- LBT Innovations (LBT) has posted its Q3 FY21 report, announcing it’s closing in on appointing a U.S. distributor for APAS Independence technology
- The healthcare stock’s joint venture business, Clever Culture Systems (CCS), is progressing the appointments with a distributor expected to be signed by the end of the October quarter
- In terms of sales, LBT said COVID-19 continues to impact its ability to facilitate sales due to travel restrictions and some hospitals remaining closed to guests
- LBT ended March 31 well-funded with $11.3 million in the bank, enough cash to keep the company going for another 94.7 quarters
- The business has also begun the process of rejuvenating its board, with recruitment underway to find a new chair and non-executive director
- Shares in LBT Innovations are trading down 3.41 per cent at 8.5 cents per share
LBT Innovations (LBT) has posted its Q3 FY21 report, announcing it’s closing in on appointing a U.S. distributor for its APAS Independence technology.
The healthcare stock’s joint venture business, Clever Culture Systems (CCS), is progressing the appointment.
CCS said due diligence and contract discussions are now underway and its aiming to have a distributor signed by the end of October quarter.
In terms of sales, LBT said COVID-19 continues to impact its ability to facilitate sales due to travel restrictions and some hospitals remaining closed to guests.
As a results, CCS has undertaken a review of its sales and marketing strategy with the objective to improve commercialisation timelines and outcomes.
“We have been upfront about the challenge of getting into labs, arranging placements and evaluations of the APAS Independence and then actually completing sales has been unfavourably impacted by COVID-19,” CEO Brent Barnes said.
“We are handling this in multiple ways including a finer focus on potential early technology adopters; building supporting clinical evidence from labs such as The Doctor’s Laboratory, SA Pathology and Labor Dr Wisplinghoff and using this time to complete negotiations and due diligence with potential US distributors,” he added.
Meanwhile, LBT ended March 31 well-funded with just under $11.3 million in the bank, enough cash to keep the company going for another 94.7 quarters.
The business has also begun the process of rejuvenating its board, with recruitment underway to find a new chair and non-executive director for LBT.
Following today’s quarterly update, shares in LBT Innovations are trading down 3.41 per cent at 8.5 cents per share at the close of market on Thursday.