Uscom Quarterly Cash Report at 30th June 2021
Uscom Q4 FY21 4C Report
"Q4 customer receipts increased 39% from Q3, while FY21 total cash receipts were up 19%. Critically we have achieved intermittent profitability and cash flow positivity, an inflection point for medical technology companies, in a difficult and unpredictable trading year. Theses results were despite the US and Europe both being inaccessible for more than half of FY21, and with global intermittent regional lockdowns restricting travel, access to hospitals, and sales, and a subsequent poor Q3. Uscom Europe and Uscom US are slowly emerging from the shadow of the pandemic with hospital activities recovering and sales forecasts for the coming half indicating an early rebound. Uscom China continues to perform profitably as we prepare for the entry to market of the newly NMPA approved BP+, and the anticipated approval of the SpiroSonic series of devices. Following a restructure, Uscom Europe tipped profitability before tax, a first in the subsidiary’s history and despite the pandemic. In May we received CE Mark for the Uscom SpiroSonic AIR digital ultrasonic spirometer, allowing sale of the devices into Europe and a number of SE Asian countries. The AIR is an important technology for management of post-COVID syndrome and is receiving intense market interest as potentially 1B or more people worldwide may require post-COVID home lung function monitoring. More recently USCOM 1A was approved for sale in Russia. These approvals were delayed by approximately 12-18 months by the increasing demands of regulators worldwide and the disruption by the pandemic. Regulatory is expensive, time consuming and requires specialised regulatory teams to achieve, however, this also increases the ultimate value of the approvals in the market. NMPA and FDA applications for SpiroSonic technologies are also progressing and we expect to have all our current products approved for sale through our growing global distribution web by the end of CY21. We anticipate these added products and expanded distribution network will boost global revenues, and we are currently in discussions with potential manufacturing and distribution partners worldwide to accelerate sales and ensure supply for the anticipated global demand in FY22.”
Prof. Rob Phillips
- Q4 customer receipts $1.22m - up 39% on Q3
- FY21 total cash receipts $5.46m - up 19% on FY20
- FY21 operating cash consumption $0.17m with cash on hand
- New product approvals for China, Europe and Russia