The LBT Innovations Limited (ASX: LBT) share price is storming higher today after the company announced the achievement of a milestone in the United States.
At the time of writing, LBT Innovations shares last changed hands at 15.5 cents, representing a gain of 10.71%. This takes the company's current market capitalisation to around $36 million – so we're very much at the smaller end of the ASX here.
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About LBT Innovations
LBT Innovations is a designer of advanced technology solutions for the medical industry. Its core capabilities include artificial intelligence (AI), image analysis, and software engineering solutions that improve medical diagnostic workflows.
The company's first product, MicroStreak, was a world-first in the automation of the culture plate streaking process. Its second product, the Automated Plate Assessment System (APAS), is currently being commercialised through a 50%-owned joint venture company.
According to LBT, the APAS instrument is the only US FDA-cleared AI technology for automated imaging, analysis and interpretation of culture plates following incubation.
Why the LBT Innovations share price is spiking
This morning, LBT announced the first sale of an APAS Independence instrument in the US to Hennepin County Medical Centre (HCMC).
The sale of the APAS Independence has been completed following the installation of the middleware driver for APAS, which connects the instrument to HCMC's information management system. This, in turn, enables the automated reporting capability of the APAS technology.
The APAS driver was developed by Data Innovations and has been successfully interfaced by HCMC. It is now in a testing and validation phase prior to the expected routine clinical use of the urine analysis module.
HCMC is a medium-sized clinical laboratory that provides a full range of diagnostic testing and reporting services. It processes approximately 500 specimens a day, including 300 urine plate analysis.
According to the announcement, the centre has purchased the APAS Independence to support its daily culture plate workflow. With this, HCMC has entered into an annual software license for the FDA-cleared urine analysis model and a 5-year service agreement.
Commenting on the collaboration, HCMC's director of microbiology, Dr Glen Hansen, said:
"The ability for us to automate the reading of our culture plates with the APAS Independence has increased the work efficiency through the laboratory and has motivated staff who now have more time for other activities."
Meanwhile, LBT CEO and managing director Brent Barnes said:
"We are thrilled for HCMC to be the site of our first APAS sale in the United States given their status and reputation which will no doubt help provide further commercial validation. Dr Hansen has been a great advocate for the technology and the purchase reflects the positive impact the technology has had within their lab. We continue to work hard with other laboratories in the region as we look to target further U.S. commercial sales."
