1 Corporate Avenue Rowville Victoria 3178 Australia
Telephone +61 3 9213 9000 Facsimile +61 3 9213 9099
Emailinfo@universalbiosensors.comwww.universalbiosensors.com
29 April 2022
Universal Biosensors, Inc.
March 2022 Quarterly Activity Report
Universal Biosensors, Inc. (ASX:UBI) (UBI) has today released its cash flow report (ASX Appendix 4C) and quarterly activity report for the quarter ended 31 March 2022 (Q1 2022).
UBI is developing and commercializing a range of biosensors in oenology (wine industry), human health including oncology, coagulation, COVID-19, women's health and fertility, non-human and environmental testing using our patented platform technology and hand-held point of use devices.
The primary focus of UBI's activities during the first quarter of 2022 were:
• The global launch of Sentia's Malic Acid product;
• The sale of Sentia's wine testing Free Sulphur Dioxide and Malic Acid products;
• The commencement of a Sentia direct sales force in the USA;
• The finalization of the development of Sentia's Glucose product;
• Further development of Sentia wine testing products;
• The establishment of a distribution centre in the USA to support the global expansion of the Company's wine testing product sales. This is in addition to the distribution centres we have in Australia and Europe;
• The commencement of an Xprecia Prime direct sales force in Europe;
• The continuing development of aptamer sensing technology on our hand-held platform device;
• The progression of clinical studies across 3 sites in the USA for Xprecia Prime;
• The progression of an Investigational Clinical Study (300 patient/+) for our Tn Antigen biosensor used for the detection, staging and monitoring of cancer;
• Gaining regulatory approval to sell Xprecia Prime in 32 countries in Europe;
• The continued development of our diabetes detection and monitoring biosensor product in animals; and
• Increased investment in the UBI's product development activities. $1.7 million was invested into the development of the veterinarian blood glucose product and $0.2m was spent on our FDA clinical trial for Xprecia Prime (both non-recurring expenditures once completed). Other R&D increases relate to our investment in our oncology, fertility and COVID biosensors.
During Q2, UBI intends to raise approximately A$20 million via a fully underwritten 1 for 6.85 non-renounceable pro rata entitlement offer of CHESS depositary interests over new UBI ordinary shares (New CDIs) to eligible retail and institutional securityholders at an offer price of A$0.77 per New CDI. In addition, UBI has undertaken a placement of New CDIs to certain institutional investors to raise A$6 million.
FINANCIAL UPDATE
Net cash (cash and cash equivalents less short and long-term debt) as at 31 March 2022 was $12.4 million.
Highlights between prior comparable periods are as follows:
• Receipts from customers during the three months ended 31 March 2022 increased by 203%
• Total services revenue for the three months ended 31 March 2022 increased by 15%
• Total products revenue for the three months ended 31 March 2022 increased by 10%
1 Corporate Avenue Rowville Victoria 3178 Australia
Telephone +61 3 9213 9000 Facsimile +61 3 9213 9099
Emailinfo@universalbiosensors.comwww.universalbiosensors.com
The primary reasons for the increase in receipts from customers included:
• the Company benefited from new revenue streams following the successful global launch of our Sentia Free Sulphur Dioxide wine testing product in 2021 and of another Sentia wine testing product, Malic Acid Test, in 2022;
• the contract liability (deferred revenue) relating to the Company's obligation to transfer Xprecia Stride strips to Siemens which was received in 2019 was fully utilised in Q2 of 2021; and
• our revenue from coagulation testing increased by 15% because of new contracts won and an expanded customer base. This growth is despite HRL losing revenue hours due to relocation to their new facility.
Development expenditure increased during the year ended 31 March 2022 because the Company invested in multiple development projects (detailed above).
Payments of $71,000 as disclosed in item 6 of the attached Appendix 4C comprised of the non-executive directors' fees, allowances and superannuation. We appointed a new Non-Executive Director, Mr Graham McLean, in March 2022.
For further information, please contact:
John Sharman
Chief Executive Officer +61 (0) 414 440 680
Announcement authorised by the Board of Directors of Universal Biosensors, Inc.
Rule 4.7B | ||
(a) | entities | |
(b) | businesses | |
(c) | property, plant and equipment | (273) |
(d) | investments | |
(e) | intellectual property | |
(f) | other non-current assets | |
Page 1 |
Name of entity
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
UNIVERSAL BIOSENSORS, INC.
ABN
67 950 836 446
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 |
| 1,021 (1,000) (1,246) (277) (109) (2,681) (1,004) 7 (6) 39 | 1,021 (1,000) (1,246) (277) (109) (2,681) (1,004) 7 (6) 39 |
(5,256) | (5,256) |
2. 2.1
Cash flows from investing activities Payments to acquire or for:
(273)
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 |
| ||
(273) | (273) |
| 4 1,002 (446) | 4 1,002 (446) |
560 | 560 |
4.
Net increase / (decrease) in cash and cash equivalents for the period
4.1
Cash and cash equivalents at beginning of period
4.2
Net cash from / (used in) operating activities (item 1.9 above)
4.3
Net cash from / (used in) investing activities (item 2.6 above)
18,099 (5,256)
18,099 (5,256)
(273)
(273)
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 | |
4.4 4.5 4.6 | Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period | 560 (116) | 560 (116) |
13,014 | 13,014 |
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 10,784 2,230 | 15,318 2,781 |
13,014 | 18,099 |
6. Payments to related parties of the entity and their associates | Current quarter $A'000 |
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
Item 6.1 includes non-executive directors' fees and salaries, allowances and superannuation
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Universal Biosensors Inc. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 06:11:07 UTC.