top of page
  • Writer's pictureSmallCapInvestor

How Treatment AI (CSE:TRUE) is Revolutionizing Healthcare with AI Solutions

The Next Industrial Revolution is Being Powered by Artificial Intelligence

The dawn of the next industrial revolution is upon us, and its driving force is none other than Artificial Intelligence (AI). This transformative technology is reshaping industries, creating unprecedented opportunities, and redefining what is possible. This is an undeniable fact and it would be irresponsible as investors to ignore the AI revolution that is taking place in front of us.

Leading this charge is NVIDIA, whose stock has skyrocketed nearly 3,000% in recent years, making it the most valuable publicly-traded company on the planet. To put this into perspective, a $1,000 investment in NVIDIA a decade ago would be worth a staggering $297,605 today.

But how can you become a part of the AI revolution?

While industry giants like NVIDIA and Microsoft provide some exposure to AI, their sheer size might not satisfy investors looking for significant returns.

Enter Treatment AI (CSE:TRUE | OTC:TREIF) - a nimble and innovative company at the intersection of AI and healthcare.

Treatment AI not only offers exposure to the AI revolution but also presents a fantastic opportunity for investors looking for a high-torque opportunity in the space.

The Healthcare Industry is Ripe for Disruption

Over the last few years, AI has been revolutionizing nearly every industry, reshaping the way we live and work on a global scale. Yet, one of the industries that has been late to the party when it comes to adoption of AI is healthcare.

The healthcare industry is ripe for disruption.

The healthcare systems in place today are outdated and failing to meet the needs of both providers and patients. Slow to embrace technology and innovation, these systems are now at a breaking point, with three in five people worldwide believing their healthcare is overstretched.

Accessibility remains a significant hurdle. In many countries, healthcare is prohibitively expensive and out of reach for many, even in regions with well-established infrastructures.

Have you ever felt unwell and resorted to Google or WebMD for answers? You're not alone. Millions do this daily, but these tools are often unreliable and can lead to misdiagnosis, exacerbating the problem rather than solving it.

The Power Behind TRUE's AI: A Comprehensive Medical Database

Treatment AI (CSE:TRUE | OTC:TREIF) is an innovative healthcare tech company with a solution to these problems. They’ve developed a highly intelligent, personalized AI engine that helps doctors diagnose patient ailments more accurately and efficiently.

The image below demonstrates the customer journey when using the software, guiding users through steps to identify pain location, specify symptoms, report exposure and history, and receive diagnostic results based on their responses.

Now, you might be thinking a program like ChatGPT can do the exact same thing, but these large language models (“LLMs”) do not provide accurate or reliable information.

Unlike ChatGPT, TRUE’s AI software is non-generative, meaning it is all fact-based and cannot be contaminated. All of the possible answers that the software can output are already in the system.

The system is populated by the company’s proprietary Global Library of Medicine, which includes data on over 1,000 diseases and more than 10,000 symptoms and risk factors, all derived from real medical tests and peer-reviewed data.

TRUE’s proprietary Global Library of Medicine is one of the most comprehensive and integrated online medical libraries powered by AI. This database has taken more than 5 years, ~$10M, and input from hundreds of doctors worldwide to build.

Just how accurate is the software?

TRUE’s AI capabilities were tested by giving the software to an undergraduate non-medical student and letting the student take the OSCE exam – a medical school graduation requirement, testing clinical best practices, in 57 countries.

During the OSCE exam, medical students take turns going into 12 different rooms. Each room has a patient with a simulated medical condition which the student needs to diagnose by asking them questions and evaluating the patient’s answers.

The non-medical student using TRUE’s AI software passed the exam with a 92% success rate, correctly determining the “most likely diagnosis” in 11 of 12 complex diagnostic scenarios and the “second most likely diagnosis” in the 12th case.

In short, the software is incredibly accurate.

The Market Opportunity

Treatment AI’s customer base is segmented into two different areas: 1) ENT: for Enterprise and 2) MES: for Schools and Educators. The market opportunity for both segments is huge.

Treatment ENT: Enhancing Enterprise Healthcare Solutions

Treatment ENT leverages the GLM platform to provide enhanced clinical information support to healthcare enterprises and partners. This segment offers numerous applications, including integration with electronic medical records, health bots, virtual health services, medical call centers, and national triage services. The benefits for enterprises include expanded diagnostic support, integration with existing systems, more time for patient interactions, and reduced administrative costs. Additionally, Treatment ENT ensures security by sitting behind enterprise firewalls and opens up new revenue opportunities by enhancing existing healthcare services.

In the US alone, there are over 6,100 hospitals, 338,000 active physician group practices, and 1.1 million physicians. Globally, these numbers are obviously much greater.

