Bolstering its market presence and catering for growing demand from pet health conscious owners, Universal Biosensors (ASX: UBI) has secured partnerships with five new distribution partners for its Petrackr product.

Petrackr is a biosensor tech product developed by Universal Biosensors, designed to monitor and track the level of blood glucose in real-time. These biomarkers hold diagnostic and prognostic information, enabling owners and animal health professionals to gain deeper insights into the health of a pet.

This technology leverages a combination of microfluidics and electrochemical sensors to provide accurate and timely measurements of biomarker concentrations. Petrackr’s portability and user-friendly interface further enhance its appeal to a wide range of medical settings. 

With the securing of five new distributors in different regions around the world, it takes the total number of distributors to eight. Universal Biosensors CEO John Sharman estimates that the purchase orders totalling $480,000 in the first two months since launch of Petrackr is just a portion of the product’s potential. 

If aggregated out over the next 12 months, Sharman anticipates Petrackr sales will exceed $4 million based on the interest around the product. 

“We are very pleased with the initial response to our global launch,” said Sharman. 

“We are confident that “Petrackr” provides customers with a better alternative in terms of price, accuracy, latest technology, user mobile application and overall performance compared to the current products available in the market.”

Petrackr’s advanced sensing technology offers high accuracy and reliability in biomarker measurements, allowing healthcare professionals to make informed decisions based on trustworthy data.

It as the further ability to continuously monitoring ochronic diseases, enabling personalised treatment plans tailored to each pet’s unique needs.

With the increasing demand for personalised medicine and point-of-care diagnostics, Universal Biosensors is targeting this growing market segment

For the 6 months ended 30 June 2023, Universal Biosensors reported $2.6 million revenue and a net loss after tax of $2.3 million. The loss was attributed to product development where the Company now has 10 revenue generating products in the market, up for one 12 months ago.