- MyFiziq (MYQ) and U.K.-based Jayex Healthcare (JHL) have teamed up to integrate their health monitoring technology
- Under the agreement, MyFiziq’s CompleteScan platform, which can track body measurements remotely, will be added to the Jayex Connect telehealth system
- While MyFiziq is yet to see the financial impact of the Jayex deal, it does expect to generate licence and other fees down the line
- More broadly, the agreement aligns with health goals set by the U.K.’s National Health Service (NHS) — one of which is that all patients should have the option to have a digital health consultation by April next year
- Positively, it’s the second partnership of its kind for MYQ this week — the healthtech stock also announced it was teaming up with Singapore’s Nexus-Vita on Tuesday
- Following today’s news, MyFiziq shares rose 3.91 per cent to trade for $1.33 per share
- Meanwhile, Jayex shares fell 3.23 per cent to trade for six cents at 10:49 am AEDT
Two ASX healthcare stocks are set to collaborate after signing a binding term sheet this week.
In a new deal, MyFiziq (MYQ) and U.K.-based Jayex Healthcare (JHL) will work together to integrate their health monitoring technology.
Under the agreement, MyFiziq’s CompleteScan platform, which can track body measurements remotely, will be added to the Jayex Connect telehealth system. It means health professionals who are completing patient assessments digitally will have access to MYQ’s scanning technology.
As part of the partnership, Jayex is aiming to bring at least 1,000,000 users onboard over the first 12 months after launch.
More broadly, the deal aligns with health goals set by the U.K.’s National Health Service (NHS) — one of which is that all patients should have the option to have a digital health consultation by April next year.
While MyFiziq stated it’s yet to see the financial impact of the Jayex deal, it does expect to generate licence and other fees down the line.
If Jayex’s platform signs between zero and 50,000 active users, MYQ will charge US$5.49 (around A$7.69) per month and per user. On the other hand, if the system delivers more than 1,500,001 users, that cost drops to just US$1.80 (about A$2.52).
Speaking to the deal, MyFiziq Managing Director and CEO Vlado Bosanac said Jayex would be a great partner for the company.
“This mutually beneficial partnership gives us access to over 3250 medical facilities and a platform that boasts impressive 50,000,000 plus patient engagement per annum,” he stated.
“It creates an opportunity to empower consumers and GPs to add a new dimension to their interactions, and ultimately improve the interaction and patient care,” Vlado continued.
Positively, it’s the second partnership of its kind for MYQ this week. On Tuesday, the healthtech stock announced it was teaming up with Singapore’s Nexus-Vita in a similar collaboration.
Thanks to that agreement, MYQ’s CompleteScan technology will also become available on Nexus-Vita’s health monitoring platforms in a deal worth at least US$3.588 million (around A$5 million) in annual revenue.
Rounding off today’s announcement, Jayex Healthcare Executive Chair Michael Boyd expressed his excitement about what’s to come.
“The addition of CompleteScan to the Jayex Connect platform fits firmly within our growth strategy to evolve our platform, with new functionality that allows GPs and healthcare providers to improve the patient outcome and deliver a better experience, while reducing the strain on clinical resources,” Michael explained.
“We’re witnessing a shift to remote patient interactions, and integrating CompleteScan into the Jayex Connect platform gives us the potential to create a truly differentiated offering and giving GP’s the tools to have meaningful interactions with patients before they enter the clinic, and provide a better care experience,” he concluded.
Following today’s news, MyFiziq shares rose 4.69 per cent to trade for $1.34 per share. Meanwhile, Jayex shares fell 8.07 per cent to trade for 5.7 cents at 11:46 am AEDT.