Sienna Cancer Diagnostics : Appendix 4E & 2017 Financial Report Release

31-Aug-2017

Sienna has released its Appendix 4E and Financial Report for the period ended 30 June 2017. These are the first financial results published by the company since listing on the Australian Securities Exchange in August 2017.

Total revenue of $1.46 million was recorded for the 2017 financial year. Revenue generated from direct product sales increased by 25% to $803,574 (up from $640,664 in FY16). The remaining revenue is attributed to the R&D tax incentive, and interest. The Group reported a net loss, after the capitalisation of development expenditure, of $695,310 (2016: $476,700) for the reporting period. If not for the capitalisation of development expenditure the Group would have recorded a net loss of $1,350,919 (2016: $1,357,342), as expenditure of $655,609 (2016: $880,642) for SCD-A7 was capitalised as an intangible asset.

While the majority of product revenue in FY17 was generated through a commercial relationship with a large US laboratory that developed an in-house version of Sienna's test, there was uplift in sales revenue as a result of new sales achieved by Sienna's distribution partner in the USA, StatLab Medical Products.

When asked about the opportunity for sales growth in the USA which is Sienna's single biggest target market, StatLab's Vice President - Advanced Staining, Dr Mark Rees said:
'The US market potential for hTERT as an adjunct test alongside cytology is significant. As well as delivering real value to our own customers and patients, we at StatLab see this product as a significant growth opportunity for our advanced diagnostics business.'

The 4E & 2017 financials document may be downloaded from the ASX or from the investor page of the Sienna Cancer Diagnostics website.