Shares in Advanced Human Imaging Ltd (ASX: AHI) are trading modestly today despite news the company's DermaScan AI has received European medical device approval. In earlier trade, the Advanced Human Imaging share price jumped more than 6% but has since retreated. At the time of writing, the company's shares are fetching $1.495, up 0.34%.
Today's news means the company's DermaScan AI device can now be used in 27 European Union (EU) countries.
Advanced Human Imaging developed the smartphone-based skin scanner in partnership with Canadian company Triage Technology Inc. It uses Triage's artificial intelligence (AI) technology to identify 588 skin conditions. The company claims the program is, on average, more effective than dermatologists.
Advanced Human Imaging also announced Triage has signed a distribution agreement with SkinHealth Canada. The agreement will see more than 2,000 Canadian healthcare professionals use the program.
Let's take a closer look at the news.
DermaScan AI approval
Having received EU approval, DermaScan AI will be available to more than 20,000 clinicians and dermatologists in Europe. It's already used by more than 20,000 medical professionals worldwide.
Advanced Human Imaging expects the technology will also receive US Food and Drug Administration approval later this year.
The company plans to release DermaScan AI as a part of its smartphone-based CompleteScan platform in the third quarter of this year.
CompleteScan is a group of programs that use images from smartphone cameras to analyse a person's risk of health conditions and monitor existing health conditions.
Currently, the CompleteScan platform includes BodyScan and FaceScan. BodyScan analyses a person's body composition and chronic disease risk, while FaceScan analyses a person's vital signs, such as blood pressure, heart rate, and respiratory rate.
Once DermaScan AI is incorporated into CompleteScan, it will be available in 200 countries worldwide.
Commentary from management
Advanced Human Imaging CEO Vlado Bosanac commented on DermaScan AI's EU approval, saying:
This opens up the market significantly for AHI and Triage… More importantly it validates the Derma AI as credible, allowing medical practitioners access to the technology in their day-to-day practices… We are combining the Derma AI into the CompleteScan platform, which will allow our partner's users an ability to perform an extensive number of health checks via the CompleteScan platform.
Advanced Human Imaging share price snapshot
Advanced Human Imaging shares are having a strong year so far on the ASX.
Currently, the Advanced Human Imaging share price is sitting around 24% higher than it was at the end of 2020. It's also gained a whopping 740% since this time last year.
The company has a market capitalisation of around $204 million, with approximately 136 million shares outstanding.
