Quantified Self: MyDx Targets a Growing Multi-Billion Dollar Industry
Ryan Allway
October 27th, 2015
News, Top Story
The quantified self movement has been rapidly expanding over the past several years, as consumers embrace its “if you can measure it, you can change it” principles. According to IHS, the global market for wearables and sensors will rise to 210 million units shipped and $30 billion in revenue by 2018, while companies like FitBit Inc. (NYSE: FIT) and Apple Inc. (NASDAQ: AAPL) are already making millions of dollars each quarter selling early-stage technology.
In this article, we’ll take a look at an undiscovered $25 million company that’s developing a game-changing device that directly measures what people eat, drink, and inhale.
Direct Measurement
The holy grail of the quantified self movement has always been direct measurement – that is, being able to characterize something directly rather than by proxy. While things like steps and heart rates can be accurately measured, it’s exceedingly difficult to measure what people eat, drink, or inhale, because it would require an actual chemical analysis. These types of analysis have historically been expensive, difficult to conduct, and certainly not consumer-ready.
MyDx Inc. (OTCQB: MYDX) has changed the game with the world’s first consumer handheld chemical analyzer that analyzes foods, drinks, and air for chemicals of interest. With an initial price of $699, the device enables consumers to place a sample in test chamber and see a comprehensive chemical analysis in a smartphone app. The company’s $1.49 sensor inserts and $69 sensors also yield a razor-razorblade recurring revenue business model for investors.
The company will offer four different types of sensors:
- OrganaDx – Initially detects the most common pesticides linked to cancer to help consumers avoid harmful foods products.
- AquaDx – Tests for water contaminants, such as BPA, arsenic, uranium, and bacteria that can prove to be harmful to consumers over time.
- AeroDx – Measures elements of the Environmental Protection Agency’s Air Quality Index to determine the safety of indoor and outdoor air.
- CannaDx – Tests for 25 important chemicals found in cannabis, including cannabinoids and terpenes that could have medical importance.
The company’s device translates these complex chemical analyses into simplified data points that consumers can understand at a glance. In addition, consumers can assign some of their own meta data to the analysis to help guide future needs. A cannabis user, for example, may input whether the analyzed strain helped them reduce anxiety or epilepsy, as well as rate how it made them feel, in order to build a more complete picture over time.
With companies like MassRoots Inc. (OTCQB: MSRT) already providing a look into consumer preferences, consumers could leverage CannaDx to analyze the products they buy and have MyDx predict a feeling or ailment relief that customer should experience before they put it into their body.
Vast Data Capabilities
MyDx’s chemical analysis capabilities represent only a fraction of its long-term potential. With the ability to collect important data on a massive scale, the company has significant big data opportunities when it comes to anonymizing, analyzing and packaging the data.
For example, CannaDx, which became generally available in July of this year, could dramatically help the global legalization movement by collecting clinical data points on a massive scale. The data could be used by research groups to determine how certain types of cannabis impact certain medical conditions, knowing that the cannabis consumed has a specific chemical profile that is well defined. Regulators may then be persuaded to change their outlook on cannabis as a medicine, which could benefit companies like GW Pharmaceuticals (NASDAQ: GWPH) and others focused on the medicinal side of the cannabis industry.
The same could be true for food, water, and air quality metrics. By leveraging direct data collected on the ground, public health officials may be able to identify potential problem areas and address significant public health concerns before they spin out of control. A great example would be assessing air quality in certain cities that have a high density of MyDx users or looking at water quality issues that may be arising in certain municipalities.
Investment Opportunity
Investors may want to consider MyDx for a number of reasons, including its strong management team with a track record of success, its blue sky potential as the next big quantified self device, and its important play in big data.
Management developed a proof-of-concept and established its IP portfolio in 2013 after raising just $210,000 in seed funding. In 2014, the company crowd funded and raised $2.6 million in additional financing to bring its beta product to market with 220+ preorders. The company shipped these orders in 2015 and reorganized the company from a research-and-development stage to a commercial stage with initial revenue having come in July 2015.
Since the company competes in a relatively new industry, its potential may be difficult to quantify without a few quarters of financial details. The company compares favorably, with its valuation of about $25 million, to many marijuana stocks that are pre-revenue (or have minimal revenue) and trade with $60+ million valuations. Here are a few companies that meet those criteria, including Pharmacyte Biotech (OTCQB: PMCB) and Pineapple Express (OTC: PNPL).
A final consideration may be the company’s S-1 SEC filing that may actually be a positive event for shareholders. With only about two million shares in the float, the company’s stock has been thinly traded and difficult to accumulate for investors. The S-1 will free up 18 million shares including 7.6 million warrants that exercise at $1.10 per share, which are held by friendly investors that have been with the company since an early stage.
Investors interested in capitalizing on the growth in quantified self technologies may want to take a closer look at MyDx. With its innovative technology and first mover advantage, the company could be on the cusp of a revolution in much the same way that Apple’s iPhone revolutionized smartphones. The company is also similar to Roche Holdings Ltd. (OTC: RHHBY) or Abbott Laboratories (NYSE: ABT) in the sense that its device could have significant medical diagnostic implications. This is especially true with the CannaDx sensor, where MyDx is currently crowdsourcing scientific consumer data that could shed light on the ideal chemical formulations that are being used to help patients and people on a global scale find relief.
More Information
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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