Uscom Achieves First Cash Flow Positive Quarter
Appendix 4C
Record cash receipts – $1.41M (up 41%)
Record cash receipts from customers – $0.91M (up 43%)
Cash flow positive – $0.22M
Cash on hand – $2.13M
Uscom has achieved its first ever cash flow positive quarter in another record period for the Company. The results in the attached Appendix 4C – Quarterly cash flow report for the consolidated entity for the period ended 31 March 2017 (the Quarter) are in Australian dollars.
Highlights
For the Quarter, we note the following:
- Record total cash receipts for quarter $1.41M up 41% on 2016 Q3 (from $1.00M)
- Record customer cash receipts $0.91M, up 43% on 2016 Q3 (from $0.64M)
- Net cash flow +$0.22M (from -$0.06M in 2016 Q3)
- Cash on hand $2.13M (from $1.00M in 2016 Q3)
The Uscom 4C results for the quarter demonstrate record total cash receipts of $1.41M, up 41% on the corresponding prior Q3 ($1.00M), and record customer cash receipts of $0.91M, up 43% on the prior Q3 ($0.64M). Cash flow for the period was +$0.22M, up from the 2016 Q3 of -$0.06M. Cash on hand at the end of the period was $2.13M, up from $1.00M reported in 2016 Q3. An additional $1.2M in options remains outstanding at an exercise price of 25c and exercisable by 31st July 2017. An R&D tax refund of $0.50M was received during the current period, while $0.37M was received in the 2016 Q3.
Uscom CEO Associate Professor Rob Phillips said, “Our first cash flow positive quarter is especially satisfying as it comes on top of four consecutive years of 40%+ CAGR revenue growth. While both revenue and costs will continue to be lumpy, our strategy remains firmly focused on long term sustained revenue growth, profitability and, ultimately, shareholder dividends. During the quarter we have been completing the BP+, BP+ Reporter, SpiroSonic and SpiroReporter devices (seven products in all), and finalising regulatory submissions for approvals for their sale in the main jurisdictions of China, Europe and the USA. Once the devices are approved then a number of one off costs will be replaced by revenue. The devices are now all in regulatory cycles in all regions and we look forward to receiving the revenue growth that will flow once the approvals are received and our new and established distributor channels are activated. It is these supplementary revenue streams which we expect to accelerate our current growth over the coming years. We have invested wisely in acquisitions and new product development, and we are now poised for continuing and accelerated revenue growth.”
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 devices and technologies 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 diagnosis and medication monitoring.