Following months of a steadily downtrending share price, things seem to be looking up for digital health company Resonance Health (ASX: RHT).
Specialists in noninvasive medical imaging, the Company creates devices and software to aid in diagnosis and improve patient outcomes.
Having received regulatory approval in the USA, Europe and Australia, Resonance’s products are already in use on a Software as a Medical Device (SaMD) basis. The three products already on market include FerriScan, FerriSmart and HepaFat-AI. All AI-driven and designed around non-invasive MRI technology, each contributes to painting a more comprehensive health picture for physicians. Recognised as the international gold standard in liver iron concentration measurements, FerriScan and FerriSmart quantify iron concentration within the liver to assess patients with iron overload conditions.
HepaFat-AI is designed to measure liver fat in patients to evaluate and diagnose patients with fatty liver disease.
In a market announcement yesterday the Company announced a new AI Medical Device, LiverSmart. The software will combine FerriSmart and HepaFat-AI into a single MRI scan to comprehensively assess the patient’s liver iron and fat levels. Integrating these two together into a single, multi-parametric MRI session allows for better optimisation of the readings from one scan. Up until now, two scans were required for each reading. Physicians will now be able to access both evaluations at once, removing the need for multiple referrals, scans and reports.
The product is currently undergoing final testing to validate the tech prior to seeking regulatory approval from the US FDA.
“LiverSmart is an evolution of our existing product offering and it responds to the growing trend in medical imaging for more holistic assessment of human organs using AI for rapid turnaround and enhanced scalability,” said Mitchell Well, Managing Director of Resonance Health.
“The LiverSmart device focusses on our core expertise in the liver and it leverages our global standing in liver iron and liver fat assessment through our existing regulatory-cleared liver products. LiverSmart provides a more complete assessment of the liver by combining multiple MRI appointments and assessments into a singular multi-parametric scanning session which will enhance patient convenience and should reduce cost.”
The product is planned to launch in December 2021, ideal timing for the Company as they come out the other end of a transitional period amongst their ranks. New senior appointments have been made alongside other personnel such as a Global Marketing Manager, USA Sales Manager and technology staff. Adjustments to their sales strategy have been made to hopefully garner better results.
Wells commented on the changes within the Company, saying: “Resonance Health is emerging from a period of intense transition during which several senior executives have been appointed. The Company is scaling for growth with the recruitment of a global salesforce located across North America, Europe and Asia. We expect to be fully staffed by the end of 2021.
“Our new sales and marketing personnel are focused on our new AI products that can be deployed into existing and large new markets where our products are needed.
“Resonance Health remains at the forefront of AI in healthcare and with additional human resources we will more proactively engage and educate channel partners, customers, clinicians and, key opinion leaders.
“The Company is in a strong financial position with operational cash flow from sales, $8.7m in cash reserves (30 June 2021), and no debt. We will use this to fund market penetration initiatives within existing markets and as-yet untapped prospective new markets, and identifying clinical trials, particularly in the endemic fatty-liver disease market.”
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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