Singular Health plots path to profitability

Singular Health has completed a busy second quarter following its listing on the ASX earlier this year. The innovative medical imaging company has invested heavily in a suite of complementary technologies and is plotting a pathway to positive cashflow. The company delivered sales for the quarter of $147,000 and maintains a strong cash position, with more than $4.1 million in the bank.

In February 2021, the company’s share price very nearly tripled after listing on the ASX. Singular’s core technology is a suite of cutting-edge applications based on its MedVR software, which allows medical practitioners to build three-dimensional digital models of CT or MRI scans that can be viewed on screen or by utilising virtual reality goggles. The software is rapidly proving to be a game-changer for both diagnosis and the planning of a range of medical procedures.

Singular’s 3Dicom Viewer is the natural evolution of the MedVR package and brings the functionality of the software into an application. The viewer allows both patients and doctors to convert a range of two-dimensional scans into three-dimensional models for viewing and interrogation on phones, tablets and computers.

The software as a service IT developer has devoted much of the recent quarter to leveraging the 3Dicom Viewer technologies via commercialisation of the app, through the release of various subscriber-based versions of the software and the acquisition of various “bolt-on” technologies.

New technologies include Virtual Surgical Planning, or “VSP” software to assist in the modelling and scheduling of surgical procedures which forms a perfect partner to the company’s “Scan to Surgery” initiative.

In addition, the Singular has developed a blockchain-based medical file transfer protocol which allows the rapid and secure transfer and storage of patient files across the internet, further enhancing the functionality of Singular’s 3Dicom Viewer.

It also completed the purchase of 25 per cent of Australian Additive Engineering, a group that has developed a ground-breaking suite of 3D polymer and metallic printers that can be utilised to manufacture a range of anatomical models and prosthetics for surgical procedures.

However, the standout earner for Singular right now is somewhat left of centre, with the company receiving the final payment of $132,273 from its South African joint venture partner, Flowcentric Technologies, for the development of its GeoVR package.

GeoVR is based on the functionality of Singular’s MedVR software. It allows resource sector participants to upload their mining, drilling and geological data, which can then be rapidly wire-framed and converted into 3-dimensional models.

Resource companies can then manipulate the dataset in 3D, strip away various layers and build fly-through models to allow critical analysis of the datasets and facilitate accurate planning of both drilling and even mining. Data will be viewable on screen or in the virtual environment through the use of VR goggles.

Singular looks to be well on the path to profitability, as its investment in its technologies begins to pay dividends and the company cements its unique position in the medical imaging market.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au