ASX-listed Singular Health has expanded its footprint into mainland China after appointing Yikun Technology as the company’s sales partner for its unique patented “3Dicom MD” software with orders already in place.
The platform works on Windows and Mac computers and enables medical practitioners of all specialities — including radiologists, surgeons and dentists — to get fully immersive pre and post-operative 3D scans of their patients.
Through the use of Singular’s proprietary Volumetric Rendering Platform (VRP), physicians are able to generate patient-specific 3D virtual reality models from conventional two-dimensional radiological images such as MRI and CT scans, effectively lifting them from the page and rendering them in three dimensions.
Singular sells its software as a service on a subscription basis and Yikun Tech has already successfully secured an initial order of 100 annual licenses of 3Dicom MD for patient education, medical research and teaching applications from Yancheng City No 1 People’s Hospital in China.
Singular says the order will add US$40,000 to its all important annualised recurring revenue stream and is payable in two installations, with a 20 per cent deposit due within 14 days and the remainder to be paid following onboarding of at least 50 of the 100 license holders which is expected in the second quarter of this year.
The Yancheng hospital serves more than 8.3 million people, employs 3100 staff and includes an advanced radiology department. The initial order will allow Singular to fully translate the 3Dicom MD software, integrate the technology with the hospital’s current radiological workflows and update licensing to work within China.
Currently the 3Dicom technology is not diagnostically approved within the country. However, the ability for the software to render 2D medical images into 3D without cloud computing infrastructure appears to be a unique selling point given the current internet restrictions in China.
The addition of Yikun Technology to our increasingly global 3Dicom Partner Program and their clear commitment to marketing the 3Dicom software is an exciting milestone in the commercialisation of the 3Dicom software suite.
Yikun Tech has been granted sales and marketing exclusivity in the Jiangsu Province with non-exclusive rights to market and sell Singular’s 3Dicom software throughout mainland China. Jiangsu Province is the fifth most populous in China and the most densely populated of the 23 provinces in the country. Hosting some of the most prestigious Chinese medical and educational institutions, the province has been identified as a prime landing point for Singular’s strategic expansion into China’s vast medical imaging market.
Singular says Yikun Tech already has a number of local sales representatives and well-established relationships with hospitals in the region including Yancheng hospital. In addition to marketing, selling and supporting the 3Dicom technology, Yikun Tech will work with Singular Health on the translation of the software and marketing materials.
In October last year Singular received the green light by the powerful US Food and Drug Administration to sell its ground-breaking medical imaging software for diagnostic use in America. In November the company cleared the final regulatory hurdle to sell its technology into the American market by engaging a sales agent based in the United States.
In the tech sector, there are generally three non-negotiables; is the technology protected? Can it be sold as a service via an annual ongoing fee? And can it scale? Singular appears to have those key boxes ticked with 3Dicom MD.
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