Australian hi-tech company Micro-X Ltd is a leader in cold cathode x-ray technology for the health and security markets globally.
SOI - 250 Million. Price - 0.14c MC - $35 Million. Cash - $12 Million.
Following the Market Update provided on 13 February 2020, Micro-X has received additional purchase orders for Nano units totalling approximately A$1.0 million, bringing the total sales orders to $1.8 million for the current Quarter. The majority of these sales orders will be recognised as revenue this Quarter and the balance in the June 2020 Quarter. These $1.8 million of orders demonstrate strong growth and uptake as compared to $0.2M sales for the December 2019 Quarter and $1.9M sales for the whole of FY2019. These additional purchase orders are for delivery to Asia and Europe. As with the previous purchase orders there is a requirement for urgent delivery within a 4 week time frame. The orders do not specify the end customer use although it is understood that due to the size and urgency of the orders, some of these Nano units are to be deployed in connection with the ongoing COVID-19 Coronavirus epidemic. Micro-X continues to work with its supply chain partners to maximise its ability to respond to any future such requirements to deliver Nano units in a very short time frame. While the standard lead time for the delivery of a Nano is between 8-12 weeks from order date, Micro-X has been able to deliver its recent February orders within a time frame of approximately 4 weeks from order date.
Chest X-rays are a key tool in monitoring the progression of the pneumonia-like symptoms of severe coronavirus infection.Additional x-ray imaging capabilities are being deployed in many countries to meet these needs for the growing numbers of confirmed Coronavirus cases and mobile x-ray imaging units offer a flexibility of use most suited to the requirements of infection control procedures and also the nature of temporary hospital quarantine buildings.
There is a growing group of supportive key opinion leaders along with endorsements from early adopters and an article on the Nano’s performance in the Georgia Hospital USA, published in Imaging Technology News on 19 December 2019. These are all being used in Carestream’s promotional material.In November 2019, the first Nano to enter everyday clinical use in Australia was installed at The Alfred Hospital in Melbourne as part of a trial prior to a decision to purchase. The Company believes Australia offers another strong market opportunity particularly given the local awareness of the product and prior work with hospitals and clinicians.
Expect further sales updates from management in near future. Company is seriously undervalued with significant orders building and $12 Million in the bank.
