Advanced Human Imaging (ASX:AHI) share price sinks despite positive update

The Advanced Human Imaging (ASX: AHI) share price is in the red this morning despite a positive update. We take a closer look.

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The Advanced Human Imaging Ltd (ASX: AHI) share price is in negative territory during early morning trade today. This comes despite the company announcing it has teamed up with Discovery subsidiary Vitality to start a CompleteScan pilot program.

At the time of writing, the Advanced Human Imaging share price has plummeted 4.6% to $1.55 apiece.

Commercial opportunity for CompleteScan

In today’s release, the human scanning technology provider advised it will partner with Vitality for a larger consumer-facing pilot of its CompleteScan app.

Established in 1992, Discovery is a South African financial services company that operates in the healthcare, life assurance, savings and investment, and wellness markets. Its Vitality business is one of the world’s leading behavioural change platforms that rewards member for adopting a healthy lifestyle. The shared-value insurance model spans 28 countries and has more than 20 million members.

The partnership follows a collaboration by both parties over the last 12 months in testing Advanced Human Imaging technology.

The CompleteScan pilot program will be adopted by onsite wellness specialists across 4 Discovery facilities in South Africa.

Advanced Human Imaging stated that the pilot’s primary objective was to demonstrate the real-time data accuracy and efficiencies of the CompleteScan system.

Throughout this month, onsite wellness specialists will compare health evaluations of participants against the accuracy of results when using CompleteScan.

Advanced Human Imaging and Discovery Vitality are currently in discussions about the commercial prospect for ongoing access to CompleteScan.

Management commentary

Advanced Human Imaging CEO Vlado Bosanac welcomed the pilot program, saying:

Discovery’s behavioural change platform ‘Vitality’ sets the benchmark for health engagement and rewards. Discovery in my view were the pioneers of rewards based incentivised health outcome and have a proven track record of success.

The CompleteScan integration will deliver a high-quality cost-effective data set, which will have exponential value in risk assessment and management when integrated into a solution like Vitality.

Better health outcomes mean better quality of life. The ethos of a platform of this nature is to do exactly that, help people live better healthier lives. This is where the CompleteScan application is most effective, by identifying negative health indicators through actionable data for early intervention.

About the Advanced Human Imaging share price

Over the last 12 months, Advanced Human Imaging shares have accelerated to post a gain of more than 800%. Year-to-date performance stands at around 30% higher than the beginning of 2021.

Advanced Human Imaging has a market capitalisation of roughly $220 million, with approximately 136.3 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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