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- Medical imaging company Advanced Human Imaging (AHI) is one step closer to purchasing Israeli-based musculoskeletal assessment company Physimax Technologies
- Under a binding heads of agreement, AHI will now undergo its due diligence processes, which are expected to be completed next month
- If all conditions are met, AHI will pay an all-share consideration worth US$6 million (around A$7.74 million) for Physimax as well as an additional US$2 million (about A$2.58 million) as part of an earn-in agreement
- Physimax has developed a video-based solution that tracks and improves musculoskeletal wellness and performance by analysing the condition using a mobile device
- Notably, Physimax has been chosen by top healthcare providers, elite sporting organisations, such as NFL and NBL, U.S. military units and colleges
- On the market this morning, AHI is down 1.63 per cent and is trading at $1.81 per share
Advanced Human Imaging (AHI) is one step closer to purchasing Israeli-based musculoskeletal assessment company Physimax Technologies.
Last week, the parties announced the proposed acquisition with a letter of intent.
Today, a binding heads of agreement has been executed under which AHI will conduct due diligence on Physimax, which it expects to complete around May 21, 2021.
If all conditions are met, AHI will pay an all-share consideration worth US$6 million (around A$7.74 million) for Physimax, as well as an additional US$2 million (about A$2.58 million) as part of an earn-in agreement.
Physimax has developed a video-based solution that tracks and improves musculoskeletal wellness and performance by analysing the condition using a mobile device.
Its technology automatically measures and scores mobility, stability, strength, and movement control according to evidence-based body movement patterns.
Additionally, the technology will then provide a personalised workout program for each individual.
The machine learning technology is commercially available for healthy individuals and patients undergoing rehabilitation.
Notably, Physimax has been chosen by top healthcare providers, elite sporting organisations, such as NFL and NBL, U.S. military units and colleges.
“The musculoskeletal assessment space is seeing accelerated interest, with a number of insurance and care-based platforms having adopted Musculoskeletal assessment, being Dario Health, Hinge Health and Carrum Health, all now adding offerings within their customer care initiatives,” AHI CEO and Chairman Vlado Bosanac said.
“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,” he added.
Musculoskeletal issues include more than 150 conditions that affect the locomotor system of individuals. These include short-term conditions — such as fractures, sprains and strains — to lifelong conditions associated with ongoing limitations and disability.
Importantly, musculoskeletal conditions are the highest contributor to the global need for rehabilitation.
“AHI will continue to identify opportunities of this kind that are complementary to the AHI offering, with a view to either a partnership, or when advantageous, acquisition,” Vlado concluded.
On the market this morning, AHI is down 1.63 per cent and is trading at $1.81 per share at 10:43 am AEST.