Treatment MES: Optimizing Performance in National Exams

The Treatment MES platform is designed to support medical and nursing schools by streamlining the process of creating and grading national exams. It reduces the time, resources, and costs associated with exams such as MCQs and OSCEs, while minimizing administrative work. The platform ensures a consistent approach to case testing and scoring, provides suggested remedial guidance, and enhances school PR and intake processes. For students, Treatment MES offers the ability to practice for important exams, take remedial actions continuously, and access an authentic and always-available platform, ensuring they are well-prepared for their exams.

In the US, there are over 300 potential medical schools, 900 nursing schools, and hundreds of thousands of students.

Strong Partnerships and Promising Pipeline

The company already has several partnerships leveraging its technology and a strong pipeline of over 50 potential customers that are beginning to sign contracts—an excellent indication that the software is valuable to users. Notably, their partners include the prestigious Mayo Clinic and the University of Minnesota Medical School, both of which have substantial budgets and could lead to contracts worth six to seven figures in the near future.

A recent partnership with the AI tool marketplace aiXplain allows the company to claim 80% of the revenues, making their software the first healthcare solution on aiXplain’s platform. Additionally, their partnership with Novus Health exposes their software to an audience of 1.5 million members and their families.

Potential Market Movers and Comparisons for TRUE

There aren't many companies quite like TRUE. The closest comparable in the Canadian public market space is HealWELL AI, which has seen a huge surge of late, up over 220% in 2024.

Below is an image showing other similar players in the space — although, most are private and are much larger in size.

In the future, many of these companies are expected to go public with multi-billion dollar valuations. Those that don't will likely be acquired.

For instance, notable acquisitions in 2023 included NextGen Healthcare and Viewgol, which were bought at around 2.6 times revenue and 15 times EBITDA, respectively. Health Navigator, a private company similar to TRUE, was acquired by Amazon in October 2023 to support its Amazon Care service. Although mergers and acquisitions in this space have slowed recently, a resurgence could spark a re-rating of TRUE shares, especially if new deals or buyer interest emerge.

Comparables Valuation

The only other true comparable for Treatment AI in the Canadian public market space is HealWELL (TSX:AIDX). I have done a short comparable analysis with Treatment AI and HealWELL to highlight how deeply undervalued the company is.

HealWELL currently has a market capitalization of ~$384mm and is trading at a 16.5x EV/sales multiple based on projected revenues for 2024. If we take this same multiple and apply it to TRUE’s projected 2024 revenues of $4.5mm, we get an implied relative valuation of $1.98 per share or 103% upside from current prices.

Looking forward to 2025, TRUE’s revenues are projected to increase to CAD$19mm.

If we apply the 16.5x multiple to 2025 expected revenues of $19mm, we get an implied relative valuation of CAD$6.97 per share or 1180% upside from current prices.

I have also factored in an additional 6M shares of dilution for a potential financing in 2025.


Keep in mind that this is a conservative estimate as it does not factor in two key points.


Firstly, not all of HealWELL’s revenues are considered to be “AI revenues”, whereas all of TRUE’s revenues are. AI revenues are valued at a higher multiple than medical service revenues in today’s market.


Secondly, TRUE’s margins (84-95%) are higher than HealWELL’s (70-80%), which is not reflected in the above comparable analysis.


Thus, in reality, the per share valuation figure should be even higher.

High-Margin SaaS Model and New Product Launches

The company focuses on software subscription revenue, which lets them enjoy strong profit margins between 84% and 95%. Since they don't have to pay providers for access to users, more revenue goes straight to the bottom line, benefiting shareholders.

They're also planning to launch two new monthly SaaS products: AI Patient for educational purposes and AI Doctor in a Pocket for enterprise use. These high-margin products are the fastest way for the company to generate revenue, offering efficient software solutions to both current and new partners.

The Bottom Line

Treatment AI (CSE:TRUE | OTC:TREIF) is set to revolutionize the healthcare industry with its innovative AI technology. By addressing critical challenges in diagnostics and offering reliable, fact-based solutions, they are transforming how healthcare is delivered. Their comprehensive medical database and proven diagnostic accuracy underscore their potential.


With significant partnerships already in place and a focus on high-margin, subscription-based revenue, Treatment AI is well-positioned for sustainable growth. The company's dual focus on enterprise and educational sectors opens vast market opportunities, making them a compelling choice for investors.


As AI continues to drive advancements across industries, Treatment AI stands out as a leader in healthcare innovation. Their commitment to improving patient care and their strategic market positioning ensure they are not just part of the AI revolution—they are at the forefront. For investors seeking significant returns and a stake in the future of healthcare, Treatment AI is a promising opportunity.



The author did not receive any compensation for publishing this article. The author owns shares of Treatment AI and may choose to buy or sell at any time without notice. While the author has made reasonable efforts to ensure the accuracy and reliability of the content, readers should conduct their own research and analysis and seek independent financial advice before making any investment decisions related to the small cap company mentioned.


bottom of page