MYnd Analytics Inc (NASDAQ: MYND) is having a great start to the trading session this morning, and for good reason. The company announced a product launch in collaboration with Arcadian Telepsychiatry Services that proved to be a point of excitement for investors. Today, we’ll talk about:
- The product launch;
- what we’re seeing from MYND as a result; and
- what we’ll be watching for ahead.
MYND Announces Product Launch
As mentioned above MYnd Analytics is flying in the market this morning after announcing the launch of a new product. In a press release issued earlyt his morning, the company announced that it and Arcadian Telepsychiatry Services launched a new program through its provider network. The program offers behavioral health solutions for skilled nursing and assisted living facilities.
In the release, MYND said that the new program will provide patients of skilled nursing and assisted living facilities with access to telepsychiatry, teletherapy and other mental health services. These services involve the use of video conferencing equipment that allows for real-time mental helath consultations between the clinician and the patient, ultimately benefiting patients with limited mobility and otherwise limited access to mental health services.In a statement, Robert Plotkin, CEO and Founder of Arcadian, had the following to offer:
We are excited to partner with Gulf Coast Health Care in deploying this program at Bayside Health and Rehabilitation, with a goal to roll-out the program across Gulf Coast’s entire network… Our telebehavioral health services are ideally suited for patients within both skilled nursing and assisted living centers, as this population often lacks access to mental health services due to both a shortage of mental health providers, as well as the difficulty the elderly and disabled often face traveling to appointments. Using technology, we can connect these patients with the appropriate mental health provider from the comfort and convenience of their care facility.
The above statement was followed up by George Carpenter, CEO at MYND. Here’s what he had to offer:
With over 15,000 skilled nursing facilities, and more than 28,000 assisted living residences in the U.S., we believe this new offering is highly scalable and should allow us to cost effectively reach millions of Americans… We look forward to working closely with Gulf Coast Health Care and others to roll out this new program and expand the services available to this underserved population. In addition, by combining our tele-medicine platform with MYnd’s Peer report, we can reduce trial and error prescribing in mental health, which has the potential to dramatically reduce costs and improve outcomes.
What We’re Seeing From The Stock
One of the first lessons that we learn as investors is that the news moves the market. In the case of MYnd Analytics, the news released today proved to be overwhelmingly positive. After all, the new product launch means that the company has a new stream through which to drive revenue. So, it’s no surprise that excited investors are pushing the stock toward the top in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:21), MYND is trading at $2.65 per share after a gain of $1.26 per share or 90.47% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MYND. In particular, we’re interested in following the story surrounding the company’s newly launched product and the revenue it generates. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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