The Resonance Health (ASX: RHT) share price is soaring up today after the company announced a deal using its artificial intelligence device.
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The Resonance Health Limited (ASX: RHT) share price is soaring today after the company announced an agreement involving its flagship artificial intelligence (AI) device.
The Resonance Health share price has surged up 9.3% to trade at 23.5 cents at the time of writing.
What’s the deal?
In today’s release, Resonance Health advised that its HepaFat-AI device, which assesses fatty-liver using AI, was being incorporated into its Blackford Analysis Agreement.
The news comes as HepaFat-AI recently received regulatory clearance from the US food and drug administration (FDA) allowing Resonance to commercially sell its flagship product in the US.
Blackford delivers platforms and services for the use of medical imaging applications and AI – a perfect match for Resonance Health. As such, the agreement enables Blackford’s customers to access HepaFat-AI and other Resonance Health products.
What is HepaFat-AI?
The company describes HepaFat-AI as a fully automated AI assessment device “that measures the volumetric liver fat fraction, proton density fat fraction and steatosis grade in individuals with confirmed or suspected fatty liver disease”.
When interpreted by a trained physician, the HepaFat-AI results can be used to monitor liver fat content in patients undergoing weight loss management. In addition, it can aid in the assessment and screening of living donors for liver transplant.
About the Resonance Health share price?
Resonance Health is developing non-invasive medical imaging software. Its products are used by clinicians to diagnose and manage human diseases, and by pharmaceutical companies in their clinical trials.
Despite FDA clearance earlier this month that sent its shares flying 80%, the Resonance Health share price is trading 8% lower for the year. Investors may be disappointed with this return as the S&P/ASX 200 Health Care Index (ASX: XHJ) has returned 2.7% over the same period.
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Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Resonance Health Ltd. 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.