Thanks for the kind invitation to present at the TSN Gems Conference. My name is Camile Farah , the CEO and Managing Director of Optiscan Imaging Limited, and it's a pleasure to update you and the market on our progress to date. The standard notification and notice. Optiscan at a glance. If you haven't heard of Optiscan, we're a small medical device company headquartered in Melbourne. We've been listed on the Australian Stock Exchange since 1997, and we have a portfolio of proven technologies and products which we've brought to market with international partners such as Pentax and Zeiss over decades. We're a small, agile team. We manufacture everything on site, and our R&D is also located at our headquarters in Melbourne. We are QMS certified, and we've expanded over the last couple of years into the U.S. market with a hub in Minnesota.
Our base technology is essentially miniaturized confocal laser endomicroscopy, which allows surgeons, pathologists, and clinicians to interrogate tissue in real time at microscopic level. This is an approach which is novel, new, and has the ability to change clinical practice. Let's look at the Optiscan opportunity before we discuss our progress today, just to set the scene. Where are we operating in? Where are we expanding into? What does the opportunity look like? For us, there are three major clinical areas that we're focused on in Optiscan. The first is the life sciences segment, and we've been in this segment for a while, and we're expanding our sales portfolio and pipeline in the life sciences area. That's a massive opportunity for us, but in contrast to the clinical space and the vet space, that is a small opportunity.
We've made a conscious decision and a strategic one to expand into the medical sphere and with a variety of devices, products, and offerings to cater for the needs of medical doctors looking at surgical applications, robotics, pathology, and GI endoscopy, to name a few. More importantly, in the recent 12 months- 18 months, we've also made a conscious decision to move into the veterinary market with similarities there between that and the medical sector. Again, opportunities that are quite large for us in pathology, surgery, and oncology. This is wrapped around with our software developments over the last 24 months, specifically in AI, and I'll discuss our progress to date with that, but also with real-time telepathology and the opportunities that opens up. Of course, robotics and robotic surgery is basically changing the face of surgical practice, and we want to be leaders in that space.
There is a massive opportunity for us in robotics. What has been the strategic transformation for Optiscan over the last three years? Optiscan existed for a long period of time as an OEM manufacturer for other strategics, namely Pentax and Zeiss, as I alluded to earlier, but we've made a conscious decision to move to a private label manufacturing approach, and you'll see that the variety of hardware and software applications that we're unveiling to the market are under the Optiscan brand, and we're quite proud of that. Of course, that's taken a significant amount of work over the last three years with changes in governance, compliance, operations, manufacturing, clinical regulatory, and also the commercial arm of the business.
We've also made a conscious decision to diversify the portfolio from a very small base into now a diversified hardware portfolio, expanding into software with telepathology and AI, and also making a conscious decision to operate in both the medical and the veterinary sectors in addition to life sciences. To do all of that, we had to establish very key strategic collaborations and partnerships, and we have done that over the last two to three years, namely with the Mayo Clinic in the U.S., our main U.S. clinical collaborator, the University of Mainz in Germany, where we're working with colleagues there on our GI flexible scope, the University of Minnesota Vet College, and Monash University here in Australia.
We obviously have clinical partnerships also at the Royal Melbourne Hospital and other key partnerships in relation to design, industrial production, manufacturing, but also software with Prolucid and D+I. We're very proud of those partnerships, and those partnerships are resulting in tangible outcomes. We set a vision about three years ago for a diversified clinical device family portfolio, and we're working through those, and I'll update you on our progress to date. Importantly, we also set the vision for what we wanted to do with live streaming, telepathology, our AI applications, our flexible scope developments, enhancements, and development of a robotic system, and ultimately molecular-guided imaging. We have a well-thought-out horizontally and vertically integrated product range, really addressing very large markets where we think there'll be significant commercial success. What's the progress to date within these spheres that I've articulated earlier?
We've unveiled the surgical device InVue last year. We've just unveiled the pathology device InForm in this quarter. We've defined the regulatory pathway for InVue, and we're in constant discussion and communication with the FDA on that, and you'll see further progress over this coming year. We're currently defining the regulatory pathway for InForm, which is different given that it's a pathology device, and that's accelerated to date. We've continued to update the compliance requirements for InVivid and, again, work on pathways for regulatory clearance for that device. We continue to make significant strides in developing our own flexible endomicroscope, and we have signed up significant collaborations with the Mayo Clinic, mostly in the context of robotics, with other discussions occurring currently. We've moved ahead our telepathology platform, and we'll unveil that minimal viable product platform in the next quarter.
