The Singular Health (ASX:SHG) share price launched 27% higher today

The Singular Health Group Ltd (ASX: SHG) share price rocketed 27% higher today, but with no news out we cover the recent developments.

| More on:
Two children and a dog get set to launch their friend rocketing high into the sky.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Singular Health Group Ltd (ASX: SHG) share price took flight today, increasing by 27.2% to 51.5 cents a share. However, the recently listed medical imaging technology company had no news out today.

Singular Health has gained a spot on plenty of watchlists over the last couple of weeks. It might be worth recapping what all the fuss is about.

What does Singular Health offer?

The proprietary technology developed by Singular Health enables the viewing of a 3D image, which is compiled of 2D medical images. More specifically, this technology is the company's volumetric rendering platform.

Singular Health notes that this technology provides immersive viewing across a range of medical applications. Such applications include orthodontics, maxilla-facial surgery, oncology, general surgery, and orthopedics.

In addition to this, MedVR is Singular Health's product which allows the viewing of scans through an interactive virtual reality experience.

The company derives its revenue from both initial hardware sales and subscription payments on an on-going basis for the use of software, commonly referred to a software-as-a-service (SaaS).

Recent Singular Health developments affecting the share price

With Singular Health being a small and upcoming player in a fairly competitive space, shareholders would be looking for progress. On Monday, shareholders got exactly that. The company announced that it had received a purchase order totalling $170,000 for development of GeoVR software.

The order was received from FlowCentric Technologies, with which Singular Health is also in the process of finalising a joint venture. The purchase order will enable FlowCentric to conduct a pilot program using Singular Health's GeoVR software.

You might be thinking, well this a world away from medical imaging. And you'd be correct. But the volumetric rendering technology developed by Singular Health spans multiple use cases. In this instance, it will be used to develop a commercially viable product that utilises imaging and predictive technologies for mining and exploration.

FlowCentric currently services over 350,000 users with its business process management software. These include a number of global resource companies.

For further progress on the medical imaging front, shareholders will have to wait a little longer to see that play out.

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

The Mesoblast share price just rocketed 38%! Here's why

ASX investors just sent the Mesoblast share price up 38%. But why?

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Record Highs

Big ASX 200 news! Market hits 8,700-point record high

It's a historic day for the ASX.

Read more »

Miner with thumbs up at mine
Broker Notes

Up 55% this year, does Macquarie rate Gold Road Resources shares a buy, hold or sell?

Does this strong performing gold miner have more room to run?

Read more »

Two happy woman on a couch looking at a tablet.
Opinions

Why I'm excited to see the results of these ASX 200 shares

These stocks could reveal very interesting insights.

Read more »

couple having a happy discussion with a banker
Healthcare Shares

Expert: 4 ASX healthcare stocks to buy ahead of reporting season

Could these ASX healthcare stocks be good additions to your portfolio?

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Broker Notes

Morgans names 3 ASX stocks to buy

The broker is feeling very positive on the investment opportunities here.

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Share Market News

3 of the best ASX shares to buy with $5,000

These shares could be among the best to buy now according to Bell Potter.

Read more »

A woman holds her finger to the side of her lips in contemplation as she looks upwards to an array of graphic images of light bulbs above her head, one of which is on and glowing.
Share Market News

Macquarie tips more than 15% upside for this ASX 200 utilities stock

This ASX 200 stock could be set to rise.

Read more »