Our Favourite Health Tech Stock Soars to 85 Cents on Major Milestone Hits
The Next Tech Stock first alerted you to emerging health tech small cap MyFiziq (ASX:MYQ) back in April, when the stock was just 11.5 cents.
This week, the company hit $1.00 a 769% increase before coming back down to 85 cents (+739%), since we first initiated coverage and took a significant long-term investment to make MYQ one of our biggest holdings.
Given its newsflow over the past six months, the story has caught the attention of not only interested investors, but the broader tech market also.
We were proud to bring our subscribers this stock early and, as long-term investors, we continue to follow its progress in the long-term.
MYQ has, indeed become one of the hottest small caps on the ASX during this period.
The Next Tech Stock first covered MYQ in the article, ASX Listed Tech Stock’s Health App Can Help Fight Obesity and COVID-19.
It was here where we outlined what first attracted us to the company:
Notably it was targeting the $672 billion health & fitness market, the $84.9 billion corporate wellness market, the $1.3 trillion apparel market, the $289 billion mobile health market and the $9.6 trillion medical and insurance markets.
When we started our coverage, MYQ had already formed partnerships with giants such Toll Logistics, Mayweather Boxing & Fitness, Connor McGregor Fast, Fitocracy, Stryde and Boditrax among many others.
Its app is patented in Canada, US, Japan, Australia, China, Singapore and South Korea with patent pending in Europe, India, Hong Kong and New Zealand and patent protection across all regions that could open up vast markets.
For those yet to be introduced to the story, MYQ has developed a patented mobile application that allows users to track body shapes and dimensions while performing everyday activities.
The application measures body fat indirectly through machine learning and body shape analysis.
It also utilises surrogate measures of a person's total body fat mass, such as BMI, waist circumference, waist to hip ratio and waist to height ratio. These surrogate methods have been significantly associated with non-communicable diseases directly correlated with obesity.
The company is focused on delivering its app to several key verticals worth collectively trillions of dollars including health and fitness, medical and insurance, corporate wellness, apparel, telehealth and mobile health.
There was a lot to like about MYQ, not least its tech and the newsflow since has only justified the position we have taken.
Here is where we first covered the stock and its ascent since then:
Fast growth company
Leading into the month of September, it is easy to track MYQ’s rise.
This was punctuated in June, when the company alerted the market to a potential NASDAQ listing.
The developments behind the listing continue to roll-on, however there have been further milestones.
In early June, the MyFiziq (ASX:MYQ)/Evolt integration on the Apple app store was a significant milestone. The MyFiziq technology is intended to extend Evolt’s reach into put the app into hands of Evolt’s 500,000 home-based consumers.
More highlights followed:
Then this ...
And this ...
Which brings us to the potentially transformational month of September...
September is a milestone month
September has shaped up as a transformative month for health and wellness technology company MyFiziq Limited.
The latest announcement is its definitive agreements with Biomorphik Pty Ltd (Biomorphik), an Australian-based behavioural change and technology company that has developed a medical health and wellness platform as a bridge between medical and health/wellness with the aim of reducing health costs at all levels of society from the individual, to healthcare and insurance systems and governments.
As Finfeed reported yesterday, Biomorphik has found that consumers, corporations and governments have developed a better understanding of the value of a healthy lifestyle and its impacts on individuals, families, business and economies especially in the wake of the COVID-19 pandemic.
As such, Biomorphik is an excellent fit with MyFiziq’s body scan technologies.
Biomorphik and MyFiziq have commenced working together to build and release an initial product by 10 November, 2020.
Further news shapes MYQ’s big month
This month also saw MYQ sign its first Binding Term Sheet to expand the newly developed CompleteScan platform capabilities with Asia Pacific corporate wellness platform WellteQ into the $10 trillion global telehealth, corporate wellness and insurance market.
CompleteScan will be integrated into WellteQ’s personalised digital wellness and analytics platform in readiness for January 2021.
WellTeq’s existing corporate customers including Willis Towers Watson APAC, NIB, Bupa Australia, Toll Logistics, Credit Suisse and DBS Bank will be the first to experience the tech, before prospective clients and markets outside of APAC are targeted.
The expectation is that the CompleteScan platform will appeal to multiple verticals in telehealth, corporate wellness and insurance partners around the globe.
WellteQ provides a unique solution that will now combine its mental health, nutrition, activity and wellness capabilities with the power of CompleteScan.
Bosanac was quick to highlight the significance of combining the technologies in saying, “This will be a world first as multiple organisations worldwide are positioning themselves with offerings to the corporate wellness space.
‘’Combining our new CompleteScan technology with WellteQ will be a paradigm shift in both tracking and analytic capabilities across multiple market segments.”
Read the full story: MyFiziq and WellteQ’s integrated offering seen as paradigms shift
This month also saw MYQ make a transformational change to its on-device capabilities, after it completed a successful integration into the Apple HealthKit with all dimensional captures from MyFiziq’s technology.
Apple Health is the central repository for all health and fitness data on iOS.
Since its launch in 2014, iOS users have been able to configure and prioritise their applications and accessories to send the data that matters to their lifestyle and fitness goals to the Apple Health app.
From this aggregated data, Apple is able to summarise health information related to activity, nutrition and various other health related metrics.
MyFiziq successfully completed the integration and sharing of all data captured through its platform into the MyFiziq and CompleteScan application with the Apple HealthKit environment.
MyFiziq can enable its partners to augment their current shareable data beyond just activity, removing the need for users to manually track their body circumference and composition measurements.
MyFiziq has achieved this by including a means to share anthropometric and body composition measures including body fat percentage, lean body mass, and waist circumference directly from a partner's app into Apple Health.
With Apple Health's API allowing a user to grant both ‘read and write’ access to their data, partner applications will be provided the opportunity to aggregate and interpret insights that previously would have been unattainable.
Furthermore, the addition of Nuralogix's facial scan as part of MyFiziq’s CompleteScan application will further extend the offering to be able to capture heart rate, heart rate variability and blood pressure, thereby unlocking additional insights and potential risks.
MyFiziq will be working with its partners as they leverage the possibilities of Apple's Health ecosystem, and the company will now commence subsequent integrations with Google Fit and Samsung Health.
These most recent developments could be the catalyst for further upside as MYQ continues to build out the capabilities of its increasingly sought after health and wellness technology.
Not to mention, the critical development in train at the moment that could see it dual listed on the NASDAQ in the not-too-distant future.