This ASX share soared 175% in September

This under the radar ASX share is pioneering technologies that could revolutionise online clothing sales and many areas of personal wellness.

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MyFiziq Ltd (ASX: MYQ) is a small cap ASX share that has developed technology for personal health management. This share is often compared with Catapult Group International Ltd (ASX: CAT). While there are distinct differences in the two companies' technologies and business models, I do believe MyFiziq is a growth share with a potentially large addressable market. 

What does this ASX share do?

MyFiziq provides a technology that is embedded in its partners apps via a software development kit. Specifically, it uses pictures from your smart phone to create a 3D avatar with accurate body size and shape measurements. The technology is currently used across the health and fitness, insurance, and medical sectors. What's more, the company offers 97% accurate body measurements, with a repeatability of 98%.

This has the potential to revolutionise online clothing sales, with the precise measurement technology helping to reduce or eliminate the potential for returns. It also allows for auto-matching to the partner company's specific size charts. This helps reduce human error in taking tape measurements. 

Within the insurance and medical fields, the product integrates body measurements with a vast, geographically diverse data set. In addition, the technology includes artificial intelligence and machine learning. Current applications include measuring the effectiveness of exercise and diet regimes, and corporate wellness programs.

Why is this ASX share moving?

The company announced a range of advances during September. Initially, it announced a binding term sheet with Asia Pacific corporate wellness platform WellteQ Ltd. The parties will work together in the $10 trillion dollar global telehealth, corporate wellness and insurance market.

Second, it announced definitive agreements with Biomorphik Pty Ltd, an Australian-based behavioural change and technology company. The two companies have commenced working together to release an initial product using MyFiziq's new Body Scan OnDemand product.

Last, it announced a breakthrough in developing technology that can indicate body composition, including body fat percentages and more. Previously, only an actual medical scan, such as dual energy X-ray absorptiometry (DEXA), had the capability to do this. 

Company CEO, Vlado Bosanac, recently said;

…The Company, for want of a better explanation, is becoming a device-based health triage provider by allowing insurers, medical professionals, and healthcare providers to use an advanced tool, that demonstrates an individual's risk markers with speed and convenience. 

Foolish takeaway

The technology and path to market of this product appears well executed, and it clearly has a large addressable market. It currently has a market capitalisation of $151.66 million after increasing 175% in value during September. Whilst I feel the MyFiziq share price carries significant risk of volatility, I think it would be a good ASX share to put on your growth watchlist over the next 12 – 24 months. 

Daryl Mather 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 Catapult Group International Ltd. The Motley Fool Australia has recommended Catapult Group International Ltd. 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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