MyFiziq teams up with Evolt to launch new age app

MyFiziq Limited (ASX: MYQ) has provided an update on the release of the Evolt360 application which is now available in the Apple App store.

Evolt is an FDA approved medical grade device/machine-based intelligent body scanning technology purchased and supported by health, fitness, and wellness companies including but not limited to F45, Anytime Fitness, HCF and KPMG.

These companies and many more are looking to provide greater insight into the health of their members and employees.

The scans performed by the technology are made available to consumers for between $30 and $50 per scan depending on the type of scan performed and level of membership.

Evolt has released the much anticipated Evolt360 application with in-app body scanning using the MyFiziq technology.

The MyFiziq technology is intended to extend the Evolt reach into the hands of their 500,000 consumers at home.

With the new integration, customers of Evolt will be able to download access to the MyFiziq technology, via the Evolt app, which is available in the Apple App Store.

The Evolt application with the MyFiziq in-app scanning capability is being released on iOS initially, with Android to follow.

In addition to the body tracking capabilities, Evolt will be embedding its biometric data into the machine learning data with MyFiziq within the application, delivering a broader data set than has been made available in any application of its kind to date.

Tracks quality of activity, body composition and nutrition

Evolt has developed a unique end-to-end solution that tracks detailed changes in the quality of the activity, body composition and nutrition, as well as sophisticated data analytics for its user’s body changes.

With the added functionality of tracking circumference change as an additional data set, Evolt is inspiring and educating its users with real-time data to drive and assist in the delivery of personal goals.

In just a few short years, Evolt has become a global player, securing contracts across multiple verticals, from health insurers, health, and fitness retailers to government bodies and some of the world’s largest gym chains.

Targeting robust revenues in first 12 months

Highlighting the potential revenue generation from incorporating Evolt into MyFiziq’s product offering, chief executive Vlado Bosanac said, “The launch of Evolt has been much awaited both by MyFiziq and our shareholders.

"Evolt has committed to targeting an initial 100,000 active users onto the joint offering in the first 12 months and MyFiziq will receive $2.99 per month per user. This will mark the release of our second consumer application.

"If the initial target user numbers are achieved, it would see the Company meet an initial break-even position, based on current monthly burn. The application has been through rigorous testing in readiness for this launch. I am pleased to say the application is performing well on all fronts. The look and feel of the application is a credit to both teams. We are looking forward to supporting Evolt with its launch, users, downloads, and usage. As Evolt has been granted an FDA medical device approval, we believe this will bring a great deal of interest to both companies as we co-promote this unique and comprehensive capability to multiple business verticals, both current and new.

"The FDA medical device approval held by Evolt is of particular benefit to both companies as we share a common interest in distributing the solution to governments, medical organisations, and insurers. The FDA approval brings validity to the device and its functionality is often required in such organisations, when looking to use the device as part of a decision-making process rather than a monitoring device.”