The Singular Health Group Ltd (ASX: SHG) share price took flight today, increasing by 27.2% to 51.5 cents a share. However, the recently listed medical imaging technology company had no news out today.
Singular Health has gained a spot on plenty of watchlists over the last couple of weeks. It might be worth recapping what all the fuss is about.
What does Singular Health offer?
The proprietary technology developed by Singular Health enables the viewing of a 3D image, which is compiled of 2D medical images. More specifically, this technology is the company's volumetric rendering platform.
Singular Health notes that this technology provides immersive viewing across a range of medical applications. Such applications include orthodontics, maxilla-facial surgery, oncology, general surgery, and orthopedics.
In addition to this, MedVR is Singular Health's product which allows the viewing of scans through an interactive virtual reality experience.
The company derives its revenue from both initial hardware sales and subscription payments on an on-going basis for the use of software, commonly referred to a software-as-a-service (SaaS).
Recent Singular Health developments affecting the share price
With Singular Health being a small and upcoming player in a fairly competitive space, shareholders would be looking for progress. On Monday, shareholders got exactly that. The company announced that it had received a purchase order totalling $170,000 for development of GeoVR software.
The order was received from FlowCentric Technologies, with which Singular Health is also in the process of finalising a joint venture. The purchase order will enable FlowCentric to conduct a pilot program using Singular Health's GeoVR software.
You might be thinking, well this a world away from medical imaging. And you'd be correct. But the volumetric rendering technology developed by Singular Health spans multiple use cases. In this instance, it will be used to develop a commercially viable product that utilises imaging and predictive technologies for mining and exploration.
FlowCentric currently services over 350,000 users with its business process management software. These include a number of global resource companies.
For further progress on the medical imaging front, shareholders will have to wait a little longer to see that play out.