springboard and basic standard for all of Ventripoint's products that guide its future developments. In addition, VMS+ is versatile and can be used with all ultrasound systems from any vendor supported by regulatory market approvals in the United States, Europe and Canada.

We seek Safe Harbor.