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- Bluechiip (BCT) receives a $1.09 million research and development (R&D) tax incentive refund from the Australian Tax Office for FY21
- Though the FY21 refund is lower than FY19 and FY20, it is in line with the company’s reduction in R&D activity as a result of its core chip technology transition into full-scale production
- Managing Director Andrew McLellan welcomes the refund and says it provides a significant cash interjection for the company and augments its existing cash position
- At market close, Bluechiip shares trade at 2.7 cents
Bluechiip (BCT) has received a $1.09 million research and development (R&D) tax incentive refund from the Australian Tax Office for FY21.
Though the FY21 refund is lower than FY19 and FY20, it is in line with the company’s reduction in R&D activity as a result of its core chip technology transition into full-scale production.
Managing Director Andrew McLellan welcomed the refund and said it provides a significant cash interjection for the company and augments its existing cash position.
“This cash refund comes at a time when we are experiencing an acceleration of commercial activity, especially as global markets open up,” he said.
“The receipt of this R&D refund coincides with increasing sales and cash receipts from both OEM partners and direct customers providing additional runway to execute our strategy.”
So far, the company’s range of advanced samples management solutions has been delivered to 10 laboratories across nine customers through its direct sales team in North America and Australia and through distributors in Europe.
It has also made deliveries to Labcon in North America for their customers.
“While we are increasing our sales and marketing activities, ongoing R&D for our readers, software and Bluechiip enabled consumables remain an important focus as we adapt to the valuable feedback from our expanding customer base,” Mr McLellan elaborated.
“We expect the R&D Tax Incentive Refund for Financial Year 2022 to be approximately $800k and, when received later this year, will further extend our runway.”
At market close, Bluechiip shares traded at 2.7 cents.
