USCOM LIMITED — Interim / Quarterly Report 2024

Apr 23, 2024

ASX RELEASE

Uscom 4C Quarterly Cash Report to 31 March 2024

• Receipts from customers up 34% - Cash on hand $3.50m

SYDNEY, Australia, Wednesday 24[th] April 2024: Uscom Limited (ASX code: UCM) (the Company or Uscom ) advises that it has released its 4C cash report for the quarter ending 31[st] March 2024 as required by the ASX. The results disclosed in the attached Appendix 4C are in Australian dollars (AUD) and compared to prior period (pp) and prior corresponding period (pcp).

Report:

Cash Flow

For Q3 Uscom reported cash on hand $3.50m, increased from pp $3.18m and providing an estimated 8.38 quarters of cash if business conditions remain constant.

Operating cash outflow decreased 27% to $0.42m from an outflow of $0.58m in the pcp.

Revenue

For Q3 receipts from customers increased 34% to $0.75m from $0.56M in the pcp, and decreased 7% from $0.81m in the pp.

Expenditure

Expenditure for the quarter was decreased with staff costs of $0.53m down 30% from $0.75m in the pp. Advertising and marketing expenses increased 29% to $0.30m from $0.23m in the pp.

The amount included in line 6.1 of appendix 4C is the payment of fees to Directors.

Commentary:

Executive Chairman of Uscom, Professor Rob Phillips said “Uscom sales for the period were increased from the pcp as global sales continued to improve despite a difficult and volatile international economic climate and deranged geopolitics. The raising of capital during the quarter with the rights issue was prudent and ensured that cash holdings increased in the period and Uscom has capital adequacy foreseeably. While improved fundamentals are the principal objective of Uscom management we are continuing international discussions and developing strategies to incrementally grow the business and optimise shareholder value.”

Uscom manufactures and markets the world leading USCOM 1A , the Uscom BP+ , and the Uscom SpiroSonic digital multi-channel ultrasonic spirometry technologies into global markets addressing cardiovascular and pulmonary diseases.

Uscom Limited (ABN 35 091 028 090) Suite 2, Level 8, 66 Clarence Street, Sydney, NSW, 2000, Australia T: +612 9247 4144 E: info@uscom.com.au W: www.uscom.com.au

ASX RELEASE

About Uscom

Uscom Limited (UCM) : An ASX listed innovative medical technology company specialising in development and marketing of premium non-invasive cardiovascular and pulmonary medical devices. Uscom has a mission to demonstrate leadership in science and create noninvasive devices that assist clinicians improve clinical outcomes. Uscom has three practice leading suites of devices in the field of cardiac, vascular and pulmonary monitoring; the USCOM 1A advanced haemodynamic monitor, Uscom BP+ central blood pressure monitor, and the Uscom SpiroSonic digital ultrasonic spirometers. Uscom devices are premium resolution, noninvasive devices which deploy innovative and practice leading technologies approved or submitted for FDA, CE, CFDA and TGA regulatory approval and marketing into global distribution networks.

The USCOM 1A : A simple to use, cost-effective and non-invasive advanced haemodynamic monitor that measures cardiovascular function, detects irregularities and is used to guide treatment. The USCOM 1A device has major applications in Paediatrics, Emergency, Intensive Care Medicine and Anaesthesia, and is the device of choice for management of adult and paediatric sepsis, hypertension, heart failure and for the guidance of fluid, inotropes and vasoactive cardiovascular therapy.

The Uscom BP+ : A supra-systolic oscillometric central blood pressure monitor which measures blood pressure and blood pressure waveforms at the heart, as well as in the arm, information only previously available using invasive cardiac catheterisation. The Uscom BP+ replaces conventional and more widespread sub-systolic blood pressure monitors, and is the emerging standard of care measurement in hypertension, heart failure and vascular health. The Uscom BP+ provides a highly accurate and repeatable measurement of central and brachial blood pressure and pulse pressure waveforms using a familiar upper arm cuff. The BP+ is simple to use and requires no complex training with applications in hypertension and pre-eclampsia, heart failure, intensive care, general practice and home care. The Uscom BP+ is supported by the proprietary BP+ Reporter , an innovative stand alone software solution that provides a digital platform to archive patient examinations and images, trend measure progress over time, analyse pulse pressure waves and generate summary reports.

Uscom SpiroSonic digital multi-path ultrasonic spirometers : High fidelity, digital, pulmonary function testing devices based on multi path ultrasound technology. They require no calibration, are simple to disinfect, and are simple and accurate to use providing research quality pulmonary function testing in small hand held devices that can be used in research, clinical and home care environments. The devices can be coupled with mobile phone apps and proprietary SpiroSonic software, SpiroReporter , with wireless interfacing to provide remote telemonitoring of pulmonary disease. The devices are specialised for assessment of COPD, sleep disordered breathing, asthma, occupational lung disease and monitoring of pulmonary therapeutic compliance.

