Micro-X Ltd (ASX:MX1) Reports Q4 Strategic Realignment and Financial Highlights
Strategic Realignment
Micro-X Ltd (ASX:MX1) announced a strategic realignment to focus on medical imaging, specifically Medical CT. The company will monetise its current security applications through strategic partnerships to support this new focus. This shift is supported by a $25m non-dilutive funding contract from ARPA-H to develop a portable Full Body CT scanner over five years.
Financial Performance
For the quarter ended 31 December 2024, Micro-X reported a closing cash balance of $2.39m, with capital raising activities underway. The company achieved operational cash inflows of $8.564m and outflows of $7.516m, resulting in a net cash from operations of $1.048m. The discontinuation of Argus operations is expected to save $0.7m annually.
Product Development
Micro-X reached a key milestone by delivering the first full 3D CT images of the Head CT, accepted by the Australia Stroke Alliance (ASA). The Rover Plus x-ray system is in the final evaluation phase with a major US hospital operator, with results expected in the first half of 2025. Additionally, discussions are ongoing to monetise the Checkpoints and Miniature Baggage Scanner products.
Leadership Changes
Patrick O’Brien has been appointed as the new Chair of the Board, replacing David Knox effective 15 January 2025. Former Chair David Knox and Dr Alexander Gosling have retired as part of a board renewal process.
Executive Comments
CEO Kingsley Hall stated, “The December quarter was pivotal in shaping Micro-X. Medical imaging, with a focus on CT, is the future of Micro-X and success in winning the development contract with ARPA-H underpins our commitment in that regard. Together with Head CT and Rover Plus, Micro-X aims to be a leading image technology provider in the medical space. We will continue to focus on the Checkpoints development project through to completion, while we engage with various parties in accessing the right commercial outcome which recognises the value we have created in our security applications.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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