LBT Innovations (ASX:LBT) subsidiary CCS secures US order for APAS instruments

• LBT Innovations’ (LBT) wholly owned subsidiary Clever Culture Systems (CCS) receives purchase orders for five APAS Independence instruments from its US-based distributor Thermo Fisher Scientific
• It comes after LBT acquired the remainder of CCS earlier this year
• LBT says the instruments order is expected to accelerate early sales opportunities as it sees strong customer interest since the appointment of Thermo Fisher as exclusive US distributor
• The instruments are expected to arrive progressively over the next four months, with full order shipment no later than July 31
• LBT shares up 5.19 per cent to 8.1 cents

Australian medical technology company LBT Innovations’ (LBT) wholly owned subsidiary Clever Culture Systems (CCS) has received purchase orders for five APAS (Automated Plate Assessment System) Independence instruments from US-based Thermo Fisher Scientific.

APAS uses imaging technology and artificial intelligence algorithms to screen, interpret and sort agar plates, instead of being done manually by a microbiologist.

The instruments are expected to arrive progressively over the next four months, with shipment of the orders to be completed no later than July 31, 2022.

LBT said receiving the new order would help accelerate early sales opportunities and comes on the back of strong customer interest since Thermo Fisher was appointed its exclusive distributor for the United States.

“The purchase of these instruments is an indicator of the positive market feedback Thermo Fisher Scientific have received since their appointment as US distributor last year,” LBT Managing Director and CEO Brent Barnes said.

LBT completed the acquisition of the other 50 per cent of CCS in January 2022.

“With full ownership of CCS, we are able to work directly with Thermo Fisher to support their sales activities and strategic account placement with key opinion leaders,” Mr Barnes said.

“This is clear demonstration of how the simplified ownership structure will help to streamline our commercialisation efforts going forward.”

LBT shares were up 5.19 per cent to 8.1 cents at 12:11 pm AEDT.