Fobi partners with Empower Clinics for AI Covid testing. Buy alert?

October 13, 2021 04:29 AM AEDT | By Team Kalkine Media
 Fobi partners with Empower Clinics for AI Covid testing. Buy alert?

Highlights

  • FOBI AI Inc’s stock rocketed by about 809 per cent in the past year.
  • Fobi posted a return on equity of 381.55 per cent on October 12.
  • According to research, the COVID-19 Antigen Testing Market is expected to grow at a 6.7 per cent compound annual growth rate by 2027.

After a market closing of C$ 3.02 apiece on Friday, October 8, the Fobi AI Inc (TSXV:FOBI) stock slightly dipped by 0.331 per cent and stood at C$ 3.01 on Tuesday, October 12, at the time of writing.

The Vancouver-based artificial intelligence (AI) company, on Tuesday morning, announced deepening its partnership with the healthcare provider Empower Clinics Inc (OTCQB:EPWCF).

As per the service agreement, Fobi’s data application and wallet pass technology will be integrated with Empower’s Kai Care COVID-19 Testing solutions and back-end data management system. This arrangement will enable the Vancouver-based integrated health firm to provide verified credentials for secure real-time online healthcare support solutions like notifying, scheduling, education, etc. to the Kai Care Clients.

According to Grandview Research, the COVID-19 Antigen Testing Market’s size is expected to expand at a compound annual growth rate (CAGR) of 6.7 per cent from 2021 to 2027, and to grow by US$ 8.3 billion.

The Fobi-backed Empower and Kai Care products ensure a secure customer experience for the COVID-19 tests and verifications, which further adds to expectations that Empower will expand its share in the testing marketplace.

Also read: 5 TSXV penny stocks to buy in October

Fobi AI Inc (TSXV:FOBI)’s stock performance

Fobi <a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsxv-fobi'  href='https://kalkinemedia.com/ca/companies/tsxv-fobi'><a class='font-weight-bold' style='border-bottom: 2px dashed;' aria-label='https://kalkinemedia.com/ca/companies/tsxv-fobi'  href='https://kalkinemedia.com/ca/companies/tsxv-fobi'>(TSXV:FOBI)</a></a> stock performance

Fobi’s stock rocketed by about 809 per cent in the past year and soared by more than 46 per cent on a year-to-date (YTD) basis. Its stock jumped approximately 91 per cent in the last six months while it nearly grew by more than 180 per cent in the past three months. In the last month, its stock climbed more than 36 per cent.

The company held a price-to-cash flow (P/CF) of 2.40 and a return on equity (ROE) of 381.55 per cent with a 10-day average trade volume of 1.12 million at the time of writing.

Also read: Rent the Runway IPO: How to buy the fashion rental company's stock?

Bottom line

Research indicates that the testing marketplace, specifically for the COVID-19, is expected to grow in the future, which means that the Fobi-backed Empower Clinics is likely to have a chance to increase its market share and expand its business to provide secure and real-time healthcare digital solutions.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.