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Optiscan more than doubles cash receipts to end 2023


Optiscan Imaging has created a pen-sized digital microscope that offers the power of real-time 3D single-cell imaging. Credit: File

Optiscan Imaging has more than doubled its receipts from customers during the December quarter compared to the previous three-month period on the back of increased market opportunities in the United States and China.


According to its December quarterly report, the company pocketed $403,000 from customers during the past three months – a significant jump from the $190,000 it collected during the September quarter.


Management says during the latest financial quarter, global market opportunities and demand for its patented ViewnVivo research device increased. The company’s proprietary technology, which uses specially miniaturised componentry, has created a pen-sized digital microscope that can be used on any tissue it contacts to produce high-resolution digital pathology images for cancer diagnosis and surgical margin detection in real-time.


The technology development aims to provide earlier diagnosis and subsequent treatment of cancerous tumours, with the expectation of improved patient outcomes.


Through Optiscan’s distributor in China, a sale was made to a major Chinese university, showing the continued interest for the company’s technology in the Asia Pacific region. Management says it will continue to foster the relationship with its distributor partners to generate further sales.


Optiscan says its momentum continues to build with two business development managers creating commercial opportunities in the lucrative US health market. At the end of the December quarter, the company finalised a rental agreement for the ViewnVivo device with a big US medical institution.


Orders from Carl Zeiss Meditec for the year also continued to be strong, with a value of about $700,000 received to date for the 2024 financial year.


The latest financial boost builds on the company’s positive results reported from the 2022-23 financial year, when it showed it had generated ordinary revenue of nearly $1.7 million from sales, system rentals and the provision of services, compared to about $1 million in the previous corresponding period.


The 66 per cent increase in sales revenue was mainly driven by the strong demand from Carl Zeiss Meditech and the sale of a ViewnVivo research device to the unnamed American pharmaceutical company.


A key new partnership has also been secured with Australian-based product design and development consultant Design + Industry, which has been charged with leading the industrial designs for Optiscan’s suite of new devices – which include treating oral, cervical and gastrointestinal cancers, in addition to other surgical, pathology and veterinarian work – and bringing them to market.


Optiscan is nudging closer to obtaining highly-coveted marketing approval from the powerful United States Food and Drug Administration (FDA) for the use of its “InVivage” imaging device for oral cancer screening – an endorsement that will have it hurtling closer to breaking into that nation’s health-care market.


In May last year, the company launched an entitlement offer to raise $16.7 million in a bid to fast-track development and commercialisation of its devices. The funds will also be used to improve its artificial intelligence and telepathology capabilities and to undertake additional clinical studies to satisfy the FDA.


Management says increased research and development activities and product development for the December quarter resulted in a net cash outflow of $1.1 million. To maximise the return on capital raised last quarter, $5 million was placed in a term deposit,


Optiscan says its balance sheet remains strong with $13.7 million made up of cash and term deposits as it looks to further increase its presence in the overseas market into 2024. It appears, from the latest quarterly numbers, that a good money story for the company is starting to emerge.


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