Rising demand from Asia for health and fitness tech has accelerated MyFiziq’s (ASX: MYQ) plans to integrate their body scanning technology into partner applications with Biomorphik bringing forward their collaborative app release date three months, to November 2020.
The accelerated roll-out will see Biomorphik launch its health and wellness platform which aims to reduce health costs across all levels of society but also has in-app integration with MyFiziq’s proprietary body scanning technology.
“Biomorphik is our first partner to take advantage of our newly developed Body Scan OnDemand cross linked iOS and Android applications, which we have built to get integrated products to market quicker, in turn, enabling swifter user revenue generation for MyFiziq and our partners,” said MyFiziq CEO, Vlado Bosanic.
“Biomorphik has undertaken a user target of 100,000 active users in the first 12 months and MyFiziq is happy to play a role in achieving this target with a joint marketing campaign.”
Under commercial terms of their agreement, users of the Biomorphik app will have options to utilise MyFiziq’s body scanning functions where they will be directed to either the Apple App Store or Google Play Store depending on their device. Once installed, linked functionality will be available with data routed between the apps instantaneously upon logging.
Using the body scanning functions, users are able to maintain records of key health and measurement metrics which are regularly being developed alongside tech improvements to smartphone cameras.
“Biomorphik has had a surge of interest in our product offering from governments and large corporations across Asia as a result of the current pandemic, with people, corporations and governments better understanding the value of a healthy lifestyle and its impacts on individuals, families, business, and economies,” said Biomorphik CEO, Nathaniel Peek.
“I believe this early release will not only assist us in meeting the user target of 100,000 active users, but it will also be highly visible in attracting a larger audience for both Biomorphik and MyFiziq.”
For the financial year ending 30 June 2020, MyFiziq reported revenue of $667k with a net loss of $5.3m. This was primarily attributed to research and development expenses through a year where the Company has been actively securing brand partners to integrate their technology with customers paying in-app fees or partners paying licensing fees.
Subsequently, MYQ shares have been very popular among investors, trading around $0.30 at the start of July and reaching an all-time high of $1.08 in September.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, bloodstock enthusiast and former Analyst.
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