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LBT Innovations - Half Year Results
17 February 2010, Adelaide: LBT Innovations Limited (formerly LabTech Systems) (ASX: LBT), the Australian clinical and diagnostic technology developer, today released its interim results for the half-year to 31 December 2009.
For the first half of this financial year revenue and profit after tax decreased compared to the previous corresponding period, the main difference being no revenue from milestone payments for the half year to 31 December 2009.
While a loss is reported for the first half of this year, as previously reported a milestone payment of 2 million Euros (approximately $3.4 million) is due this financial year, which will result in a profit for the full year. This profit is expected to be approximately $1.3 million compared to last year of $337,000, an increase of approximately 286%.
Sales of instruments in Europe and the US triggered a milestone payment of $200,000 from LBT Innovations to Medvet Science Pty Ltd for the streaking concept licence.
PREVI™ Isola systems have been installed in labs in France, Germany, The Netherlands, Sweden, Italy, China and US. Sales of PREVI™ Isola in the US during 2009 were slow due to macro economic conditions and uncertainties in the US healthcare system with clinical labs delaying capital purchases. Nevertheless, the company believes that its international commercial partner bioMérieux is strongly placed to secure commendable sales levels in all global markets including the US.
Minimum guaranteed royalty provisions are in place for the first three years after launch and increase each year. The minimum guaranteed royalty for calendar year 2009 was USD240,000. The minimum guaranteed royalty for calendar year 2010 is USD360,000
During the first-half the company’s MicroStreak® applicator patent was granted in Australia. Subsequently in February 2010 the European Patent Office announced its grant of the patent, which has been the most significant patent granted to LBT Innovations since the founding of the company.
The company is currently working with bioMérieux to leverage further applications of MicroStreak® in diagnostic microbiology.
LBT Innovations has undertaken a review of its strategic direction and conducted feasibility evaluations into new intellectual property and new products. Details of new technology undertakings will be promptly disclosed to the market.
--ENDS—
Please Note: A table of data was included in this press release. To view it, click here.
About LBT Innovations
LBT Innovations (ASX: LBT) is revolutionising the way microbiology labs around the world operate. Based in Adelaide South Australia, its lead product is the automated PREVI™ Isola that rapidly and systematically processes bacteria samples. It is the first time this function has been automated and is based on LBT’s unique Australian designed MicroStreak® technology. This means quicker and more accurate test results and better patient outcomes. LBT Innovations will commercialise further products that substantially improve the efficiency and accuracy of the world’s laboratories. www.lbtinnovations.com
PREVI™ Isola is being sold around the world by LBT Innovations’ international partner bioMérieux.
CONTACTS
LBT Innovations
Lusia Guthrie
CEO & MD
Tel: +61 (0)8 8227 1555
Media Relations
Emma Power / Rudi Michelson
Monsoon Communications
Tel: +61 (0)3 9620 3333
