Technology we’ve really only seen in the Ironman movies could soon become a reality with Vection Technologies (ASX: VR1) set to have it’s augmented reality technology trialed by a hospital in Italy.
The trial will focus on two augmented reality healthcare solutions developed by Vection. The first will enable surgeons to view data fields from endoscopic equipment through a wearable AR device, whilst the second will enable administrators to view medical records through a wearable device.
“This initial trial represents the culmination of a lengthy regulatory process with key public stakeholders enabling Vection Technologies to affirm itself at the forefront of the digital healthcare transformation, introducing augmented reality as a new standard in healthcare risk management,” said Vection Managing Director, Gianmarco Biagi.
“This agreement represents a key commercial milestone setting the foundations for long-term growth, providing for a strong opportunity for recurring revenue growth during the second half of FY21 and into FY22.”
This hospital-based trial will take place at AORN S.G. Moscati hospital while a concurrent trial will also be undertaken at Luiss Libera Università Internazionale degli Studi Sociali Guido Carli (LUISS Business School) as part of their Model for Risk Management in Healthcare.
While none of the AR will directly impact surgical procedures, the trials open up opportunities for healthcare practices to be significantly improved in a sector which still has a strong reliance on hand-written notes, filing, and storage – all time consuming processes with risk management flaws.
If the trials are successful, Vection views Italy as a prime market to increase their testing where there is an addressable market of approximately 1,000 hospitals seeking to advance their electronic medical records system.
No material details of the trials were released to the market but they affirm Vection’s 6-month objective to apply their existing AR and VR technology to the healthcare industry.
The trials continue a very active 12 months for Vection, which has focused on applying their VR technology to various industries that delivered a 131% increase in revenue to $3.1m for FY20, driven by new subscription revenue partnerships.
Following news of these new AR trials, VR1 shares opened this morning at $0.09 – a rise of 32% on their previous $0.068 close.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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