Universal Biosensors FY16 Update: Net Profit Reported, Valuable Partnerships with Siemens and Johnson & Johnson

UBI has undergone an exciting period of change over the past 12 months. UBI reported strong first half results with Quarterly Service Fee revenues from the market leading OneTouch® Verio blood glucose strip product up 58%. In addition, operating expenses for the period decreased 20%, helping the Company achieve an improved bottom line. Importantly, UBI reported a net profit in Q2’2016.

UBI continues to enjoy valuable partnerships with two global healthcare companies, Siemens and Johnson & Johnson. During the year, UBI modified its collaboration agreement with Siemens to focus their collective product development resources on enhanced products.

UBI has also implemented rigorous investment criteria to ensure its product development pipeline is on the right track. As a result, the Company’s development pipeline has been consolidated during 2016 in order to maximise return on investment for UBI shareholders.

ABOUT UNIVERSAL BIOSENSORS

Universal Biosensors (ASX:UBI) is a specialist medical diagnostics company developing and manufacturing test systems for point-of-care (POC) medical professionals and home use.

UBI’s core technology is a disposable, multi-layer test strip, which uses its proprietary electrochemical sensor to rapidly and accurately measure biomarkers in the blood.

The first product developed by UBI with LifeScan (a Johnson & Johnson company) is a blood glucose measurement device and is on the market and generating revenues for UBI. The second product developed by UBI in collaboration with Siemens Healthcare has also been launched.

The global point-of-care diagnostics market is estimated to be worth nearly US$17 billion a year and growing.

UBI is now extending its platform technology to new POC applications.