AHI looks to complete Physimax acquisition
Last week, Advanced Human Imaging (ASX:AHI)came out of trading halt to announce that it had agreed to acquire Israeli based Musculoskeletal Assessment (MSK) company Physimax Technologies Limited for US$6M.
AHI has now concluded the binding heads of agreement to acquire Physimax and will now turn its attention to conclude all due diligence on or before 21 May 2021.
Physimax has developed and patented a revolutionary video-based objective solution that tracks and improves MSK wellness via video capture using a mobile device.
Known as Advanced Musculoskeletal Assessment Artificial Intelligence, the technology addresses musculoskeletal conditions that affect 1.71 billion people worldwide.
In fact, musculoskeletal disorders such as lower back pain cause the highest burden on healthcare systems with a prevalence of 568 million people worldwide and these conditions are the leading contributor to disability worldwide, causing disability in 160 countries.
Physimax offers a wide range of automated evidence-based functional movement tests, resulting in all-encompassing analytics that can lead to injury prevention and athletic performance enhancements. Physimax conducts comparative Athletic and musculoskeletal scores which are calculated in relation to the same level industry normative values, maximizing the accuracy of the results.
It is in a similar wheelhouse to AHI’s overall goal of assisting individuals, communities and populations live healthier lives, worldwide, through its BodyScan technology which enables users to privately check, track, and accurately assess their dimensions, solely using a smartphone.
AHI is effectively extending its footprint in remote health management.
“The musculoskeletal assessment space is seeing accelerated interest, with a number of insurance and carebased platforms having adopted Musculoskeletal assessment, being Dario Health, Hinge Health and Carrum Health, all now adding offerings within their customer care initiatives,” Vlado Bosanac, Chairman and Chief Executive Officer of Advanced Human Imaging, said.
“As I previously stated Physimax would be a welcome addition to the AHI MultiScan platform. The Physimax technology has seen broad acceptance of the application worldwide with over 250,000 scans performed to date.
“With the AHI on device 2D/3D capturing capabilities of our patented system, we anticipate that, should the acquisition proceed, we will further enhance the Physimax system in readiness for a global approach to these new capabilities.
“The Physimax technology is being used in multiple facets of care and Musculoskeletal enhancement throughout the US, Europe and Asia. The use of the platform is well documented and used by the NBA, Clinicians, US Military and Universities around the world.”
Bosanac says, AHI is actively looking for expansion opportunities similar to the pending Physimax acquisition, with a view to either a partnership, or when advantageous, acquisition.
It has certainly been active in this space lately, signing a marketing agreement with the owners of the WinScan App - China-Based, Tinjoy Biotech Limited and releasing the Original Fit Factory Ltd (TOFF) App integrated with AHI’s technology.
All this activity should augur well for AHI as it draws closer to its NASDAQ listing.