Universal Biosensors Announces Positive Financial Results with Revenue, Sales & Profit All Up

Universal Biosensors (ASX:UBI) released its full year financial results for FY16. Universal Biosensors, is a specialist medical diagnostic company focused on the development, manufacture and commercialisation of a range of in vitro diagnostic tests for point-of-care use.

Highlights from FY16:

• Revenue from Quarterly Service Fees- generated by sales of OneTouch Verio® blood glucose test strips by LifeScan- up 30% to $17.9M in FY16 from $12.8M in FY15, the previous corresponding period (PCP).
• Revenue from supply of test strips for the Siemens Xprecia Stride™ Coagulation Analyzer for their early sales programme is $584,550.
• Net development expense (after the R&D tax rebate) reduced to $8.3 million in FY16, from $10.5M in PCP.
• Net income of $1.3M in FY16, an improvement on the net loss of $6.6 in PCP.
• Positive operating cash flow of $7M, up from negative $0.5M in PCP.
• Closing cash balance at 31 December 2016 of $20.4M.

UBI’s core technology is a disposable, multi-layer test strip, which uses its proprietary electrochemical sensor to rapidly and accurately measure biomarkers in the blood.

Andrew Denver, Executive Chairman of Universal Biosensors said: “This has been a solid year with a focus on two lead products we developed, LifeScan’s OneTouch Verio blood glucose test strips and Siemens’ Xprecia Stride™ Coagulation Analyzer and lowering the coast base of the business.

“We have seen a steady increase of our revenue generated by the Quarterly Service Fees. The Quarterly Service Fees has a 100% margin which bolsters the Company’s growing revenue stream, improving overall profitability and cash flow.

“With increasing corporate activity in the US and Europe, we expect to see the revenue stream continue to grow in FY17 for the Xprecia Stride™ Coagulation Analyzer.”

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