The Evolt360 health and wellness application is now available in the Apple App store and that’s good news for Australian small cap MyFiziq (ASX: MYQ).
Evolt is a technology driven health and wellness company that is powering connected and digital health.
The company has developed an end-to-end solution that tracks detailed changes in the quality of activity, body composition and nutrition as well as sophisticated data analytics for an individual’s body composition changes.
Evolt provides an FDA approved medical grade machine-based intelligent body scanning technology.
In just a few short years, Evolt has become a global player, securing contracts across multiple verticals, from health insurers, health, and fitness retailers to government bodies and some of the world’s largest gym chains.
The tech has been purchased and supported by companies including but not limited to F45, Anytime Fitness, HCF and KPMG, who are looking to provide greater insight into the health of their members and employees.
What does this mean for MyFiziq?
Evolt’s tech is complementary to that of MyFiziq, which has developed and patented a proprietary dimensioning technology that enables its users to check, track, and assess their dimension using only a smartphone privately and accurately.
The MyFiziq technology has been integrated into the Evolt360 app and is intended to extend Evolt’s reach by placing the app into the hands of Evolt’s 500,000 home-based consumers.
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.
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.
The Evolt application with the MyFiziq in-app scanning capability is being released on iOS initially, with Android to follow.
How the integration works
Customers of Evolt will be able to download 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.
With the added functionality of tracking circumference change as an additional data set, Evolt is inspiring and educating its users with real-time data to drive and assist in the delivery of personal goals.
Robust revenues to come
Highlighting the potential revenue generation from incorporating Evolt into MyFiziq’s product offering, chief executive Vlado Bosanac said, “The launch of Evolt has been much awaited both by MyFiziq and our shareholders. If the initial target user numbers are achieved, it would see the Company meet an initial break-even, based on current monthly burn.”
The application has been through rigorous testing in readiness for the launch and has performed well.
“We are looking forward to supporting Evolt with its launch, users, downloads, and usage. As Evolt has been granted an FDA medical device approval, we believe this will bring a great deal of interest to both companies as we co-promote this unique and comprehensive capability to multiple business verticals, both current and new.
"The FDA medical device approval held by Evolt is of particular benefit to both companies as we share a common interest in distributing the solution to governments, medical organisations, and insurers. The FDA approval brings validity to the device and its functionality is often required in such organisations, when looking to use the device as part of a decision-making process rather than a monitoring device.”
MyFiziq seeks NASDAQ listing
As it looks to release is technology on a global scale, MyFiziq is now also seeking a dual-listing on the NASDAQ stock exchange, to enable a smoother roll of its product out in the US.
Last week the company was in receipt of an initial payment of US$225,000 (A$320K) from Asia Cornerstone Asset Management to go towards MyFiziq’s NASDAQ listing initiative.
The money is the first of four tranches that will assist MyFiziq with its US expansion plans and enable the company to commence the process of seeking a dual listing.
“I believe opening up the Company to the US exchange will assist MyFiziq with its US domiciled partners. It is often a concern to these organisations that we are not US-based when they are looking to integrate our technology into their own ecosystem and customer engagement. This move will also bring both fresh investors and support to the Company,” Bosanac said.
“MyFiziq is at a turning point with the release of Evolt and multiple other applications under development for release in the coming months. The US investment banks we met with over the last months have showed very strong interest in our technology and the pathway we outlined to generate revenue. We had built momentum in the US prior to theCOVID-19 shutdowns, which caused an initial stall in our ambitions. In the past weeks, this interest has re-ignited and with this we accepted the initial funding from ACAM to execute on our plans.”
MyFiziq is targeting Q4/2020- Q1/2021 for the commencement of trading on the NASDAQ Capital Market