Appendix 4D and Half Yearly Financial Report and Accounts
| Stock | Singular Health Group Ltd (SHG.ASX) |
|---|---|
| Release Time | 28 Feb 2025, 3:33 p.m. |
| Price Sensitive | Yes |
Singular Health Group Reports H1 2024 Results
- Negotiated and executed MoU with Provider Network Solutions (PNS) for commercial deployment of 3Dicom software
- Completed technical development of 3Dicom software, migrating to cloud-based platform
- Raised over $4.7M from strategic investors including Craig Sellars, Marin & Sons, and Provider Network Solutions
During the half-year period, Singular Health Group was primarily focused on negotiating and executing a Memorandum of Understanding (MoU) with Miami-based Managed Service Organisation (MSO) Provider Network Solutions (PNS). The collaboration aims to deploy Singular Health's 3Dicom software to reduce duplicate imaging within PNS' network of healthcare providers. The MoU outlines a four-phase approach, with the first phase of the technical proof-of-concept successfully completed in January 2025.
On the technical development front, the company made significant progress in re-platforming its 3Dicom software from a desktop application to a cloud-based, zero-footprint DICOM viewer and file storage and sharing system. This migration has enabled faster integration with third-party AI models and streamlined the deployment of applications such as the PNS solution.
The period also saw strong corporate interest and investment in Singular Health, with the company receiving over $4.7 million from strategic investors including Craig Sellars, Marin & Sons, and Provider Network Solutions. This capital raise, along with the exercise of over 4.2 million options, has provided the company with the resources to continue its commercialization efforts in the US market.
In addition, Singular Health successfully completed its ISO13485:2016 and Medical Device Single Audit Program (MDSAP) certification process, further strengthening its position as a trusted medical device provider. The company also made the strategic decision to divest its 3D printing subsidiary, Singular 3DP Pty Ltd, to focus entirely on the development and commercialization of the 3Dicom software.
Singular Health Group is well-positioned to continue its growth and commercialization efforts in 2025, with the successful completion of the technical proof-of-concept with PNS and the migration of its 3Dicom software to a cloud-based platform. The company is anticipating the implementation of the PNS pilot program and the planning of a potential nationwide rollout in the second half of 2025.