Microbiome health company Biome Australia (ASX: BIO) has surpassed its sales revenue target for FY23, reaching an impressive $7 million with half a month of trading still remaining. The accelerated growth in sales revenue during the fourth quarter was primarily driven by the success of Biome’s Activated Probiotics—making up over 90% of the sales as of H1 FY23—in both pharmacy and independent practitioner sales channels.
Biome Australia Managing Director, Blair Norfolk, said, “On behalf of the board and management of Biome Australia, we’re pleased to share this trading update. Reaching our $7 million target is a great achievement building on $4.12 million in FY22 and $2.23 in FY21.”
“With our deep understanding of our products and distribution channels, we look forward to strong growth in FY24. Biome continues to commercialise novel clinical research, which will lead to a number of key product launches in H1 FY24 to improve health outcomes for new patient groups with unmet medical needs.”
Biome has collaborated with prominent organisations specialising in microbiome research and development to create a distinctive lineup of live biotherapeutic products. These products incorporate innovative delivery technologies that enhance their stability and effectiveness. The result is Biome’s flagship range of complementary medicines known as Activated Probiotics.
In Q3 FY23, the Company reported its highest quarterly revenue to date, totaling $1.84 million. This figure represents a remarkable 99% increase compared to the same period last year. Furthermore, the year-to-date revenue has exceeded $5.2 million, demonstrating a substantial growth rate of 91.2% compared to the previous corresponding period. Biome has effectively maintained a healthy gross margin of 59%. Notably, cash receipts for Q3 reached $2.09 million, showcasing a $320,000 increase from the previous quarter’s $1.77 million.
Among Biome’s sales channels, Australian community pharmacy was the primary contributor, generating sales of $1.12 million in the March quarter. Sales in the practitioner channel experienced notable growth, increasing by 15% compared to the previous quarter and an impressive 179% compared to the previous corresponding period, coming to $690,000 for the quarter.
By surpassing its sales revenue target, the Company is making a case for the potential success of its new product launches within the Activated Probiotics range come FY24.
Alinda is a Business Reporter for The Sentiment
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