The ResApp (ASX: RAP) share price is climbing higher today after the company released a positive update. Here’s what ResApp announced…
The post Here’s why the ResApp (ASX:RAP) share price is climbing 6% appeared first on The Motley Fool Australia. –
ResApp Health Ltd (ASX: RAP) shares are climbing higher today after the company announced it has launched its SleepCheck app on select Android devices. At the time of writing, the ResApp share price is up 6.25% to 8.5 cents.
Quick take on ResApp
ResApp is a digital health company that specialises in developing smartphone applications for the diagnostics and management of respiratory diseases. Machine learning algorithms use sound to detect and measure a variety of breathing conditions, such as breathing, snoring and coughing.
What’s driving the ResApp share price?
The ResApp share price is on the rise today following news the SleepCheck app is now available on the Google Play store for most Android smartphones. With the latest inclusion, the SleepCheck app is now available in 36 countries, and covers almost all smartphone devices.
SleepCheck is a direct-to-consumer mobile application that assesses a person’s risk of obstructive sleep apnoea. The app works using the smartphone’s microphone to pick up sounds and analyse a person’s breathing and snoring patterns. Once the user has finished sleeping, the algorithms then determine if the patient is at risk of suffering from sleep apnoea.
It requires no accessories or hardware other than the user’s smartphone to make an assessment.
It’s estimated that 936 million people suffer from sleep apnoea globally, with 80% of undiagnosed patients enduring moderate to severe breathing difficultly.
ResApp recently signed a 12-month marketing agreement with Australia’s largest consumer healthcare network, HealthEngine. The strategic partnership allows HealthEngine to integrate its booking network into the SleepCheck application.
For example, if SleepCheck identifies a person is at risk of obstructive sleep apnoea, the application will direct them to see a doctor. HealthEngine allows patients to find and connect with healthcare service providers through a dedicated landing page.
Comments from management
ResApp CEO and managing director Dr Tony Keating spoke about the launch, stating:
The Android device market is large and well- established, with over 2.5 billion devices globally and we are very pleased to have launched SleepCheck to cater for these users. SleepCheck is now available on Google Play in 36 countries, including large markets like Europe, Hong Kong and Singapore.
Uptake on iOS continues, and we expect Android download rates to add to our growing user base. The launch will also coincide with a marketing campaign in Australia and the UK to drive product awareness, which will allow ResApp to grow its market share and engage with other potential industry partners.
How did the ResApp share price perform in 2020?
The ResApp share price has fallen over 60% in the past 12 months. In comparison, the All Ordinaries Index (ASX: XAO) is trading relatively flat over the same period, down by 0.55%.
Based on the current ResApp share price, the company commands a market capitalisation of around $60 million.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
- Why the Rhythm Biosciences (ASX:RHY) share price jumped over 600% this year
- Seek (ASX:SEK) share price up 35% in 6 months. Where to in 2021?
- Leading brokers name 3 ASX shares to buy today
- If you put $1,000 into Mastercard stock last January, here’s how much you’d have now
- 2 growing small cap ASX shares to watch in 2021
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.