- MyFiziq (MYQ) has appointed a new, experienced leader in the U.S. online fitness space to join its executive management team
- William Bradford's appointment to MYQ Chief Business Officer comes ahead of the health technology company's planned NASDAQ listing
- MyFiziq is launching an assault on the U.S. health, fitness and gym market which has an estimated net worth of US$33.3 billion (roughly A$41.8 billion)
- The company's CompleteScan technology has already revolutionised the medical imaging market in Australia with its online diagnostic capabilities
- With the new leader onboard, all that's left for MyFiziq to do is stake its claim in the multi-billion-dollar U.S. health and fitness market
- MYQ shares are trading at $1.76, up 0.57 per cent
Investors are always looking for the next big thing. The elusive company which is going to follow Apple, Amazon or even Appen (APX) in skyrocketing to success with their groundbreaking technology.
These companies all came from humble beginnings, but now dominate the various U.S. markets with their staggeringly large market caps, expensive share prices and outstanding returns. They also share a common pillar — each stock has a savvy management team behind it.
So what is the next great stock and who's leading it? One of the companies already dominating the Australian fitness market is MyFiziq (MYQ). The health technology business is also poised to triumph in the States after recently appointing an experienced leader from the U.S. digital media space to its leadership team.
William Bradford heads up another NASDAQ hopeful, and with the former Fox SVP and Beachbody leader onboard, MyFiziq is expertly placed to launch on the NASDAQ and dominate the US$33.3 billion (roughly A$41.8 billion) health and fitness market.
Imaging diagnostics transformed
MyFiziq has found success to date with its proprietary CompleteScan technology, which essentially works to read a user's vital signs, like blood pressure, heart rate, pulse and more from a body scan to provide a diagnosis on everything from chronic health conditions to skin diseases.
MyFiziq has already partnered with a range of other healthcare and fitness companies, including Canada-based Triage Technologies, Australian biotechnology business Biomorphik and more recently Chinese health company Tinjoy Biotech.
MYQ's disruptive technology and various partnerships have helped the company achieve dazzling success to date, with shares jumping 614 per cent in value over the last 12 months.
Over the course of the year, MYQ went from being worth 20 cents per share in mid-January to over $1.30 per share by the end of October. It's since gone on to top the $1.80 mark and is on track to hit $2 per share in the near term.
Not content with dominating the Australian market, though, MyFiziq has now set its sights on the U.S. market, or more specifically the NASDAQ. The company is gearing up to list on the well-known and competitive stock market — home to Facebook and Tesla — later this year.
The future of health
Ahead of the listing, MyFiziq has appointed a key leader to help it navigate the U.S. market and its high-powered investors, with William Bradford joining the team at MYQ as Chief Business Officer.
William brings a wealth of experience to the role, having previously worked as a key executive lead for multiple fortune 500 companies, including at media giant Fox Broadcasting, where he helped pioneer online voting for hit series' such as American Idol and The X Factor.
More recently, he worked as the Chief Digital Officer at leading fitness business Beachbody — helping transform the company’s media business from a transactional DVD sales model to a multi-platform consumer digital subscription service.
Such is the success of Beachbody on Demand that it currently reaches millions of customers worldwide and tables an average annual revenue of more than US$1 billion (around $1.26 billion).
Beachbody also recently announced a special purpose acquisitions company (SPAC) deal which will give the business a total worth of US$2.9 billion (about A$3.6 billion) and will see it list on the NASDAQ.
Commenting on the key appointment, MyFizq CEO Vlado Bosanac said William's experience in the U.S. market would be a key advantage for the company going forward.
"His knowledge and previous successes in transforming companies in the digital space is second to none. He was strategic in Beachbody transforming to a digital business model, which is now seen to be one of the most successful online fitness and nutrition platforms in the U.S.," he said.
Tackling a $33 billion market
With another experienced leader at the helm, MyFiziq has placed itself in an enviable position ahead of its NASDAQ launch. It's also primed to increase its existing stake in the lucrative health and fitness market.
A recent analysis by Ibis World revealed the estimated worth of the U.S. health, gym and fitness market alone is a staggering US$33.3 billion (roughly A$41.8 billion), with an estimated growth rate of 2.3 per cent.
Given MYQ's technology is one-of-a-kind and applicable to both healthcare companies looking for remote diagnostic capabilities and fitness business who want to offer health-tracking metrics, the stock's future looks limitless.
"Having watched the interest and exponential growth of the company throughout the last 12 months, my now full-time role will afford me the benefit of being singularly focused on the task at hand. We have engaged with some of the largest organisations in the US over the last 12 months and I am pleased with their interest and ongoing engagement," Chief Business Officer William Bradford said.
He argues the COVID-19 pandemic has changed the way many healthcare businesses operate, forcing them to adopt remote diagnostics technology and accept that the future of health is digital.
"Most organisations have had to pivot in some form due to the global pandemic and from my point of view, this has only strengthened the need for the platform
Vlado and the team have built," he explained.
"Ever since I saw MyFiziq's technology demonstrated in person, I knew it had enormous potential. The technology is exciting, and I believe I can assist in facilitating relationships not just here in the US, but globally through both my personal network and previous roles," he added.
Armed with an experienced leadership team, ground-breaking technology and a clear path for success, MyFiziq is poised to further dominate the U.S. market when it launches on the NASDAQ later this year.