Body scanning biz Evolt 360 turbocharged for growth in 2023

Leading advanced health monitoring tech company Evolt 360 is well funded and geared for growth in 2023.

Evolt 360, a health technology company specialising in body composition scanning, is focusing on global expansion this year with its sights set on Japan, India and Indonesia.

The company’s medical grade FDA, TGA and CE approved machines are the most sophisticated in the market. Using bioimpedance technology, they provide users with full insight into body composition health including data on lean muscle mass, subcutaneous fat, visceral fat and segmental analysis to help identify imbalances; capturing over 40 different measuring parameters of the human body.

The profitable business (EBITDA) has over a million registered users, a footprint in 39 countries and significant global enterprise customers including the world’s largest gym chains such as Anytime Fitness, corporate giants including health insurer HCF and some of the world’s largest mining companies, as well as partnerships with leading international medical universities and allied health professionals.

Co-founder and CEO Ed Zouroudis said Japan in particular represented a huge market opportunity for the company.

“There are over 9000 gyms in Japan, which is almost double the amount in Australia,” he said.

“The Japanese Government also just implemented an initiative where anyone over the age of 40 can visit their GP and be prescribed an exercise and nutrition programme, which Evolt can absolutely support.

“Most GPs in Japan are educated in medicine, but not so much in exercise and nutrition, so our scanners will be fantastic for providing personalised recommendations for patients.”

Zouroudis said the company would also further expand in the US this year.

“They love the technology in the US and the opportunity with medi spas and the like there is huge,” he said.

New verticals

As well as expanding into new geographies, Zouroudis said the company would be looking to tap new verticals, including medical research and medical wellness sectors, as well as launching new nutrition product ranges.

“If we’re measuring baseline measurement and quality of change over time, we want to help people reach their goals and we know that nutrition is an integral part of that equation,” he said.

“Meal plan guides will be a new revenue stream that’s coming in the next couple of months, and we’re looking at implementing meal plan offerings that can be personalised depending on the information provided by the Evolt 360 Body Scanning machine.”

Well funded

In October last year the company raised $12 million, in a round led by Bell Potter and backed by Regal Funds Management, Washington H. Soul Pattinson and Smarter Capital as well as family offices and high net worth individuals.

The company saw revenue more than double in FY22 and is expecting FY23 to continue with strong growth due to the existing client base alone.

Zouroudis said the company was well positioned for expansion.

“We’re entering an exciting period of growth and we couldn’t be more keen to hit the ground running this year,” he said.

This article was developed in collaboration with Evolt 360, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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