Bluechiip revenue for FY19 up 82.5%

29 August 2019

Bluechiip says revenue for the year to June 30, 2019 was up 82.5 percent to a record $1,025,052 with net loss after tax up 30.7 percent to $3,257,996.

Bluechiip said revenue was from sales of its cryogenic marker chip, the micro electro mechanical system (MEMS), its reader and software.

The company said the revenue increase was partly due to “the three-year supply agreement worth more than $US11.6 million ($A15.9 million) with Labcon North America”.

Bluechiip chief executive officer Andrew McLellan told Biotech Daily that this year was the first time the company had exceeded $1 million in revenue.

Bluechiip said net loss was up due to an increase in external research and development to $1,486,820, an increase in business development expenses to $468,599, higher share-based payment expenses of $188,448 and higher employee benefits expenses of $1,754,842.

The company said net tangible asset backing per share was up 158.5 percent to 1.06 cents, diluted loss per share was up 3.1 percent to 0.66 cents and it had cash and cash equivalents of $3,849,113 at June 30, 2019 compared to $1,172,048 at June 30, 2018. Bluechiip was up 0.75 cents or 5.45 percent to 14.5 cents with 2.4 million shares traded.

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