This ASX pathology medtech just made a substantial inroad into the UK
Health & Biotech
Health & Biotech
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LBT Innovations (ASX:LBT) shares rose this morning after it sold its first two pathology sample analysers in the UK.
LBT’s APAS Independence (Automated Plate Assessment System) sorts medical samples and uses AI and machine learning to determine if they’re positive or negative.
The Adelaide-based company has made inroads into other markets, particularly the USA and
continental Europe but only today did it reveal the first two sales of APAS Independence instruments to the Health Services Laboratory (HSL) in the UK which is the largest independent provider of pathology services in the UK and to its NHS.
LBT also announced that data generated from HSL would be shown as a poster presentation at a major European infectious diseases conference to be held in July.
Alan Spratt, the Head of Department, Infection Sciences at HSL, was excited about APAS.
“We see this as a cutting-edge technology, consistent with our goal of being a UK leader in clinical microbiology,” he said.
LBT CEO Brent Barnes was said it was a key step to building awareness about APAS in the UK. He also noted it was no mean feat given COVID-19 travel restrictions and associated pressures.
LBT’s ASX shares rose as much as 13 per cent this morning off the back of its UK entrance.
The UK is a lucrative market for healthcare companies, particularly ASX listed stocks, with its larger population and National Health Service (NHS).
However there are only a handful of stocks in this trade. One is Alcidion (ASX:ALC) which has healthcare focused software including for storing patient records and patient monitoring.
Another is self-service digital healthcare platform Jayex Healthcare (ASX:JHL) which is domiciled in the UK.
There are a few more ASX cannabis stocks in the UK with the Brits having legalised medical cannabis back in 2018.