Fitness app MyFiziq registers with Google and Apple; shares up >1,700pc since March
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Health tech company MyFiziq (ASX:MYQ) is aiming for distribution via Google and Apple by the start of next year.
The company said the Biomorphik App, which integrates MyFiziq’s body-scanning technology, has been registered with Google Play and Apple Store for release approval.
The partner businesses are aiming for a domestic rollout first, before accessing Asia-Pacific markets by the end of the March quarter.
Shares in MyFiziq rose slightly in morning trade as the stock looks to consolidate above $1.30 — a gain of more than 1,700 per cent from its March lows of seven cents.
MyFiziq and Biomorphik said final approval from Google and Apple has been delayed slightly, due to a rush of new apps applying for registration before the Christmas period.
The distribution announcement follows a Definitive Agreement that MyFiziq executed with Biomorphik in September.
As part of the deal, Biomorphik provided an undertaking to deliver “100,000 active users onto the integrated platform in the first 12 months from launch”.
If the target isn’t achieved, MyFiziq has a contractual right to terminate the partnership.
Biomorphik is a broader health and wellness platform aimed at preventative measures that can reduce the healthcare costs born by individuals and governments.
The integrated app includes MyFiziq’s technology, which includes a scan feature that allows users to track their health progress by creating a 3D model of their body shape.
The Biomorphik app will offer a combination of “month-to-month and yearly payment options to consumers”, MyFiziq said.
The monthly subscription rate will be $22.99 for unlimited scans, as well as a yearly subscription payment option of $142.99.
“When you consider a single Dexa body composition scan can cost up to $80.00, the monthly fee of $22.99 is an extremely cost-effective option,” MyFiziq said.
MYQ added that over the next 12 months, Biomorphik intends to integrate its new CompleteScan solution that has the capacity to monitor “blood pressure, heart rate, cardiac workload, and heart rate variability”.
Following a $US1.5m convertible note investment by Asia Cornerstone Asset Management at the start of June, MyFiziq has also been working towards a dual-listing on the NASDAQ stock exchange.