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ASX code: LBT
lbtinnovations.com
LBT Innovations Limited (ASX:LBT)
Business Update
Brent Barnes
Chief Executive Officer & Managing Director
30th March 2017
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Slide No. 1 © LBT Innovations 2017
Disclaimer
This document contains certain forward-looking statements that involve risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable at this time, we can give no assurance that these expectations will prove to be correct.
Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors, risk and uncertainties including, without limitation, risks associated with medical device development and manufacture, risks inherent in the extensive regulatory approval processes mandated by regulatory authorities, delays in clinical trials, future capital needs, general economic uncertainly and other risks detailed from time to time in the Company’s announcements to the ASX.
Moreover, there can be no assurance that others will not independently develop similar products or processes or design around patents owned or licensed by the Company, or that patents owned or licensed by the Company will provide meaningful protection or competitive advantages.
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Slide No. 2 © LBT Innovations 2017
APAS® Independence
Automated Plate Assessment System (APAS®) - a platform technology for the automation of culture plate screening and interpretation, currently being launched under a Joint Venture called Clever Culture Systems AG.
APAS® uses intelligent imaging technology to read and interpret the presence of bacteria in culture plates.
Features• At least 3 times more efficient
than manual plate reading;• First intelligent imaging cleared by
FDA;• Expect to be first to market with
intelligent imaging device;• Modular design easily integrated
into culture plate work flow;• More affordable stepwise entry
into lab automation.
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Slide No. 3 © LBT Innovations 2017
Important Microbiology Conferences 2017
European Congress of Clinical Microbiology and Infectious Diseases
• A global meeting place for all key opinion leaders and decision makers;
• 55,000 m2 exhibits with approximately 200 exhibiting companies;
• Over 12,000 delegates from >120 countries.
American Society of Microbiology – Microbe 2017
• The major microbiology meeting in North America;
• >250 exhibiting companies, institutions, universities and hospitals;
• 2016 statistics – 11,773 attendees from 104 countries.
Clever Culture Systems AG have exhibitor booths at the two largest Microbiology conferences of the year to demonstrate the APAS® Independence device on a global scale.
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Slide No. 4 © LBT Innovations 2017
Clearly defined distribution objectives
42%North
America
Global reach through allocation of the right strategic distribution partner(s)
* % based on global dollar spendReferences:Microbiology Testing/Clinical Microbiology Market – Global Forecasts to 2021, Markets and Markets, Jun 2016Global Clinical Microbiology Market Revenue, 2014 to 2024 –Grand View Research,Oct 2016
32%Europe
15%China & Japan
1.8%Australia &
New Zealand
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Slide No. 5 © LBT Innovations 2017
Revenue Model: APAS® Joint Venture Structure
Share of CCS JV profitability
Develop & Support Software
2. APAS® Product Line
3. Upgrades & Support
1. Recurring software revenue
Product Manufacturing
Global or Regional
Distribution Partner(s)
Joint Venture 50/50
Hettich Holding Beteiligungs-und Verwaltungs-GmbH
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Slide No. 6 © LBT Innovations 2017
Anticipated key milestones for 2017 (calendar year)
2017 Category News details
FinancialSuccessful completion of $7 million placement to accelerate APAS® technology
development and launch.
APAS® / CCS APAS® Independence usability trial.
APAS® / CCSBuild fully functioning APAS® Independence device and APAS® Incubot Design
Prototype for trade shows.
WoundVue® Complete market assessment of technology.
APAS® / CCSKey Launch: APAS® product demonstrators displayed at European Congress of
Clinical Microbiology and Infectious Diseases (Vienna, 22-25 Apr).
APAS® / CCSKey Launch: APAS® product demonstrators displayed at American Society
Microbiology Conference (New Orleans, 1-5 June).
APAS® / CCS CE Marking of APAS® for European Conformity
WoundVue® WoundVue® prototype study complete.
APAS® / CCS Signing of alliance/distribution agreement with global partner(s) for APAS®.
APAS® / CCS Market acceptance trials of APAS® Independence in laboratories globally.
APAS® / CCS Cost utility and quality studies conducted in key opinion leader laboratories.
MicroStreak® Signing of license or sale agreement with new partner(s).
WoundVue® WoundVue® technology partner selected for development of commercial product.
Q4 APAS® / CCSAPAS® Independence device ships to fulfil open orders by global
alliance/distribution partner(s).
Q1
Q2
Q3
All forecast milestones achieved on schedule
and as expected.
Q2 milestones are on track.
