Universal Biosensors (ASX: $UBI) FY2023 Results and Capital Raise

Universal Biosensors (ASX: $UBI) has announced its FY2023 results and its intention to raise approximately $12.5m of capital. The capital raise is designed to support the company's working capital requirements, ongoing product development, operating losses in the shorter term, and the approval of Xprecia Prime in the USA. The structure of the capital raise includes a $10 million non-renounceable Rights Issue, up to $2.5m in an institutional placement, and the issuance of Free Options for every CDI's issued to shareholders.

Executive Commentary on FY2023 Results and Capital Raise

The company's executive emphasized the importance of the capital raise in supporting Universal Biosensors' growth ambitions and strategic initiatives. The funds raised will enable the company to continue its investment in product development, expand its market presence, and strengthen its financial position. The executive also highlighted the significance of the company's achievements in FY2023, including strong sales growth, increased gross margins, and successful product launches.

Summary of FY2023 Results and Outlook

In FY2023, Universal Biosensors (ASX: $UBI) demonstrated robust financial performance with notable increases in sales, gross profit, and successful product launches. The company's strategic focus on innovation and market expansion has positioned it for sustained growth. The capital raise is expected to provide the necessary financial support for the company's ongoing product development, working capital requirements, and operational expenses. With a strong balance sheet and a clear roadmap for future product development, Universal Biosensors remains committed to delivering value to its shareholders and driving continued growth in the biosensor technology industry.