Join our daily newsletter At The Bell to receive exclusive market insights
- Medical tech company Uscom has seen rising customer receipts coupled with lower spending for the first quarter of the 2020 financial year
- Receipts from customers were up 178 per cent compared to this time last year
- The company is now getting ready to hit China, Europe and the U.S. and it was for some regulatory approvals for its products
- Uscom develops non-invasive medical products for diagnosing issues with the heart and lungs
- Uscom shares are unchanged on the market today, trading flat at 11 cents per share
Uscom has revealed rising customer receipts as one of the highlights for a positive first quarter of the 2020 financial year.
Receipts from customers saw Uscom bank $730,000 over the quarter — up 178 per cent compared to the first quarter of 2019’s $320,000.
Similarly, total cash receipts came in at $820,000 for the quarter, compared to last year’s $440,000 — an 86 per cent rise.
Coupled with the increased cash inflow comes a 33 per cent drop in a cash outflow for the quarter. According to Uscom, this spending drop was in spite of investment in new staff and operations as the company prepares to get some new regulatory approvals.
Uscom’s key focus is its expansion into China, Europe, and the U.S., according to company management, and the company is developing new sales and pricing strategies as it awaits approvals for seven new products.
Uscom Executive Chairman Rob Phillips said the new quarter has seen the company continue its global momentum.
“In a world where growth is at a premium, Uscom continues its growth trajectory,” Rob said.
“Record Q1 cash and customer receipts continue the global momentum of the company as our product and operational investments are being prepared to generate a new wave of sales and revenue,” he said.
However, despite the strong customer receipts, Rob said it’s been a historically quiet quarter for the company due to unpredictables global economic environments and lumpy sales.
He maintained, however, that the past five years of strategies, structures, and product development are yet to impact results.
Uscom designs and develops non-invasive cardiovascular and pulmonary devices. Its products can do things like measure your heart’s blood flow and pressure without the need for invasive procedures.
Uscom shares are unchanged on the market today, trading flat at 11 cents per share in a $15.67 million market cap.
