Bluechiip Limited Stock Market Press Releases and Company Profile
Quarterly Report
Quarterly Report

Melbourne, Jan 29, 2020 AEST (ABN Newswire) - Bluechiip Limited (googlechartASX:BCT) today released its quarterly cash flow report for the quarter ended 31 December 2019.

Corporate and Business highlights

- Completed Placement and Share Purchase Plan which successfully raised $4.676m and $4.495m respectively

- Received Research & Development (R&D) Tax Incentive 2018/2019 refund of $1.233m from AusIndustry's R&D Tax Incentive program

- Cash position significantly improved cash holding increased from $2.801m to $10.733m as at 31 December 2019 with no borrowings

- Increase in R&D activity for improvement to the chips, and scalability of chip production and readers to address market feedback

- Continuous inflow of sales receipts from customers

- 35 developer kits now in marketplace with 3 converted in to OEM agreements

- Implementation in progress of Quality Systems to meet ISO 9001 compliance

Additional information

The Company recorded net sales revenue of $38K and sales receipts of $272K for the quarter, mainly from the sales of chips, readers, software and services in prior quarter.

Sales delivery during the quarter was affected by logistical issues a slow down at a contract manufacturer for one of the processes, which both have now been remedied.

An increase in R&D costs to $1,404K during the December 2019 quarter attributable to research on and improvements to the scaling of chip roduction. However, net operating cash outflow for the quarter reduced to $911K from $1,072K (September 2019 quarter), primarily due to the approved R&D Tax Incentive 2018/2019 of $1.233m received in December 2019.

Outlook

The Company remains focused on:

- Fulfilling the orders received from the secured OEM Agreements that have entered the commercialisation phase

- Working closely with existing manufacturers rapidly scaling production of chips and readers to meet purchase orders and accommodate growing demand

- Converting starter kit purchasers to OEM or full customer status

- Increasing R&D activity on our chips to attain higher quality and yield with the aim of achieving economies of scale and lowering production costs as the Company approaches full volume production up to and over 5-10 million chips per year

- Developing the pipeline of OEM partners, particularly in the US market, to advance negotiations and secure new license agreements for Bluechiip's technology

- Conducting further R&D to meet current and potential OEM partners' requirements, arising from the sales of developer kits in previous quarters. The developer kits enable potential OEM partners to integrate Bluechiip's technology into their own products

- Progressing work on further patent applications to add to Bluechiip's existing 9 patent families comprising 25 granted patents

- Ongoing implementation of Quality Systems to meet ISO 9001 compliance

To view the quarterly report, please visit:
https://abnnewswire.net/lnk/29F8VNT8


About Bluechiip Limited

Bluechiip Ltd ASX BCTBluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.

Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.

Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.

Bluechiip: Delivering confidence in every sample.

 

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Contact

Corporate enquiries
Andrew McLellan
Managing Director - CEO
Ph: +61-457-823-470
andrew.mclellan@bluechiip.com

Media
Richard Allen
Ph: +61-3-9915-6341
Oxygen Financial PR
richard@oxygenpr.com.au



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