At time of writing, the share price of PainChek Ltd [ASX:PCK] is up 14.13%, trading at 10.5 cents.
It has been an excellent month for the PainChek share price, and it has recently seen a crossover of its 20- and 50-day moving averages:
The latest news out of PainChek is that it has signed an agreement with a UK-based software company for the distribution of its artificial intelligence (AI) enhanced product.
PainChek share price reacts to deal
The PainChek share price was quick out of the blocks this morning, after the announcement was released prior to the commencement of trading.
The deal, a binding distribution agreement with Person Centred Software, will get Painchek’s product into the UK Aged Care market.
Person Centred Software’s Mobile Care Monitoring (MCM) is used in more than 1,200 care homes in the UK, and will now distribute the PainChek App to their UK clients.
PainChek CEO Philip Daffas hailed the agreement, saying:
‘We are delighted to be working with Person Centred Software. Their team and product offering is highly complementary to PainChek® and together we can leverage the positive learnings and market acceptance from Australia into an even larger market. The agreement will provide us with rapid access to their large UK client base.’
PainChek’s prospects going forward
With CE mark clearance (an EU compliance certification), the expansion into the UK market is welcome news for PainChek investors. It will help the company tap into an addressable market of 7.5 million people living with dementia in the EU, and 850,000 in the UK.
For those unfamiliar with PainChek, the product uses the camera in a smartphone or tablet to capture a video of a person’s face to detect the presence of micro-expressions that provide clues as to whether or not someone is in pain.
The company’s AI system then sorts through all this data to develop a ‘pain severity score’ to aid care providers in the provision of treatment.
This is particularly useful for the treatment of people with dementia, as they are not always able to effectively communicate that they are in pain.
The company is planning a second application of their product for children that have not yet learned to speak.
As per their last half-year report, the company has experienced a 448% growth in revenue, and will be focused on international expansion, particularly into the lucrative US healthcare market.
FDA clearance in the US is projected to occur this year or next.
AI and automation is a growing field and it appears PainChek is well positioned to capitalise on growing interest in applications of these technologies.
For Money Morning