News and Announcements
Universal Biosensors Q1 2016 Results; Total Revenue Up 64%
- Published April 21, 2016 4:44PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
21st April 2016, ASX Announcement
Universal Biosensors (ASX: UBI) today released its financial results for the first quarter of 2016.
When comparing the Q1 2016 results with Q1 2015:
- Net loss is down 42%
- Total revenue is up 64% to $5.09 million
- Quarterly Service Fees are up 68% to $4.9 million
- PT-INR test strip revenue is up 154%to $183,000
The net loss of $1.65 million for the period was an improvement on the net loss of $2.87 million at Q1 2015. Whilst UBI is of the view that it may again qualify for the research and development tax incentive income, it has not recorded such income for the quarter for the quarter as there is no certainty that thew aggregate turnover of the Company for the year ending 31 December 2016 will be less than $20 million. UBI will review its foretasted aggregate turnover on a quarterly basis to determine if the research and development tax incentive income should be captured as part of current year computation. If the research and development tax incentive income had been captured in the quarter, UBI would have generated a net profit of $0.6 million.
The total revenue increased to $5.09 million, up 64% when compared to Q1 2015. The major revenue driver was Quarterly Service Fees (QSFs) paid by LifeScan – the revenue generated by sales of blood glucose testing strips, which continued to show strong growth. QSFs were up 68% to $4.9 million when compared to Q1 2015.
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