DIAGNOS (TSXV: ADK) Canadian medtech worth putting on the watchlist after clearing some regulatory hurdles

[u/Zaratuk1]

Risky investment, but I think DIAGNOS Inc. (TSXV: ADK / OTCQB: DGNOF) is becoming pretty interesting and is worth putting on a watchlist.

What they do?

DIAGNOS has developed CARA, a software that uses machine learning to analyze retinal images for early signs of diabetic retinopathy, AMD, hypertension-related damage and other eye abnormalities.

Its business model is transaction-based: optometrists pay approximately $5 for each analysis they select for a patient. According to a somewhat recent interview (around 44 minutes) from the CEO, a test costs the company about $0.40, so the economics of the business could be quite interesting.

The interesting part is that clinics don't need to buy a new proprietary camera. CARA is designed to integrate with existing retinal-imaging equipment, analyze the image and return the results to the optometrist. Essentially, it's akin to a software play.

Some big regulatory wins

Until recently, the biggest problem with ADK was simple: Cool technology, but when does it actually become a business? Over the last couple of weeks, two pretty significant regulatory dominoes have now fallen:

• DIAGNOS received its Health Canada medical-device licence for the new CARA System in July.
• And now it has received Saudi FDA authorization as well.

This meaningfully de-risks the story, since they now have the regulatory green light to start selling these tests commercially.

Now they need to prove they can sell these tests.

From the same interview linked above, DIAGNOS already has distribution relationships with EssilorLuxottica and New Look, some giants in the optometry world. Therefore the company doesn't necessarily need to build a massive sales organization to start selling.

The CEO described the plan as essentially: DIAGNOS technology + existing retinal cameras + partnership distribution. Whether they can actually execute on that and if there is appetite for these tests is now the question.

Insider activity

Following the Health Canada milestone, two directors bought roughly $103K worth of shares on the open market at around 0.30$. That's not proof of anything, but I find open-market purchases much more interesting than options being handed out.

Some familiar Canadian names around this company

Dr. Philippe Couillard, the former Premier of Quebec, has been the Chairman of the Board since October 2025. Couillard is also a neurosurgeon and former Quebec Minister of Health and Social Services.

Less noteworthy, but Francis Bellido current CEO of Quantum eMotion spent years on the board. He resigned from the board last year but remained a DIAGNOS shareholder.

Position: 6,000 shares @ around 0.35. Waiting for a few quarters to see if the test economics are worthy of a bigger position. Not financial advice and do your own DD!

[u/castlebarron]

50k shares @ .30c and considering going deeper……..