ProBiotix Health PLC on Wednesday posted an optimistic outlook for the rest of the year, thanks to ‘record sales’ and a ‘very healthy level of new enquiries and momentum on several fronts’.
ProBiotix is a Wakefield, England-based life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions.
For the nine months to September 30, the firm reported sales of £1.5 million, up 39% from £1.1 million a year prior.
In particular, ProBiotix noted the positive impact of sales to its US-based commercial partner, with double digit growth expected both this year and next. It explained this increase is being driven by a recent product launch on Amazon, and in 2,000 Target stores.
Gross profit also increased, rising 40% to £874,000 from £623,000 the previous year. Gross profit margin remained stable at 58%, compared to 57%.
Looking ahead, ProBiotix is planning a further sales push in North America in the fourth quarter, and will be exhibiting at the largest dietary supplement exhibition in Las Vegas later this month.
Late stage negotiations are also ongoing with a ‘large international ingredient company’ to sell LPLDL as an ingredient in China. LPLDL is a naturally-occurring probiotic strain of the bacterial species Lactobacillus plantarum, originally isolated from tomatoes.
‘Due to their size, the US and China both remain key markets for our products but we are also pleased to have recently secured new distributor agreements in Greece, with Eifron SA, and in the Ukraine, with Deutsch-Pharm Lcc. Discussions continue with new potential partners as we look to open up additional sales opportunities with more distributors in new territories,’ said Chief Executive Officer Steen Andersen.
‘The recent fundraise has been crucial, as it has allowed us to increase our inventory to help fulfil against booked sales orders. We view the future of ProBiotix with considerable confidence as our sales pipeline continues to build and we push towards our medium-term objectives. We look forward to updating shareholders on our progress.’
Shares in ProBiotix Health last traded at 5.40 pence on Aquis on Wednesday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
