DarioHealth (NSDQ:DRIO) announced today that it entered into an agreement to acquire Physimax Technologies.
Physimax develops computer vision (CV) technology for musculoskeletal (MSK) functional screening and predictive risk of injury assessment.
The technology is currently used commercially by National Basketball Association and National Football League teams, the U.S. military and healthcare facilities specializing in orthopedic care, according to a news release. Physimax’s offerings enable automated MSK and injury risk screenings with validated accuracy, while the company’s AI engine generates evidence-based personal training programs to aid in effective injury prevention and recovery.
In consideration for the acquisition of Physimax’s assets, the company agreed to issue up to 256,660 shares of its common stock, plus a cash payment of $500,000, along with an agreement to assume certain liabilities in an approximate amount of $1.02 million. DarioHealth said the acquisition of Physimax’s assets is subject to customary closing conditions, including the approval of the Israeli Innovation Authority.
“We are committed to bringing cutting-edge technologies to our suite of offerings to enhance the user experience and improve outcomes. We believe that Physimax’s technology strengthens our ability to scale highly effective treatments for musculoskeletal health and reduce the burden on Dario professional human support,” DarioHealth CEO Erez Raphael said in the release. “Physimax’s technology supports rapid growth of membership without the traditional limitations of MSK care delivered by humans.”
The acquisition follows DarioHealth’s recent foray into MSK, with the company announcing in October 2021 that it launched Dario Move, a digital physical therapy platform for MSK conditions.