Australian medical technology company LBT Innovations Limited (ASX: LBT) (LBT or the Company), a leader in medical technology automation using artificial intelligence, is pleased to release its Appendix 4C – Quarterly Cashflow report and business update for the quarter ended 30 September 2021 (the Quarter). All financial results are in Australian dollars and are unaudited.
LBT delivers with new channel relationships, transforming the potential scale and reach of the global market for its leading AI technology, APAS® Independence.
• Thermo Fisher Scientific, Inc. appointed Exclusive US Distributor for APAS® Independence
• Sales opportunities and customer evaluations in Europe – sourced by Beckman Coulter
• Johns Hopkins APAS® Independence evaluation published in leading academic journal
• Board renewal process completed – Joanne Moss and Brian O’Dwyer appointed to LBT Board
• 30 September 2021 cash balance of $8.2 million
Commercialisation & Product Development
In the Quarter the Company realised its long-stated strategy of establishing channel partners to sell the APAS® Independence in both the United States and Europe. These partnerships with Thermo Fisher Scientific, Inc. (Thermo Fisher) and Beckman Coulter, Inc. (Beckman Coulter) provide LBT, through its 50% owned joint-venture company Clever Culture Systems (CCS), with critical commercial support and resources from two of the global leaders in clinical microbiology for the sale of the APAS® Independence in the United States and Europe. These are the two largest markets globally with a total addressable market of approximately 2,000 laboratories. This achievement is pivotal for the Company, transforming the scale of its customer reach and enabling delivery on the commercial potential of the APAS® technology.
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