Uscom has received $0.496M from the Australian Tax Office under the Federal Government Research and Development (R&D) Tax Incentive Program related to R&D expenditure in the 2016 tax year. The Federal Government R&D program provides for the refund of 45% of eligible research and development expenditure during the previous financial year.
Uscom has an on-going program of R&D planned to ensure that its current products are continually improved with new and innovative features, and new products conceived and developed for national and international markets. Uscom invests shareholder's funds carefully, particularly in R&D, and recognises that while outcomes are uncertain, R&D is vital for the future of the Uscom business. The financial incentive offered by this Federal Government rebate is significant when Uscom plans the scale and objectives of its internal spending programs.
Executive Chairman of Uscom, Associate Professor Rob Phillips said, "Innovation is our business, and it's both an Uscom corporate culture and a valuable investment for shareholders. The financial support offered by this Federal Government R&D program is vital for many Australian bioscience companies seeking advances in medical science where lead times can be significant. Research and development has many uncertainties, and this cash refund underwrites some of the risks for Australian companies and investors. The R&D tax incentive is a well-designed, targeted and administered program, creating a genuine encouragement for science companies to innovate and develop Australian employment, IP and export revenue, and Uscom is grateful for this support."
Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and the Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis and guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.