X-ray tech developer Micro-X (ASX:MX1) has received a $1.5 million purchase order for its Rover system from the Australian Government.
The $59.38 million market capitalisation company says its Rover units ordered are currently in inventory and will undergo final modifications in Tonsley, Adelaide, before being delivered in early October 2023.
The company says with $1.3 million in mobile digital radiology (DR) products — including Rover Plus and Nano systems — already shipped during the current quarter, this Australian Government order for Rover systems brings the total amount sold during the quarter to $2.8 million.
This has largely been achieved through utilising inventory on hand, which represents a ‘strategic focus’ to convert to cash moving forward.
Commenting on the order, Micro-X Chief Executive Officer (CEO) Kingsley Hall says: “We are thrilled that the Australian Government has placed an order for our Rover systems. The government’s purchase of our X-ray systems demonstrates the robustness and utility of our lightweight X-ray technology and goes to our core purpose of creating revolutionary imaging to better lives.
“The government’s purchase of our X-ray systems demonstrates the robustness and utility of our lightweight X-ray technology”
With this order, our re-energised sales team has delivered a total of $2.8 million in sales and orders of Mobile DR units this quarter, which means we have progressed well in our previously announced strategy of increasing sales and converting our inventory into cash.”
Micro-X is an ASX-listed developer commercialising a range of innovative products for global health and security markets based on proprietary cold cathode, carbon nanotube (CNT) emitter technology.
This company’s Rover system is an ultra-lightweight X-ray unit that provides high-quality imaging at Point-of-Care for patients at home, in the hospital, or on sports fields.
Micro-X had $5.2 million cash at hand as of 30 June 2023, although it forecasts about $13 million in project income during the 2024 financial year, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au