After an extensive product development process, lab instrument manufacturing company XRF Scientific (ASX: XRF) has launched a new product—xrTGA. xrTGA is a thermogravimetric analyser (TGA), an instrument which measures the weight of an object over time while heating it to different temperature points.
The instrument comprises a sample-heating furnace and a precise weighing scale for recording measurements, both of which represent existing XRF products. The xrTGA is an advanced version that benefits from the Company’s expertise in laboratory furnaces (xrFuse range) and precision weighing equipment (xrWeigh range).
The xrTGA is a versatile instrument that can be used for many different types of analysis—it can help scientists and researchers measure things like moisture in a substance, find out how much of a substance can easily evaporate, measure the amount of ash in a sample, and analyse how much mass gets lost when the sample is heated. It serves as an invaluable complement to XRF analysis, offering additional data on elemental concentrations, particularly in industries such as iron ore mining.
Headquartered in Perth, Western Australia, XRF Scientific specialises in the manufacturing of equipment and chemicals. Its products are distributed to production mines, construction material companies, and commercial analytical laboratories worldwide. These products play a crucial role in the sample preparation process for analysis purposes.
TGA instruments have found practical applications in various markets, notably in mining iron ore, bauxite, and nickel, as well as in the production of construction materials like cement. Furthermore, they present promising opportunities for XRF Scientific to expand into new industries, where they are employed for quality control during the production of food, plastics, and agricultural products.
In Q3 FY23, XRF Scientific witnessed strong consumable sales, totaling $4.6 million for the quarter compared to $2.9 million in Q3 FY22. This growth was primarily driven by high sample analysis volumes in the mining production and exploration sectors. Additionally, sales of capital equipment products experienced robust demand, amounting to $3.9 million compared to $2.8 million in the PCP. This surge in demand is attributed to the mining and industrial sectors on a global scale. Furthermore, geographical expansion has contributed to increased revenue, with certain markets rebounding after the impact of the COVID-19 pandemic.
This growth is continuing on the Company’s H1 FY23 results. During the first half of FY23, XRF Scientific witnessed positive growth in key international markets across Europe, Asia, and the USA. Notably, the December quarter delivered exceptional results, with a record profit before tax of $2.9 million generated from $14.5 million in revenue.
In the first half, XRF’s revenue also witnessed a remarkable 46% rise to $27.1 million compared to the first half of 2022, while net profit after tax (NPAT) rose by 34% to $3.7 million during the same period. To keep sales up, the Company’s growth strategy for FY23 involved releasing new products, undertaking geographical expansions, expanding into the Precious Metals division, and considering mergers and acquisitions with complementary manufacturing companies.
With high demand for its equipment, the xrTGA launch seems to be well-timed. The xrTGA is set to be available for initial delivery in the fourth quarter of December 2023 and is manufactured in Melbourne.
Alinda is a Business Reporter for The Sentiment
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