SA lab technology firm LBT Innovations records $916,000 loss LBT Innovations has posted a half-year net loss of $916,000 as revenue fell 6 per cent on the back of a decrease in cash reserves and unfavourable exchange rate movements. The Adelaide company, which develops automated laboratory technology, said its loss had increased $263,000 from the corresponding period in 2011. Revenue dropped $30,000 to $450,760 for the period, although LBT Innovations said this was partially offset by a $42,000 export market development grant received in early 2013. LBT Innovations main revenue stream is from its Previ Isola technology, which automates the streaking of agar plates and has now been installed in laboratories in the US, Australia, Asia, the UK, Middle East and Europe. The technology is licensed to French company bioMerieux and LBT Innovations has to date received $10.1 million in milestone payments and $1.8 in royalty payments. Research and development expenditure increased $485,000 to $559,000 during the half-year, which the company said was in line with its current focus of advancing its APAS technology to the licence-ready stage. APAS is an image-based classification system for the automated analysis, interpretation and reporting of microbial activity following incubation, and the company said it was in negotiations with a potential partner to take it to market.