ResApp Health (ASX: RAP) is a digital health company developing smartphone applications for the diagnosis and management of respiratory diseases. ResApp’s machine learning algorithms use sound to diagnose and measure the severity of respiratory conditions without the need for additional accessories or hardware. ResApp’s regulatory-approved, and clinically validated products include – ResAppDx, a smartphone-based acute respiratory disease diagnostic test that is used in telehealth, emergency departments and primary care settings; and SleepCheck, a smartphone application which allows consumers to self-assess their risk of sleep apnea. Both products are CE Marked in Europe and TGA approved in Australia.
ResApp shares recovered very quickly from the lows of the pandemic. However, the stock has gradually kept falling and ResApp shares have returned -37% in the past 6 months.
Today, ResApp announced that it has won a licensing deal from AstraZeneca’s Japanese subsidiary for its cough counting technology. Under the terms of the agreement, ResApp’s cough counting technology will be integrated into the asthma management smartphone app that is developed by AstraZeneca. This is being used to assist patients in monitoring symptoms right from their homes.
AstraZeneca will be paying ResApp an annual licence fee for each patient that utilises the service and it is the first time that ResApp’s technology is being used outside of a clinical trial setting. ResApp is by no means a top healthcare stock on the ASX just yet, but this announcement is definitely a step in the right direction.
Growth stocks are potentially one of the hardest to pick as there are a lot of factors that need to be considered – from industry tailwinds to financial health of the individual stocks, and a lot of little things in between them. Shares in Value research team have picked their top 3 ASX stocks to buy in 2021. Click here to download the report for free.