IPO Analysis - SINGULAR HEALTH GROUP LTD

From Prospectus , Media articles and Company presentation

SINGULAR HEALTH GROUP LTD

Singular Health is a medical technology company focused on the development of medical software for the visualisation, manipulation and transfer of medical imaging data in 3D and virtual reality.

Mcap $20.45m
EV $13.8m
IPO price 20c
SOI 102 mil

Founded in 2017, Singular Health Group is a Australian based medical technology company that has developed a proprietary volumetric rendering platform which creates 3D objects that can be viewed in 3D and/or virtual reality from a series of 2D medical images (the Volumetric Rendering
Platform or VRP)

Singular Health has developed five software products which utilise the Company proprietary VRP technology, and is currently focused on commercialising these

Singular Health has several target markets including education, healthcare and 3D printing

Singular Health’s flagship product is MedVR, which is a TGA IVD Medical Device Class I Software and is listed on the Australian Register of Therapeutic Goods. MedVR has been commercialised, is generating revenue and is used by medical practitioners, medical students, hospitals and universities locally and internationally including in Brunei, Singapore, South Africa, Hong Kong and Switzerland

Singular Health has protected its primary technology with an Australian innovation patent (Medical virtual reality and mixed reality collaboration platform) and has a number of trade secrets covering the VRP, its software and its technology generally.

Singular Health is a Australian based medical technology company that has developed a proprietary volumetric rendering platform which creates 3D objects that can be viewed in 3D and/or virtual reality from a series of 2D medical images (the Volumetric Rendering Platform or VRP). The Company has developed five software products which utilise this proprietary technology.




MED VR

MedVR is the Company’s flagship software. MedVR converts radiological imaging data from a series of 2D images into a fully-immersive 3D view or into virtual reality. MedVR can be applied in the following non-exhaustive list of medical specialties:

• Orthodontic: used to visualise the placement of teeth, their roots and the impact of wisdom teeth below the gum on their angle of incidence, effect on other teeth and distance from sensitive nerves for planning teeth extractions;
• Maxillo-facial: used to visualise the mouth in 3D underneath skin and gum and to examine the movement of the mandible for oral surgery;
• Prosthodontic: used to visualise periodontists, degradation of jaw structures and common pathologies in a quick and immersive manner;
• Neurosurgical: the location of tumours and other areas of interests can be identified and proposed entry points for biopsies and surgeries can be made;
• Oncology: the location and size of tumours can be identified (but not diagnosed) and their spatial relationship to surrounding anatomy can be visualised in 3D and/or virtual reality;
• General surgery: visualise the location of veins, arteries and other organs;
• Orthopaedics: visualise, segment and manipulate individual vertebrae. The Company offers MedVR to hospitals, individual clinicians, schools and universities via a SaaS based subscription licensing model. In addition to the sale of subscription licences to new and existing customers, the Company also generates one-off revenue through the resale and installation of MedVR compatible virtual reality hardware.

3Dicom Viewer

• 3DicomViewer is a cross-platform application that allows its users to interact with their medical scans in 3D.
• The technology can be utilised by surgeons, dentists and other medical practitioners to provide patients with pre and post-operative 3D scans which can be viewed and manipulated on compatible desktop, tablet and mobile devices.
• 3DicomViewer is currently a freeware software product that can be downloaded by users at https://3dicomviewer.com/

GeoVR

• GeoVR is the Company’s proposed interactive visualisation and planning software for the mineral resources sector.
• GeoVR processes millions of data points sourced from multiple data sets to provide a consolidated 3D and/or virtual reality rendering of mineral resources data.
• Continued development of GeoVR with additional tools including predictive drill hole analysis, drill and blast optimisation and accurate volume analysis of inferred resources.
• The virtual reality component of GeoVR will allow for full immersion and visualisation for technical analysis and investor presentations.
• This image is a screen shot of drill hole and block model data in the GeoVR proof of concept.

Virtual Anatomy

Virtual Anatomy is the Company’s collaborative 3D anatomical education software for secondary schools and tertiary education institutions.

• The advantages of Virtual Anatomy include its:
• ability to facilitate collaborative learning;
• interactive functions, which allows for visual quizzes, automatic grading and the setting of homework tasks;
• ability to store image and model libraries (which will allow for the sub-licencing of content to third parties); and
• broad application from high school students to final year medical students

Virtual Anatomy will adopt a SaaS based subscription licensing model, with subscription priced at $10 per student (or user account) per annum.
This image shows a screen shot of a pulmonary system in the Virtual Anatomy application.




Conclusion :

Singular health has Five excellent products for target markets including education, healthcare and 3D printing.

SHG got following peers in medical imaging sector on ASX

4DX trading at $ 550 Mil Mcap
PME trading at $ 4.5 Billion Mcap
SHL trading at $16.5 Billion Mcap
IDX trading at $ 950 Million Mcap
M7T trading at $ 360 Million Mcap

and

at 20c IPO price SHG will be 20 mil Mcap with 6 mil Cash


I am expecting it to open extremely strong around 40c to 45c and if SHG will get more contracts and stage II TGA approval, It can go to $1 or above. SHG got a perfect combination of blue sky future and potentially multiple revenue streams.

Just to put it in context , At $ 3.50 it will still be at the cheapest company compare to its peers

It should do very well

I managed to get a small allocation and I intend to buy more on market subject to stock price.

Listing on 12/02 at 11 AM

GLTAH

PLEASE DYOR

Bhavdip