Company outlines international expansion, AI-enabled diagnostics, preventive healthcare
platforms and next-generation medical technologies

Fischer Medical Ventures Limited (FMVL) is expanding its healthcare technology portfolio across three
core business segments – Radiology, Preventive Healthcare, and Wellness Solutions with a growing
focus on integrated medical imaging, AI-enabled screening and diagnostics, digital healthcare,
molecular testing, and technology-led rehabilitation and wellness.

The company’s Radiology business, which remains its founding and largest segment, combines a
portfolio spanning MRI, CT, X-ray and digital mammography, alongside screening and interventional
radiology solutions. Its technology platform has roots in more than 15 years of university research and
includes open and closed MRI systems, helium-free and zero-boil-off technologies, CT platforms, digital
radiography systems, and advanced intraoperative imaging solutions. Among its imaging portfolio,
FMVL’s products include the AURIX 0.35T open MRI, AURA 0.7T open MRI, MICA/MICA Smart and
QUIN 1.5T MRI systems, NEONA neonatal MRI, CLARION CT systems, Navigator digital
mammography and X-ray systems, as well as next-generation MRI platforms currently under
development. The company also offers the Medharanya Suite for intraoperative MRI and an
intraoperative CT platform designed for real-time surgical guidance.

Expanding Beyond India

FMVL has established commercial deployments in Southeast Asia, including Indonesia and the
Philippines.

In Indonesia, the company entered the market in October 2024 with its 4T4TB — Trace, Test, Treat,
Track solution, integrating portable digital X-ray systems, AI-assisted image analysis and the FMV Prime
qPCR molecular testing platform for tuberculosis screening and diagnosis. The company describes this
engagement as its first significant commercial presence outside India.

In the Philippines, FMVL’s subsidiary Time Medical Philippines Inc. installed its first open and locally
funded MRI system at Bulacan Medical Centre in Bulacan Province, inaugurated in November 2025.
The installation uses the PICA Open MRI system, incorporating an open architecture, helium-free
permanent magnet design and teleradiology capabilities.

These deployments provide the company with operating presence across two Southeast Asian markets
as it progresses its broader regional expansion plans.

Building an AI-enabled Preventive Healthcare Platform

FMVL’s Preventive Healthcare business is being developed through FlynnCare, a wholly owned
subsidiary focused on AI-enabled screening, diagnostics and connected healthcare.
FlynnCare’s portfolio includes Clinics 2.0, MIDAS and LIVE Dx, unified through its ATLAS healthcare
analytics platform. The company’s eHAP devices, including the Health Lounge and Health ATM 2.0,
bring together multiple screening capabilities across areas such as eye health, oral health, breast and
cervical cancer risk, cardiovascular and pulmonary screening, diabetes-related risks, women’s wellness
and mental and occupational wellness. The LIVE Dx platform combines connected healthcare devices,
AI-enabled analysis, remote monitoring and tele-health capabilities. It is designed to support screening
and care delivery across community, institutional, workplace and household settings, with referral
pathways to higher levels of care.

FlynnCare has also developed structured disease-management programmes, including 4T4TB for
tuberculosis and SHIELD for cancer screening, linking screening, diagnostics, treatment pathways and
longer-term monitoring.
In the Philippines, TMIV-P and FlynnCare are implementing a province-wide digital healthcare model
in Catanduanes Province, combining Health Kiosks with the PhilHealth-accredited FlynnCare Clinical
Management System. The deployment provides a roughly ten-minute screening covering areas
including lipid profile, HbA1c, general and mental health, hearing, eye health and cardiac checks.

Extending Point-of-Care Molecular Diagnostics

FMVL is also developing its point-of-care diagnostics capabilities through FMV Prime, a tabletop qPCR
platform designed for molecular testing outside conventional laboratory settings.
According to the company, FMV Prime can support tuberculosis and rifampicin-resistance testing from
a tongue swab in a single run in under two hours, with a broader menu extending to more than 200
infectious diseases. The company’s portable laboratory portfolio also includes an AI-powered
immunofluorescence analyser and Mini CubeLab, a robotic platform combining haematology, clinical
chemistry, immunofluorescence and cell imaging.

Wellness Solutions: AI-enabled Rehabilitation and Preventive Wellness

FMVL is developing a new Wellness Solutions segment centred on an AI-powered Integrated
Rehabilitation Center concept bringing rehabilitation, preventive wellness, functional fitness,
recovery, healthy ageing and longevity services together in a technology-enabled facility.
The proposed model uses AI as a decision-support tool while retaining qualified professionals as
responsible for assessment, treatment decisions and client safety. The company’s proposed flagship
format covers approximately 5,000 square feet across nine functional zones, with the first rollout
planned for Malaysia and an ambition to establish 20 centres over two years.

Bringing AI-driven Molecular Research to India

FMVL has also strengthened its strategic collaboration to bring Vecura, an AI-enabled molecular
research platform, to India.

The initiative is intended to support pharmaceutical companies, biotechnology innovators, academic
institutions and research organisations in areas including computational biology, molecular analysis,
target identification, compound screening and molecular optimisation.

The company sees the platform as an opportunity to explore the intersection of AI, computational
biology and India’s Ayurvedic knowledge, with the objective of supporting research into bioactive
molecules and evidence-based therapeutics derived from traditional medicinal ingredients.
The company expects the platform to support faster research cycles, collaboration between industry
and academia, and potential commercialisation pathways across India’s pharmaceutical and
biotechnology ecosystem.

Continued Investment and Transparency

In August, the company’s promoter converted warrants and subscribed to a preferential allotment
involving approximately ₹36.8 crore of promoter investment, taking promoter holding from 62.15%
to 63.09%, according to the shareholder communication.
FMVL has also stated that its November 2026 half-year results will be accompanied by an investor call,
with quarterly calls planned thereafter. The company intends to issue a short shareholder letter
alongside each quarter’s results covering commitments, delivery and areas where expectations were
not met.
Fifteen years ago we set out to build advanced medical imaging in a country that had never made it,
for the countries that cannot afford to import it. We did that, and we are now doing it in five countries
at once.
He added that FMVL’s proposition extends beyond medical imaging hardware, with its systems
integrating software, artificial intelligence, cloud-based radiology, screening capabilities and digitalhealth connectivity.

Yours sincerely,
R. Govindan
Executive Chairman and Managing Director
Fischer Medical Ventures Limited