Slim profits for LabTech
Wednesday, 27 August, 2008
LabTech Systems [ASX: LBT] reported a small profit of around $720,000 this financial year, but ended the year with a lower cash position and slimmer profits than last year's results.
The company had a cash postion of around $3.94 million, down from $8.98 million in FY07. There was a smaller disparity between profit results – the company earned around $965,000 last year.
But LabTech also spent significant amounts of money launching its first commercial product, the MicroStreak, being marketed by diagnostics giant bioMeriuex as the PREVI Isola.
The company anticipates that royalty payments will begin flowing by the end of the year, and once established will provide a steady and lucrative income.
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