MYQ Unlocks Revenue via Evolt's Apple App Store Launch
It’s only been a week since we last caught up with MyFiziq (ASX:MYQ) and during that time there have been two significant events.
The first was the receipt of an initial payment of US$225,000 (A$320K) from Asia Cornerstone Asset Management to go towards MyFiziq’s NASDAQ listing initiative.
You may remember that MYQ is targeting Q4/2020- Q1/2021 for the commencement of trading on the NASDAQ Capital Market.
The money is the first of four tranches of US$250,000 that will assist MyFiziq with its US expansion plans and enable the company to commence the process of seeking a dual listing.
You can read more about this in our previous article: Could a NASDAQ Listing Put MYQ on the US Health & Fitness Map?
The second significant event is today’s launch of the MyFiziq/Evolt integration on the Apple app store. The MyFiziq technology is intended to extend Evolt’s reach into put the app into hands of Evolt’s 500,000 home-based consumers.
Evolt has committed to targeting an initial 100,000 active users onto the joint offering in the first 12 months, with MyFiziq to receive $2.99 per month per user based on a 12-month subscription.
This could therefore be a strong revenue generator for MyFiziq, which would help the company meet an initial break-even position, based on its current monthly burn.
With that in mind, let’s take a more detailed look at today‘s announcement.
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Market Capitalisation: A$21.99 million
Share Price: A$0.18
Evolt launch on Apple app store with integrated MYQ technology
The release of the Evolt360 application (Evolt) to the Apple App Store has been finalised, with customers now able to download the Evolt app.
The Evolt application is being released on iOS initially, with Android to follow.
This is a significant milestone for MyFiziq (ASX:MYQ) as Evolt has released the much anticipated Evolt360 application with in-app body scanning using the MyFiziq technology.
Evolt is a device/machine-based intelligent body scanning technology purchased and supported by health, fitness, and wellness companies including but not limited to F45, Anytime Fitness, HCF and KPMG.
These are just some of the companies looking to provide greater insight into the health of their members and employees.
The scans performed by the technology are made available to consumers for between $30 and $50 per scan depending on the type of scan performed and level of membership.
The new integration gives Evolt customers access to the MyFiziq technology, via the Evolt app.
In addition to the body tracking capabilities, Evolt will be embedding its biometric data into the machine learning data with MyFiziq within the application, delivering a broader data set than has been made available in any application of its kind to date.
Unique end-to-end body tracking
Evolt has developed a unique end-to-end solution that tracks detailed changes in the quality of the activity, body composition and nutrition, as well as sophisticated data analytics for its user’s body changes.
Evolt users can track circumference change as an additional data set and educate its users with real-time data to drive and assist in the delivery of personal goals.
Evolt has only been on the scene for a few years, but has already become a respected global player in the health and wellness industry, securing contracts across multiple verticals, from health insurers, health and fitness retailers to government bodies and some of the world’s largest gym chains.
Robust revenues expected for MYQ
The potential revenue generation from incorporating Evolt into MyFiziq’s product offering could be quite substantial for MYQ.
Evolt has committed to targeting an initial 100,000 active users onto the joint offering in the first 12 months and MYQ expects to receive $2.99 per month per user based on a 12-month subscription
“This will mark the release of our second consumer application, and if the initial user numbers are achieved, it would see the company meet an initial break-even position, based on current monthly burn,” said MYQ founder Vlado Bosanac.
The application underwent rigorous testing in readiness for the app launch, and is performing well on all fronts.
MyFiziq will support Evolt with its launch, users, downloads, and usage.
With Evolt having been granted an FDA medical device approval, Bosanac believes this will generate a great deal of interest in both companies as they co-promote what is a unique and comprehensive capability to a wide range of consumer and industry groups across their established client bases, as well as attracting interest from new sectors.
The final word
MyFiziq is moving quickly in its bid to integrate its app globally and influence the health and wellness industry.
The launch of Evolt, with MYQ integrated technology, onto the Apple app store is an excellent step forward.
Not only should this launch (with Android launch to come), shore up revenues for MYQ, this move will also strengthen its bid to list on the NASDAQ, as the US stock exchange and its investors can see just how serious MYQ is about properly integrating its technology into the US health and wellness market.
We expect further milestones to be announced by the company as the back half of 2020 unfolds.