The MyFiziq Ltd (ASX: MYQ) share price has fallen by 4.69% at the time of writing, despite the company announcing that the Biomorphik app is now live on Google Play and Apple Store.
The MyFiziq share price is currently trading at $1.22, down 6 cents.
More about the announcement
The Biomorphik app is, in fact, developed by a separate company that is integrated with MyFiziq’s technology.
The company says today’s initial app release is for both Android and iOS users in Australia with South East Asia to follow in Q1 of 2021.
In line with this initial release, Biomorphik will commence a comprehensive B2C (business-to-consumer) marketing strategy to draw users to the new platform.
The first stage will allow people to monitor their bodies closely and pre-empt potential issues before they become prohibitive to the user’s health.
Under the terms of the commercial contracts, Biomorphik has given an undertaking to deliver to MyFiziq 100,000 active monthly users. In the event this target is not achieved, MyFiziq has the right to terminate the agreements between the parties.
More about the Biomorphik app
According to the release, Biomorphik is a revolutionary technology that uses pictures from your smartphone to create a representation of yourself in the form of a 3D avatar with accurate circumference measurements.
The aim is to keep track of your body’s biometrics and record any gains made from physical activities. The company says the app provides a positive feedback loop which keeps people motivated to go to the next level in their physical endeavours.
Biomorphik will offer both a monthly subscription at $22.99 per month for unlimited scans, as well as a yearly subscription payment option with a significant discount at $142.99 per year for unlimited scans to consumers.
MyFiziq says that this is a very cost-effective option, as the user can scan as many times as they wish to track body composition changes.
About the MyFiziq share price
The MyFiziq share price has been on fire over the year, rising by nearly 500%.
The company has been on the move in 2020, signing significant contracts and partnerships.
In October, the company announced a deal to integrate MyFiziq’s body scanning technology into MVMNT’s platform. MVMNT is the digital delivery arm of FitLab LLC that integrates fitness solutions with athletes and sports brands.
In December, an agreement with Canada-based Triage Technologies was signed. That agreement saw the company take a strategic equity stake in Triage, and gave access to the licensed use of artificial intelligence (AI) health assistant technology for integration into MyFiziq’s CompleteScan software.
MyFiziq commands a market cap of $164 million.
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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares) and Apple. The Motley Fool Australia has recommended Alphabet (A shares) and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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