Proteomics International Laboratories Ltd (ASX: $PIQ) Half-Year Report to 31 December 2023

Proteomics International Laboratories Ltd (ASX: $PIQ) has reported a 3.5% decrease in consolidated revenue for the six months ended 31 December 2023, amounting to $747,708. The company also disclosed a net loss of $3,816,507 for the same period, reflecting a 5% decrease from the previous year. The net cash outflow from operating activities decreased by 27% to $1,336,766. As of 31 December 2023, the company held cash reserves of $4,970,024 and current receivables of $28,939.

Executive Commentary on Half-Year Performance

The six months to 31 December 2023 have been marked by significant milestones for Proteomics International Laboratories Ltd. The commercialisation of PromarkerD, the predictive test for diabetic kidney disease, has seen positive developments, including the confirmation of a payment rate for the test by the US Centers for Medicare & Medicaid Services. Additionally, the company has made progress in the development of precision diagnostic tests, such as PromarkerEndo and PromarkerEso, which have shown promising results in identifying patients with endometriosis and oesophageal cancer, respectively. Furthermore, the company has secured funding and exercised consultant options, reflecting a strong financial position and investor confidence in our strategic initiatives.

Outlook and Future Prospects

Proteomics International Laboratories Ltd's focus on commercialising innovative diagnostic tests and securing funding bodes well for its future prospects. The successful licensing agreement with Omics Global Solutions and the confirmation of reimbursement price for PromarkerD by the US Medicare are positive indicators of the company's growth trajectory. The development of diagnostic tests for endometriosis and oesophageal cancer further underscores the company's commitment to improving disease treatment. With a strong financial position and ongoing research and development efforts, Proteomics International Laboratories Ltd is well-positioned to continue its mission of enhancing predictive diagnostics and bio-analytical services, thereby contributing to the improved treatment of diseases.