December 2018 Quarterly Report
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2018
Highlights during the quarter
- Commenced monthly delivery of readers and chips to Labcon with sales revenue of $117k in the December quarter 2018 following Labcon's updated US$11.9m development and supply agreement in prior quarter.
- Scaling to meet customer orders, including to Labcon.
- Continued expansion of the pipeline with 32 developer kits and agreements in market.
- Fully repaid $0.6m R&D Advance Facility.
- Cash balance stands at $5.670m as at 31 December 2018 with no borrowings.
Business Progress Update
In December the first of our ongoing monthly deliveries under the revised agreement with Labcon North America's (Labcon) purchase orders was made. This was following the updated development and supply agreement on 29 August 2018 for a three-year term to supply chips, readers, software and engineering services worth US$11.9m ($15.9m).
Bluechiip has progressed transfer to production of the multi vial reader and hand-held reader and continued scaling the Bluechiip supply chain. With Labcon's Coldpoint Bluechiip Enabled Range moving into full production, deliveries are expected to accelerate over the coming 2 quarters.
Bluechiip continued to progress and pursue partnerships with 32 developer kits and agreements with potential partners in North America, Europe and Asia increasing our pipeline of opportunities.
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About Bluechiip Ltd
Bluechiip Ltd (ASX:BCT) has developed a wireless tracking solution for the healthcare and life science, security, defence and manufacturing industries which represents a generational change from current methods such as labels (hand-written and pre-printed), barcodes (linear and 2D) and microelectronic integrated circuit (IC)-based RFID (Radio Frequency Identification).
The unique tag is based on MEMS technology and contains no electronics. The tag can either be embedded or manufactured into a storage product, such as vials or bags. Easy identification, along with any associated information from the tag such as temperature can be detected by a reader, which can also sense the temperature of the tagged items. The traditional identification technologies have significant limitations. Whereas a barcode requires a visible tag or line-of-sight optical scan, bluechiip(R) technology does not. Unlike labels, barcodes and RFID, the bluechiip(R) technology can sense the temperature of each item a tag is attached to, or embedded in.
The bluechiip(R) technology has initial applications in the healthcare industry particularly those businesses which require cryogenic storage facilities (biobanks and biorepositories). bluechiip(R) offers the only technology that enables accurate and reliable tracking of products including stem cells, cord blood, and other biospecimens. In addition to functioning in extreme temperatures, the bluechiip(R) tracking solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
The bluechiip(R) technology has other healthcare applications in pathology, clinical trials and forensics. Several other key markets outside of healthcare include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Further information is available at http://www.bluechiip.com