Of course, in the background, we're continuing to acquire clinical data and develop our AI capabilities. Of course, we're pursuing commercial opportunities for our surgical and pathology devices. In the life sciences sector, we've expanded our pipeline by putting on staff in the U.S., having an outsourced BDM team in Europe, and working closely with our distributors in China. Given the long sales cycle in the preclinical life sciences space, those opportunities are starting to bear fruit and will continue to do so over the next 12 months. As I alluded to in the context of the veterinary space, that collaboration with the University of Minnesota was signed over the last 12 months, and we're on track to reveal the veterinary device in this next quarter and, of course, then pursue regulatory submission through the FDA Center for Veterinary Medicine over the coming quarter.
A lot of progress has been made to date, and of course, the next six months will demonstrate quite a bit of that. Our product range continues to expand with our opportunities to engage the market, to engage strategics, to engage hospitals and pathology laboratories, and ultimately to engage consumers and end users, and that opens up significant commercial opportunities for us. The surgical device InVue is now in production, and the pathology device InForm is also now in production, and we're very proud of the work done to date with our partners. Just to give you a snapshot of the product pipeline by development stage, this gives a fair idea of where we're at with these product lines. The veterinary product is accelerated through the pipeline.
We're currently in the clinical data development stage as we prepare regulatory submissions for the FDA, and we're optimistic that that will come together over the next 6 months-12 months. We've now made submission to the FDA for the regulatory pathway of the surgical platform InVue, and again, we'll see further data collection and further work in the clinical space over the next 12 months with an anticipated regulatory clearance in 2027. Given that we've just unveiled our pathology device, the preparation for that regulatory submission is now accelerated, and we anticipate that over the next 6 months-12 months, we'll have significant progress with both a submission and clearance for that device in the pathology space.
We continue to work on our oral InVivid device that does require some further clinical work and clearance through the FDA, and that is further down the pipeline, but is a smaller market segment anyway. The telepathology and AI applications continue to work in the background. Obviously, the software will come after the hardware launches, but we are getting ahead of that with being prepared for regulatory submissions. The flexible scope R&D prep and prototyping goes hand in hand with the work we are doing with Mayo in robotics, and we will be able to update the market on the robotics progress over the next couple of months, and that is progressing very, very well, as is the GI work. Two more significant projects in R&D in both GI flexible scope and robotics, but the greater majority of the hardware configurations have now all been concluded.
We continue to expand our footprint and continue to focus on our operations in the key markets in the U.S. with a regional office in Rochester, focusing on our clinical and regulatory work, our business development, and our sales and marketing. Our outsourced BDM team in Europe continues to provide opportunities for us currently in the life sciences segment, and then we'll move into veterinary and clinical subsequent to the U.S. clearances. We continue to work, of course, with our Chinese distributors for our life sciences product, and that's going quite well. Just some highlights for the financial year 2024. We had a very strong balance sheet in financial year 2024 with AUD 11.2 million. As of February 2025, that still remains in a strong position of about AUD 7 million with funds on hand.
Of course, our total income, both revenue and other income, was up in 2024 on 2023 with significant non-dilutive funding opportunities obtained through, one, the CRC-P grant opportunity through the federal government, but also high R&D tax incentive income. We anticipate that will continue to increase over the coming years. We do have a strong projection for increased revenue from sales of products, namely the Viewn Vivo product over FY 2025. Obviously, as the vet product comes onto the market, moving into FY 2026, that will start to add another revenue stream. Sales in FY 2025 from our partners in Carl Zeiss are expected to remain in line with that of FY 2024. Other income projected to increase over this financial year, an additional AUD 1 million in R&D tax incentive given our positive overseas finding, and also further non-dilutive funding through the CRCP.
Of course, we continue to monitor other opportunities for non-dilutive funding to support our clinical work. The company has moved through the various phases that I've articulated in that strategic transformation. We have a very good core foundation that we've been building on. We are going through this transformation phase with another one to two years for execution of those imperatives, and we're planning for significant success and commercialization of our products moving forward from FY 2027 post-clearance and beyond. The Optiscan investment opportunity remains very strong. We have revolutionary patented protected technology with very difficult and high barrier of entry with a differentiated market presence. We have a very versatile platform technology that can expand into various global applications.
have now demonstrated the diversification of both our hardware and our software offerings, and that will continue to play out as we unveil these products and services over the next 6 months-12 months. Of course, with that, there is a limitless growth opportunity there for scalability, diversification of the revenue streams, increased revenue and market capitalization opportunities, but also a recurring revenue stream from both CapEx and ongoing software as a medical device and software as a service as we continue the transformation of the business. With that, of course, brings a great investment opportunity, but also a massive exit opportunity. We believe the market is quite competitive currently, but we are positioned to lead that, and we are very proud of that leadership position. Please reach out if you have any further questions or you would like to know more about the company.
Here are my contact details. Always happy to talk with investors, strategics, and other collaborators and partners. I thank you very much for your attention.