Why ResApp Health Ltd (ASX:RAP) shares rocketed higher today

The ResApp Health Ltd (ASX: RAP) share price has continued its strong run today and rocketed 20% higher to 21.5 cents.

This means the healthcare technology company’s shares have now risen by around 65% in the space of a month.

Why have ResApp’s shares rocketed higher?

This morning the company added to its recent positive news flow by announcing that it has partnered with Lockheed Martin in the Defense Advanced Research Projects Agency (DARPA) Warfighter Analytics using Smartphones for Health (WASH) program.

According to the release, the WASH program will build a software suite to predict warfighter readiness and potential chronic and acute illness in a variety of contexts using only a standard cell phone instead of other specialized, expensive medical devices.

The company’s CEO and managing director, Tony Keating, appeared to be pleased with this latest development. He commented that: “We are delighted to be working with Lockheed Martin to develop audio signatures and algorithms as key components in products to support the mission readiness and health of United States military personnel.”

No financial terms were disclosed in today’s announcement.

Should you invest?

Last year things looked incredibly bleak for the company following the failure of its Smartcough-c study. But I must admit to being very impressed at the company’s turnaround in 2018.

However, there certainly is a lot riding on the new Smartcough-c2 study results. The company has insisted that the first study failed due to the poor quality of the audio recordings.

Whereas this time around things appear to be going much more smoothly and only 3% of recordings were unacceptable at its last update.

The results of the study are due to be released later this month. I would suggest investors keep their powder dry until their release and focus on other options in the meantime.

Healthcare technology shares such as Pro Medicus Limited (ASX: PME) and Volpara Health Technologies Ltd (ASX: VHT) could be quality alternatives. Incidentally, Pro Medicus delivered a strong result today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PRO Medicus Ltd. and VOLPARA FPO NZ. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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