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The need for automation in today’s microbiology lab
Lisa Brenton
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Background Business Context
Diagnostic Pathology Service
St Vincent’s Hospital
Other hospitals (public and private)
Specialist Consultants
General Practitioners
Clinical Trials
Challenges
Profit generating
Teaching hospital
Business competitors
Cost considerations
RecruitmentFor
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Market Trends impacting on increased automation
• Growing demand for testing as populations age
• Reduced reimbursement plus hospital and managed care cost-cutting
• Diminishing skilled labour pools as baby boomers retire & not replaced in the workforce
• Increased government regulations
• Increasingly sophisticated tests producing greater amounts of data
• Antibiotic resistance
Key Automation Drivers
• Labs need
• to run more tests with less skilled labour
• lower operating costs through lab consolidation and less staff/overhead
• Increase quality of results without compromising efficiency
• Laboratory consolidation and integration of platforms
Factors impacting automation in clinical microbiology
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Microbiology Department
• General bacteriology, microscopy and culture
Identification of organisms and antibiotic susceptibility testing
• Infection control surveillance/Environmental testing
• Mycobacteriology
• Mycology
• Parasitology
• Infectious diseases serology
• Molecular microbiology
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Bacterial culturesF
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Specimen breakdown 2016
49%
19%
9%
6%
6%
11%
URINES SWABS BLOOD CULTURES
SCREENING FAECES OTHER
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Traditional workflow
Specimen Collection
Transport to Laboratory
LIMS RegistrationSpecimen
Assessment
Preparation: Centrifugation,
Mixing etc
Sort Plates for Incubation
Plate Inoculation & Streaking
Plate Labelling Plate Selection
Microscopy
Blood Culture
Transport Plates to Incubators
Sort Plates for Reading
Read Plates Sort PlatesRecognise
Colonies for ID / AST
Sample Colonies for
ID / AST
Retrieve Plates from Incubators
Inoculate ID /AST
Read & Interpret ID / AST Results
Review & Release Report
Automated
Incubate Under 2-3 Atmospheres for
Various Times
Manual Tasks
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Automated microbiology lab workflow
Specimen Collection
Transport to Laboratory
LIMS RegistrationSpecimen
Assessment
Preparation: Centrifugation,
Mixing etc
MicroscopyTransport Plates
to Incubators
Auto Plate Sorting:1. POS – For ID/AST2. NEG – For Discard3. RI – Re-incubate 4. Microbiologist Review
Colony SamplingID / AST
Review & Release Report
Incubate under 2-3 Atmospheres
Various Duration
Manual Tasks
Inoculation & Streaking
ID / AST
Automated Plate Screening &
Interpretation
APASClever Culture Systems
Automated
2008 PREVI IsolaLBT-bioMérieux
Smart IncubatorsKiestra & WASP
Plate imaging
Kiestra, WASP, Sener, i2A
Projects in this areaKiestra, bioMérieux, WASP, Bruker, i2A
Clever Culture SystemsFor
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Time spent on routine lab tasks*
* LBT Innovations studies in >50 laboratories in Australia, US and UK
Colony work-up 7%
Assessment of cultures 29%
Preparation of plates for reading
2%
Specimen preparation
62%
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Addressing culture reading bottlenecksF
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Total time breakdown on urine bench
* Clever Culture Systems time and motion study, September 2016
Set up and read vitek Cards Phone call Set up and read MALDI
Time away from bench Distractions Gram stain
Registrars Sub plates Reading plates
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Benefits to laboratories running automation
Significant economic and qualitative benefits to help face increased cost and performance pressures on laboratories within the healthcare systems
• Laboratory investment payback in both dollars for efficiency and clinical outcomes
• Frees up skilled resources from mundane tasks to focus on complex problems
• Decreased turn around times
• Timely information informing clinical decisions
• Doing more with less – money, people and time
• Improved sensitivity and specificity
• Takes subjectivity out of test systems
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© Planet Innovation, all rights reserved19 Confidential
Experience in Developing
In-Vitro Diagnostics
Confidential. This proposal and supporting materials contain confidential and proprietary business information from Planet Innovation. These materials may be printed for use in evaluating the proposed project, but are not to be shared with other parties. All dollars are AUD unless stated otherwise, Use of Funds dollars are USD with a conversion rate of AUD / USD = 0.75 employed.
30th March 2017
Stuart ElliottChief Executive Officer
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© Planet Innovation, all rights reserved20 Confidential
Building a global health-tech company with best-in-class products in attractive high growth segments
A HEALTHTECH INNOVATION COMPANY
Founded In
2009Employees
217YoY Revenue Growth
103%FY17 Revenue Forecast
$48M
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© Planet Innovation, all rights reserved21 Confidential
PLANET INNOVATION
AFR #1 Most Innovative Company 2013, 2015 & 2016
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© Planet Innovation, all rights reserved22 Confidential
PLANET INNOVATION TEAM
205Team Size
96% Retention in 2016
Systems
Mechanical& CAD
Electronics
Manufacturing
Quality
ProgramManagement
Commercialization
Cloud
Industrial Design Science
Software
812
25
17
38
38
4
15
15
14
17
15Active projects, 11 MedicalF
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© Planet Innovation, all rights reserved23 Confidential
DESIGN & DEVELOPMENT CAPABILITIES
Manufacturing
Science
Systems
Electrical
UI / UX
Digital / Cloud
Software
Mechanical
Industrial Design
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© Planet Innovation, all rights reserved24 Confidential
COLLABORATING WITH CCS
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© Planet Innovation, all rights reserved25 Confidential
COLLABORATING WITH CCS
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© Planet Innovation, all rights reserved26 Confidential
Thank you
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