Odyssey Health, Inc.

What they do

Odyssey Health, through subsidiaries Odyssey Medical Devices, Inc. and Odyssey Group International Australia, Pty Ltd., acquires and develops medical products and intends to outsource development and manufacturing and distribute through third parties. Its two technologies in research and development are the CardioMap heart monitoring and screening device and the Save-A-Life choking rescue device. As of the 10-K, none of its product candidates had received regulatory clearance or approval for commercial sale. It operates in one reportable segment.

Revenue drivers

• CardioMap — Heart monitoring and screening device in R&D stage; the company states no product candidate has received regulatory clearance or approval for commercial sale, so it currently generates no revenue.
• Save-A-Life — Choking rescue device in R&D stage; like CardioMap, it has not been cleared or approved for commercial sale and contributes no revenue.
• Future license and distribution agreements — The company expects to collect an initial license fee plus royalties on gross sales once products are approved, but no such agreements have produced revenue to date and no FDA clearance has been obtained.

Recent performance

For the three months ended April 30, 2026, Odyssey reported net income of $765,890, driven by a $1,505,581 favorable change in fair value of derivative liability and a $85,369 gain on extinguishment of accounts payable, partly offset by $527,551 of interest expense and $297,554 of general and administrative expense. For the nine months ended April 30, 2026, the company reported a net loss of $3,319,181, including $3,080,023 of financing costs and $1,035,315 of interest expense. Reported annual revenue was $0 for 2017 through 2020, and the company states it has not begun to generate revenue. At April 30, 2026, total assets were $373,779 and stockholders' deficit was $9,749,657.

Strategy

Odyssey states it intends to acquire and develop medical products, engage third-party development and manufacturing, and distribute through partners or its own direct marketing. If FDA clears or approves its product candidates, it plans to enter U.S. and international distribution or license agreements requiring an initial license fee plus royalties, with exclusivity tied to semi-annual or quarterly sales minimums; it says it is focusing on international growth. It also intends to pursue additional proprietary uses of CardioMap in the brain, liver and kidney when funding allows, and to acquire new products and technologies. The company has repeatedly disclosed entering material agreements and taking on direct financial obligations in 8-K filings between October 2025 and May 2026, including unregistered equity sales in November 2025.

Risks

• No approved products or revenue — The company states that to date none of its product candidates has received regulatory clearance or approval for commercial sale, and annual revenue has been $0 since 2017.
• Going concern — The 10-K states there is substantial doubt about the company's ability to continue as a going concern, dependent on future revenue, profitable operations and obtaining financing.
• Stockholders' deficit and liabilities — At April 30, 2026, total liabilities exceeded total assets, producing a stockholders' deficit of $9,749,657 on total assets of $373,779.
• Dependence on external financing — The company states external financing, predominantly by issuing equity and debt, will be sought, and there is no certainty such funds will be available.

Outlook

Management states that its objective is eventually to grow revenue through marketing and sales of CardioMap and Save-A-Life, but says no assurances can be given and that growth depends on obtaining regulatory clearance and entering distribution or license agreements. The company says its ability to continue as a going concern depends on generating revenue, achieving profitable operations and obtaining financing to meet obligations. It states it is seeking additional capital, mergers, acquisitions, joint ventures and partnerships to expand product offerings.