- Artificial intelligence, deep learning, and machine learning are witnessing growing adoption by the healthcare sector, helping it battle the COVID-19 storm.
- PainChek announced a partnership with Ramsay Hospital Research Foundation and Edith Cowan University on reducing frailty progression.
- LBT Innovations recently sold its ‘APAS® Independence with MRSA analysis module’ to Germany-based Limbach Group; The Company intends to release its September 2020 quarter results on 27 October.
- Earlier in October, HeraMED announced impressive results from a clinical study validating HeraBEAT device’s accuracy in detecting foetal heart rate.
Artificial intelligence (AI) and machine learning (ML) are transforming the healthcare sector. Several ASX-listed companies are working on advanced AI solutions to offer better outcomes. In the healthcare space, there is a wide range of exciting and future-looking applications related to AI/ML techniques and platforms.
Amid the ongoing COVID-19 pandemic, artificial intelligence, machine learning, as well as deep learning are aiding the healthcare sector face the challenges and bring innovative solutions. Companies that were among the first ones to implement AI/ML techniques have performed considerably during these testing times.
Healthcare companies are using AI and machine learning for drug development and clinical trials. In clinical trials, AI technology is used for target identification and repurposing of drugs. Also, there are many AI-based devices which help to monitor, diagnose, and detect the condition of any disease.
With this backdrop, let us discuss three ASX-listed stocks working with AI and machine learning-
PainChek Limited (ASX:PCK)
Australian-based AI company PainChek® Limited is engaged in the development of pain assessment technologies. PainChek® is a smartphone-based medical application. It utilises AI to assess and score pain levels in real-time and update it in the cloud. PainChek® is being launched across the globe in two-phases PainChek® for adults and PainChek® for Children.
PainChek’s partnership with Ramsay
On 2 October 2020, the Company announced that it had partnered with Ramsay Hospital Research Foundation and Edith Cowan University for a research project. The research project will investigate techniques of reducing or stopping frailty progression in hospital patients.
The Company anticipates that better pain management is crucial for achieving these outcomes.
PainChek® has been incorporated into a new research project that is backed by the Ramsay Hospital Research Foundation. The hospital is investigating how a nurse-led volunteer program and better pain management could assist in improving outcomes for frail patients.
PainChek CEO Philip Daffas commented-
This is the first commercial deal with a hospital organisation entered into by PainChek®. Moreover, the revenue associated with the project is not material to the business. It offers essential validation for the technology at the same time allows PainChek to establish a partnership with one prominent hospital and health service providers across Australia.
Stock Information: On 23 October 2020, the share price of PCK stood at A$0.097, in line with the previous close. The Company has a market capitalisation of A$109.30 million.
LBT Innovations Limited (ASX:LBT)
Australian MedTech player LBT Innovations Limited is a frontrunner in medical technology automation by utilising artificial intelligence. LBT’s MicroStreak® was the first global product for automation of the culture plate streaking process. The Company is commercialising its Automated Plate Assessment System (APAS®) via its 50% owned JV company Clever Culture Systems AG.
LBT intends to release its September 2020 Quarterly Activities and Cashflow Report on 27 October 2020. The Company will also organise an investor conference call on 28 October 2020 for discussing the activities and financial results for the September Quarter and the business outlook.
Sale of APAS® Independence with MRSA analysis module
On 12 October 2020, LBT Innovations disclosed the sale of an APAS® Independence with MRSA analysis module to the Limbach Group based in Germany.
The Company mentioned that the purchase of an APAS® Independence with MRSA analysis module had been made by the Limbach Group after the successful evaluation of the technology for half year as part of the sales process by Labor Dr Gärtner.
The transaction was completed directly by LBT Innovations’ 50% owned JV company CCS. It comprises a software licence of five years for the MRSA analysis module along with an ongoing service contract for the instrument. LBT Innovations disclosed that the sale opportunity had been progressed and closed by the sales team of CCS.
LBT CEO and Managing Director, Brent Barnes stated-
Stock Information: On 23 October 2020, the share price of LBT stood at A$0.120, with a market capitalisation of almost A$36.09 million.
HeraMED Limited (ASX:HMD)
An innovative medical technology company HeraMED Limited is a leading digital transformation of maternity care. The Company provides its services by revolutionising the pre and postnatal experience with its hybrid maternity care platform.
Highlights from the investor presentation
On 21 October 2020, the Company updated the market with its investor’s presentation. In its investor’s presentation, the Company highlighted HeraBEAT Foetal Heart Rate Monitor, its Joondalup Trial Results, key collaborations and business model.
The key highlights are-
Results from Joondalup Trial
The Company disclosed that the HeraBEAT’s accuracy was found to be comparable to the CTG machine of hospital-grade. Moreover, outstanding findings validate and support HeraBEAT device for remote monitoring of foetal heart rate. The study is now being expanded to investigate additional applications.
Moreover, the Company also highlighted additional opportunities exist with both existing & new potential partners. The Company discussed its collaboration with Mayo Clinic and Joondalup Health Campus.
Stock Information: On 23 October 2020, HMD shares settled at A$0.140, up by 3.703%, with a market capitalisation of A$20.25 million.
With the pandemic continuing to affect the globe, healthcare companies are evaluating their lead compounds for COVID-19 treatment. Future revenue for these stocks depends on the probability of launching an approved treatment in the market.