- After seeing rapid growth on the ASX, medical imaging and body-scanning specialist MyFiziq (MYQ) is illustrating a playbook for success with an upcoming NASDAQ listing
- The company's tech is able to provide professional-quality medical imaging using nothing more than a smartphone
- Already, ASX investors have flocked to the company, with shares increasing over 2200 per cent in the last 12 months
- Now, MyFiziq has taken two key steps to list its business on the world's flagship tech exchange, the NASDAQ
- MyFiziq has bolstered its management team with the appointment of former Fox SVP and Beachbody leader William Bradford as Chief Business Officer
- At the same time, MYQ has added Edward Greissing Jr and Luisa Ingargiola to its board — both high-profile directors with a wealth of knowledge when it comes to both the U.S. healthcare market and the NASDAQ
- MyFiziq's savvy decision to list on the NASDAQ comes at a crucial time for the medical imaging market, which has exploded in recent years
- MyFiziq is delivering on its promise to list on the NASDAQ — and once this listing is complete, MYQ's success is imminent
After seeing rapid growth on the ASX, medical imaging and body-scanning specialist MyFiziq (MYQ) is illustrating a playbook for success with an upcoming NASDAQ listing.
The company's sophisticated intellectual property may perhaps have once been largely viewed as a simple fad in the fitness world, but MyFiziq has evolved its tech to become an important disruptor in the world of medical imaging.
Using nothing more than the smartphone in your pocket, MYQ's tech can provide the same quality of medical observation previously only available in a professional clinic.
MyFiziq has already proven the efficacy of its unique technology, and ASX investors have flocked to the tech stock in support of the company.
Shares that traded for just eight cents at the peak of the COVID-19 pandemic in March 2020 have increased by well-over 2200 per cent to trade at $1.87 per cent in March 2021.
Now, MyFiziq is taking its tech to the world's flagship tech exchange. But just like the company exemplified in its careful and strategic approach to building up its medical imaging platform, MYQ's shift to a public listing on the NASDAQ is methodical, tactical and primed for success.
MyFiziq has made two key moves in preparation for its NASDAQ listing. Firstly, it's built up a savvy management team and appointed former Fox SVP and Beachbody leader William Bradford as Chief Business Officer.
Secondly, MyFiziq has formed a board of high-profile directors capable of bringing the stock onto the NASDAQ exchange.
A test case for tech success
While MyFiziq is certainly not the first ASX-listed tech stock to turn its focus to the vast network of high-profile investors and support offered by the NASDAQ, the company's savvy approach to the U.S. public listing is a masterclass in how to snowball success as a public entity.
Atlassian, which was once considered Australia's tech darling, skipped the ASX entirely and listed on the NASDAQ in December 2015, back when shares went for just US$27.50 (around A$35.50) each. Shares in the software developer now trade for upwards of US$250 (around A$330) each.
However, Atlassian was only able to list on the NASDAQ after over a decade of meticulously building up the successful business.
MyFiziq, on the other hand, is gearing up to list on the NASDAQ in half the amount of time; CEO Vlado Bosanac co-founded the business with Dr Katherine Iscoe in October 2014.
Rather than build up the business privately, MyFiziq's management team leveraged the support of the ASX with a 2015 initial public offering and built the company up to a $250-million market cap business.
MyFiziq is now turning to the support offered by the NASDAQ to build on this momentum and continue on its strong growth trajectory.
It's important to realise, of course, that all the shrewd management in the world means nothing if you don't have a product worth selling. MyFiziq, however, spotted a gap in the medical imaging market long ago and has created the tech necessary to fill it.
A medical imaging explosion
According to data from market research IBISWorld, the $4 billion Australian medical imaging industry covers 3000 business across the country and employs over 20,000 people.
Meanwhile, research from Grand View valued the global medical imaging industry at a whopping $20.13 billion (around A$27 billion) in 2017 with an expected compound annual growth rate of four per cent.
On the NASDAQ, Varex Imaging Corporation (VREX), which specialises in x-ray imaging, has more-than-doubled in value since 2020 from around US$10.50 (around A$13.50) in September 2020 to US$24 (around A$31) in March 2021.
Similarly, radiation and cancer detection specialist iCAD (ICAD) has soared from less than US$7 (around A$9) in April 2020 to US$18.98 (around A$24.50) in March 2020.
More locally, fellow ASX-lister Imagion Biosystems (IBX) — which also focusses on medical imaging for cancer detection — has seen similar growth to MyFiziq, with shares exploding from once cent each in April 2020 to 18 cents each in March 2021.
But MyFiziq's tech has a vast array of imaging capabilities, with the platform able to measure the human form across 12,000 data points and analyse key vital markers to diagnose a range of conditions like the markers for Type Two diabetes, cardiovascular disease and obesity.
Facial scanning with the MYQ can even detect subtle skin colour changes to determine blood pressure, heart rate, respiratory rate and more — signalling a user's cardiac load and risk of stroke, along with other conditions.
Moreover, MYQ has partnered with a range of healthcare and fitness businesses for its tech platform, including Canada-based Triage Technologies, Australia-based Biomorphik and Chinese health company Tinjoy Biotech.
MyFiziq has the tech. It has the partnerships. And now, it has the board and management team to take it to the next stage of growth through a NASDAQ listing.
Strong leadership across the board
MyFiziq's appointment of William Bradford as Chief Business Office brings crucial experience to the MYQ management team given William's experience in multiple Fortune 500 companies.
Most recently, William has served as Chief Digital Officer at Beachbody, where he led the transformation of the company's media business from a transactional DVD sales model to a multi-platform digital subscription service.
As MYQ CEO Vlado Bosanac puts it, William's knowledge and success 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.," Vlado said.
Going hand-in-hand with the appointment of the new Chief Business Officer is MYQ's appointment of Edward Greissing Jr and Luisa Ingargiola to its board.
Both new board members have a wealth of experience in U.S. healthcare and capital markets and are high-profile candidates to help oversee a NASDAQ listing.
MyFiziq has proven the importance of its tech to the medical imaging world and has built up a management team ready to take the business into its next phase of growth.
The company is delivering on its promise to list on the NASDAQ. And once this listing is complete, MYQ's success is imminent.