- MicroDevices company Sensera (SE1) endured a challenging March quarter amid product issues and reduced sensor demand
- The ASX-lister’s cash inflows were hampered by product issues, resulting in one of its largest customers reducing demand for the product
- In turn, the company also advised it had reduced costs where possible, cutting operational expenditure by 16 per cent compared to the previous quarter
- The ASX-lister reported a cash and equivalents balance of US$698,000 (about A$894,826), which is enough to see it through two quarters based on current spending levels
- Sensera shares have slipped 12.5 per cent following the announcement, trading at 6.3 cents
MicroDevices company Sensera (SE1) endured a challenging March quarter amid product issues and reduced sensor demand.
The company reported a drop in cash receipts which clocked in at US$383,000 (roughly A$491,000) on year-to-date figures, which were reported at US$3.4 million (approximately A$4.3 million).
Sensera’s revenue for the period was US$451,000 (about A$578,157).
The company said revenues had hit a “low point” but affirmed it expects improvement and believes it has made meaningful progress in building a business that will be sustainable.
Cash inflows were impacted by product issues with one of its sensors which results in one of its largest volume customers, Abiomed, reducing its demand for the product.
Sensera conceded this had a negative impact on revenues for FYQ3 but it
expects to be back to previous levels by June.
In turn, the company also advised it had reduced costs where possible, cutting operational expenditure by 16 per cent compared to the previous quarter.
The ASX-lister reported a cash and equivalents balance of US$698,000 (about A$894,826), which is enough to see it through two quarters based on current spending levels.
Sensera shares have slipped 12.5 per cent following the announcement, trading at 6.3 cents at 11:15 am AEST.