Bluechiip Limited Stock Market Press Releases and Company Profile
June 2018 Quarterly Report
June 2018 Quarterly Report

Melbourne, July 31, 2018 AEST (ABN Newswire) - Bluechiip Limited (Bluechiip or the Company) (googlechartASX:BCT) today released its quarterly cash flow report for the period ended 30 June 2018.

ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2018

Highlights during the quarter

- Highest ever sales revenue of $232,384 and sales receipts of $185,862 for the quarter;

- Recorded total sales revenue of $561,544 and sales receipts of $511,650 for the year compared to $237,773 and $262,190 respectively in prior year;

- Receipt of income from the delivery of over 140,000 Bluechips to Labcon North America (Labcon), a USA-based licenced Original Equipment Manufacturing (OEM) partner;

- Research & Development (R&D) Advance of $600,000 secured by the provision of R&D Tax Incentive 2017/2018 was obtained and fully drawn-down; and

- Cash balance at 30 June 2018 $1.20M, from $1.58M at 31 March 2018

Bluechiip provides the following updates on the Company's activities during the quarter ended 30 June 2018.

Business Progress Update

Bluechiip has recently completed building the first batch of advanced-prototype multi vial readers (MVRs) able to read a box of 100 samples at once, with its manufacturing partner, Planet Innovation. They were exhibited at the recent International Society for Biological and Environmental Repositories (ISBER) conference in Dallas and at the International Society for Stem Cell Research (ISSCR) conference held in Melbourne. The MVRs received very positive interest; units have already been shipped to customers and early adopter sites.

The MVR is important to meet the cryogenic industry's need to handle high volumes of samples which translates into derivative demand for our chips. In this quarter, the Company has shipped over 140,000 chips to its customers.

Commentary on the Cash Flow Report

Bluechiip recorded sales revenue of $232,384 and sales receipts of $185,862 for the quarter, delivering both the highest quarterly sales revenue and sales receipts since its listing on the ASX. This has resulted in final aggregated four (4) quarters sales revenue of $561,544 and sales receipts of $511,650 compared to corresponding quarters in previous financial year of $237,773 and $262,190 respectively. This represents a respective increase of 136% and 95%.

Net operating cash outflow for the June 2018 quarter was $936,423, compared to net operating cash inflow of $13,074 for the March 2018 quarter. This was mainly attributable to the increase in R&D activities during the quarter and consequently the corresponding increase in employee numbers. In the prior quarter, the net operating cash inflow position benefited from the receipt of $775,504 received for the R&D Tax Incentive 2016/2017.

During the quarter, investing activities were related to the purchase of equipment to enhance the company's research and development activities in relation to its chips.

The financing activities for the quarter primarily reflect the Company obtaining and fully drawing-down an R&D Advance of $600,000, which is secured against R&D Tax Incentives receivable for the 2017/2018 financial year which is expected to be at least $1m.

Outlook

The Company remains focused on the following:

- Fulfilling the purchase orders received from customers and the receipt of subsequent cash inflows arising from them;

- Ongoing delivery of chips as part of the fulfilment of the $1m sales order received from our partner, Labcon. This has allowed Labcon to commence the manufacturing of Bluechiip enabled consumables;

- Scaling its production of chips with the aim of achieving economies of scale and bringing down the production cost of chips;

- Advancing negotiations for the licensing of Bluechiip's technology and securing new licence agreements with other OEM partners in addition to the existing licence agreement with Labcon for the delivery of Bluechiip technology and support services;

- Expand the use of Bluechiip technology in China through further sales of our developer kits through our mainland China-based distributor;

- Build a sales system that utilises Bluechiip's continually expanding OEM pipeline in the USA, Europe and APAC markets;

- Research and development to meet our current and potential OEM partners' requirements, arising from the sales of developer kits to them in prior quarters. The developer kits enable potential OEM partners to integrate Bluechiip's technology into their own products; and

- Progress work on registering further patents to add to our existing 25 confirmed patents.


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.

 

https://twitter.com/bluechiip https://www.youtube.com/channel/UCaVcyO4O2oJ_9fLdMs6JIyQ https://www.linkedin.com/company/bluechiip-limited abnnewswire.com 


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



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 4) (Last 30 Days: 21) (Since Published: 3432)