Stocks in Singular Health Group rose more than 86 per cent today after it announced the receipt of a binding purchase order for its patented 3Dicom technology from Las Vegas-based Roseman University in Nevada.
Shares in the company touched 17.5c from a previous close of 9.4c during intraday trading following the news that marks its first enterprise sale in the United States medical education market. Management says Roseman is the first US college to adopt Singular’s 3Dicom Research and Development (R&D) software as a medical education tool in a market forecast to be worth US$17.6 billion (AU$26.8 billion) by 2027.
Roseman was founded in 1999 and is a specialist university with undergraduate and postgraduate courses in dental, pharmacy, nursing and medicine. It prides itself on being an early adopter and beneficiary of medical technologies.
Singular says the US$100,000 (AU$152,000) binding purchase order is for a two-year period for 50 3Dicom R&D licenses and 5000 3Dicom Patient licenses for college students and patients treated at the university’s medical school.
The 3Dicom device allows practitioners such as dentists, surgeons and radiologists to convert conventional 2D MRI, CT and PET scans into immersive 3D images. The change provides a clearer insight into a patient’s medical problems and enables better surgical planning.
Late last year, the company’s 3Dicom R&D software was selected as the medical education program of choice by Majmaah University in Saudi Arabia, with an initial order of 20 annual licenses. Following a competitive tender process, the software will be used within the university’s medical school for anatomy and pathology education, in addition to virtual surgical rehearsals.
On top of the license order in Saudi Arabia, management also recently appointed a new sales partner in India, with a key focus on tertiary medical education at Cloudatomy – a government-accredited organisation that has existing medical education contracts with several major Indian universities.
We are exceptionally proud to be providing Roseman University of Health Sciences with our 3Dicom R&D software and their students and patients with our 3Dicom Patient solution. Combined with recent smaller orders for 3Dicom R&D as a multi-function medical education tool in India and the Middle East, this purchase order from Roseman University helps to further validate our software in a large USD$17.2 billion market. Singular Health Group chief executive officer and managing director Denning Chong
Based on its recent success in the medical education market, the company’s development team is now looking to implement several auto-segmentation artificial intelligence (AI) models to automatically segment and label anatomical structures within the human body. Management believes it will allow educators to load in almost any CT or MRI scan from 1990 onwards and view thousands of individualised medical cases as opposed to single cadavers.
Through the deployment of rapid AI segmentation algorithms, 3Dicom R&D will expand on its existing 3D rendering capability by enabling users to selectively view and manipulate individual body parts or anatomical systems. By using real patient scans, medical students will also be better able to prepare for real-world medical cases.
Earlier this year, the company revealed it had locked in its first enterprise order for 3Dicom in the US, with 5000 licenses purchased by Techworks 4 Good on behalf of American veterans. It will allow veterans to upload and share medical records from their 3Dicom Patient account through online, desktop and mobile applications, greatly improving accessibility, portability and continuity of care.
The market was obviously impressed with Singular’s latest announcement today, with more than 5.5 million shares changing hands before the ASX closed – a figure that dwarfs its previous record of 3.6 million during the past year.
The latest deal with Roseman University follows positive results from Singular’s latest quarterly report that shows impressive comparative sales figures. The company recorded $421,000 in receipts from customers for the past three-month period, compared to just $19,000 for the previous December quarter in 2022.
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