The BBC has an interview with the company founder, Stephen Chen, who further explains how it works. Asked if Petnostics may just add to owner's anxieties about their dog or cat's health without really telling them anything definitive, Chen replied that it isn't meant to be a diagnostic tool for owners, but that the info could help veterinarians with their analysis of the animal's health. While interesting, it sounds like more of a novelty or curiosity at this point. Besides offering the likelihood of getting dog or cat pee on your hands, it seems like it would be easy to misinterpret the results, since the app lists medical conditions that could explain the readings from the strip without much context.
The strip doesn't appear to be available for order yet, as the Scanostics company website is still blank. Curiously, the app has received five star reviews from eight of eight people--although maybe they were test users.
[BBC]