3D Medical Imaging - Taking Health Care to the next Dimension: Singular Health Group Ltd (ASX: SHG)
Coffee with Samso Episode 59 with Thomas Hanly, Managing Director of Singular Health Group Limited (ASX: SHG)
Medical Imaging is the process of allowing users to visualise their digital scans to better understand their prognosis.
Singular Health Group Limited (ASX: SHG) allows users a better way to understand what was once only privy to the privileged intellect.
What intrigued me about Singular Health is the nature in which this technology is allowing users to ¨walk¨ into their body. Understanding one´s medical prognosis used to be frustratingly complicated. Now with the help of Virtual Reality (VR), things are changing. The use of VR is by no means new as it has been widely used in gaming and several educational processes such as simulators for aviators, construction and building and the mining environment.
Thomas Hanly shares with us his thoughts on the industry as the company prepares itself to complete the fund raising for the IPO which is currently open. I like the medical field as it is a sector that is inelastic. Like the childcare and aged care industry, there is an unlimited demand and requirement. The competition is intense but the playing field is spacious.
I like the fact that they are focussing on the ASEAN sector instead of chasing the US market. To me, this is a good strategy as there is an unlimited uptake in private healthcare due to a lack of government assistance in this region. ASEAN are early takers of technology and the population is hungry for growth.
There is a demonstration of the use of the product by Dr Alex Simonin who is a Neurosurgeon at Sir Charles Gairdner Hospital in Perth, Western Australia.
As a new IPO, I think that this business has great opportunities. Like all new technology, there is some risk of non-performance but I guess that is the case for any business. The stigma of a typical cash-burn technology play is probably what comes first to mind but I think Thomas has addressed that in our Coffee with Samso.
About Singular Health Group Limited (ASX: SHG)
Singular Health develops better health literacy with the ability to access, understand and use information to make decisions, and take action about health and healthcare.
With the help of its core proprietary technology, the Volumetric Rendering Platform (VRP), 2D medical imagery can be converted into volumetric 3D models which can be visualised, manipulated, modified and reviewed using a standard monitor or by utilising virtual reality.
As an example, the VRP can convert a standard 2D axial view of a thorax into a 3D volume rendered thorax that can be viewed and manipulated in virtual reality. The images in Figure 3 below highlight how 2D images can be stacked to provide depth and can therefore be viewed in 3D.
The core value proposition of the VRP is that it:
(i) allows for the real-time conversion of medical imaging data (allowing end-users to volume render 2D data, typically within 120 seconds from the time the imaging file is available);
(ii) possesses in-situ processing capabilities and does not rely upon any internet connectivity and/or external code libraries or processing to convert images from 2D to 3D, which acts to both protect patient confidentiality and enable off-line usage of the technology in remote and rural locations;
(iii) assists in the integration of Singular Health’s technology into the medical and education markets and workflows, any alterations, measurements, screenshots or videos (derivatives of the main scan) are saved in industry standard file formats (.obj, .stl, .json, .jpeg, .mp4). This not only makes derivative information much more transferable and viewable on traditional 2D DICOM viewers but also permits the usage of files in third party computer-aided design packages and media viewers whilst still preserving the proprietary nature of the rapid volumetric rendering;
(iv) allows end-users to experience a fully-immersive viewing experience with 360° viewing and in some instances the inclusion of a 4th dimension, which is the time taken to perform a virtual surgical action and/or review 4D scans (such as functional MRIs);
(v) is designed to operate using the graphics processing capabilities of high-end yet retail grade hardware, including Alienware laptops, thin-client desktops and Oculus Rift S virtual reality headsets. The combined cost of the hardware is approximately $5,000 resulting in a low capital expenditure by end-users; and
(vi) can be integrated with picture archiving and communications systems within hospital and clinical environments to provide easy, industry-standard access to the medical imagery used as inputs for the software.
The Directors believe that the VRP provides multiple opportunities for growth through the development of surgical visualisation and planning products, patient education products and geological and resources focused products.
About Thomas Hanly
Holding a Bachelor’s degree in resource and environmental economics, Thomas’ early career saw him work as an economic analyst for AgricultureNZ before moving to the United States where he obtained his Series 7 and was employed in private banking with Merrill Lynch.
With a strong understanding of capital markets and an interest in technology, he was heavily involved in the early 2000s driving the development and commercialisation of a financial services start-up in the United States before returning to Australia.
Prior to joining Singular Health, Thomas held a number of board positions of privately held companies in Australia and Singapore and acted as an independent consultant assisting with the funding and commercialisation of innovative technologies. Recently, Thomas provided strategic technology transfer advice for the development of new acid leach membrane technology from Monash University and helped to develop carbon tax offset strategies with Calibre Group in Perth.
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