LBT Innovations (ASX: $LBT) Quarterly Activities & Cashflow Report

Australian medical technology company LBT Innovations Limited (ASX: $LBT) has released its Appendix 4C - Quarterly Cashflow report and business update for the quarter ended 31 December 2023. The company reported a cash balance of $3.2 million as of 31 December 2023 and successfully raised $4.5 million to support expansion into the pharmaceutical microbiology market. LBT Innovations is focused on accelerating customer placements for APAS® PharmaQC and completing the primary validation of APAS R PharmaQC for settle plates in Q1 CY24.

Brent Barnes, CEO and Managing Director, LBT Innovations

The Company finished 2023 completing a financial reset while making solid progress on the updated commercial activation strategy to expand into the pharmaceutical market. We now expect customer placements to new pharmaceutical manufacturing companies to commence in the first half of 2024 calendar year, six months ahead of our previous estimates. Our R&D teams remain on track to finalise the APAS® PharmaQ settle plate product in the first quarter of the 2024 calendar year. The performance data generated is important to support our commercial launch of the product and initial customer placements.

LBT Innovations outlook and summary

LBT Innovations has accelerated its customer placement expectations for APAS® PharmaQC, now anticipating deliveries in H1 CY24, six months ahead of previous estimates. The successful capital raising of $4.5 million and financing restructure have improved the company's financial position to support the updated business strategy. The primary validation of APAS R PharmaQC for settle plates is on track for completion in Q1 CY24. The company is focused on expanding into the pharmaceutical microbiology market and has seen positive progress with potential customers, resulting in upgraded guidance for first installations of APAS® PharmaQC. LBT Innovations remains committed to completing the final deliverables under its partnership with AstraZeneca in the first quarter of calendar year 2024 and expects to continue its program of building awareness and lead generation in the pharmaceutical microbiology market. The company will hold a quarterly conference call towards the end of February 2024 to provide a detailed market update for investors.