VENTITEST digital ultrasonic ventilator testing solution is a new system for testing ventilators. All ventilators require calibration to maintain the accuracy with which they measure the pressure, flow and volume of air they deliver. VENTITEST and VENTITEST-S, based on advanced SpiroSonic technology provides a testing solution that provides for simple and accurate testing, archiving, analysis and reporting to optimise ventilation performance.

For more information, please visit: www.uscom.com.au

Uscom Contacts Rob Phillips Chairman rob@uscom.com.au

Brett Crowley Company Secretary

This announcement is approved for release to the ASX by the Board of Uscom Limited.

Uscom Limited (ABN 35 091 028 090) Suite 2, Level 8, 66 Clarence Street, Sydney, NSW, 2000, Australia T: +612 9247 4144 E: info@uscom.com.au W: www.uscom.com.au

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

USCOM LIMITED

ABN		Quarter ended (“current	quarter”)
35 091 028 090		31 March 2024
Consolidated statement of cash flows		Current quarter	Year to date
		$A’000	(9 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	751	2,195
1.2	Payments for
	(a) research and development	(5)	(12)
	(b) product manufacturing and operating	(144)	(347)
	costs
	(c) advertising and marketing	(299)	(742)
	(d) leased assets
	(e) staff costs	(530)	(1,728)
	(f) administration and corporate costs	(196)	(1,078)
1.3	Dividends received (see note 3)
1.4	Interest received	8	17
1.5	Interest and other costs of finance paid	(2)	(10)
1.6	Income taxes paid	0	0
1.7	Government grants and tax incentives	0	440
1.8	Other (provide details if material)
1.9	Net cash from / (used in) operating	(417)	(1,265)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities
	(b) businesses
	(c) property, plant and equipment	(2)	(4)
	(d) investments
	(e) intellectual property	(7)	(33)
	(f) other non-current assets

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(9 months)
			$A’000
2.2	Proceeds from disposal of:
	(a) entities
	(b) businesses
	(c) property, plant and equipment
	(d) investments
	(e) intellectual property
	(f) other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Other (provide details if material)
2.6	Net cash from / (used in) investing	(9)	(37)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	2,000	2,000
3.2	Proceeds from issue of convertible debt
	securities
3.3	Proceeds from exercise of options
3.4	Transaction costs related to issues of	(3)	(7)
	equity securities or convertible debt
	securities
3.5	Proceeds from borrowings	(1,195)	810
3.6	Repayment of borrowings
3.7	Transaction costs related to loans and
	borrowings
3.8	Dividends paid
3.9	Other (Repayment of lease liability)	(62)	(183)
3.10	Net cash from / (used in) financing	740	2,620
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of
	period	3,182	2,179
4.2	Net cash from / (used in) operating	(417)	(1,265)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(9)	(37)
	(item 2.6 above)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(9 months)
			$A’000
4.4	Net cash from / (used in) financing activities	740	2,620
	(item 3.10 above)
4.5	Effect of movement in exchange rates on	0	(1)
	cash held
4.6	Cash and cash equivalents at end of	3,496	3,496
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	1,996	3,182
5.2	Call deposits
5.3	Bank overdrafts
5.4	Other (term deposits)	1,500	0
5.5	Cash and cash equivalents at end of	3,496	3,182
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		114
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their
	associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly		activity report must include a	description of, and an
explanation for, such payments.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7.	Financing facilities Total facility Amount drawn at
	Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000 quarter end $A’000
7.1	Loan facilities 809 809
7.2	Credit standby arrangements
7.3	Other (please specify)
7.4	Total financing facilities 809 809
7.5	Unused financing facilities available at quarter end Nil
7.6	Include in the box below a description of each facility above, including the lender, interest
	rate, maturity date and whether it is secured or unsecured. If any additional financing
	facilities have been entered into or are proposed to be entered into after quarter end,
	include a note providing details of those facilities as well.
	In December 2023 a Loan of $2 million was provided by Uscom’s executive Chairman,
	Assoc. Prof. Phillips. The loan is made at an interest rate of 8% per annum payable monthly
	and is repayable upon seven days’ notice. The loan is unsecured.
	On 4th and 5th March 2024, Prof. Phillips acquired $1.2mil of shares as part of the UCM
	rights issue. The remaining loan balance of $809k plus interest will be repaid to Prof.
	Phillips in the following reporting period.

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(417)
8.2	Cash and cash equivalents at quarter end (item 4.6)	3,496
8.3	Unused finance facilities available at quarter end (item 7.5)
8.4	Total available funding (item 8.2 + item 8.3)	3,496
8.5	Estimated quarters of funding available (item 8.4 divided by item 8.1)	8.38
	Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a
	figure for the estimated quarters of funding available must be included in item 8.5.
8.6	If item 8.5 is less than 2 quarters, please provide answers to the following questions:
	8.6.1 Does the entity expect that it will continue to have the current level of net operating
	cash flows for the time being and, if not, why not?
	Answer:

8.6.2	Has the entity taken any steps, or does it propose to take any steps, to raise further
	cash to fund its operations and, if so, what are those steps and how likely does it
	believe that they will be successful?
Answer:

8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 24 April 2024

Authorised by: The Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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