Universal Biosensors expecting to launch new diagnostic in 2013

Universal Biosensors (ASX:UBI) expects to see revenues begin to flow in from its second medical device, a blood coagulation test, which should go on sale this year.

The company ended FY12 with $23.6 million in cash, following a $12.5m capital raising late last year and increased revenues from the sales of its existing product, LifeScan.

Cash outflows were also down for the year at $3.3m compared to $7.2m in FY11.

A majority of its $17.8m in receipts came from sales of LifeScan, a self-monitored blood glucose test, which brought in $19.4m in FY12, up from $12.1m in FY11.

The company has also received milestone payments from Siemens, with which it is collaborating on its next generation blood coagulation device. It expects the device to go on sale this year.

Universal Biosensors Chief Executive Officer, Paul Wright told ALS that he was confident the company would continue to grow its revenues over the next year, with it exploring new markets for its devices, including China and Japan.

The company is also investigating a new diagnostic technology that can potentially identify specific strands of DNA in biological samples, such as blood. This could be used to find traces of disease or cancer in samples, all in a handheld device.

Universal Biosensors (ASX:UBI) is up 3c to 87c as of around 3.30pm Tuesday.