Unveiling a string of good news to begin 2024, microbiome health company Biome (ASX: BIO) has announced the launch of its Activated Probiotics in major European health retail outlets starting January 2024. Key distributors are CLF in the UK and iiHealthfoods in Ireland, with funding for the expansion coming from Biome’s current working capital.
What’s more, it has upgraded its FY24 guidance by $1 million, or 8.7%.
For starters, the UK and Ireland launch will tap into Biome’s Australian success. The Company’s internal team will oversee training, support, and customer service to align with the Australian market.
After a successful trial phase targeting independent health practitioners in both countries, Biome has established a solid customer and revenue foundation. With reduced risks, the Company is optimistic about expanding beyond Australia in these strategically important markets.
Biome’s Managing Director and Founder Blair Norfolk said, “I am delighted to share that our flagship brand, Activated Probiotics, is now available on shelves within selected UK and Irish retailers. This is a significant achievement and demonstrates our ability to both execute and scale into new international markets.”
He added, “We are confident that we have the right elements in place for these markets to add material value to the Biome business over coming years. These new markets will also strengthen our ability to support new patients, improve their health outcomes, quality of life and make our products accessible to all– that remains our core mission.”
Backed by clinical studies, including randomised double-blind placebo-controlled trials, Activated Probiotics aid in the prevention and management of diverse health issues—be it low mood and sleep, bone health, iron malabsorption, mild eczema or irritable bowel syndrome (IBS).
As Biome gears up for its UK and Ireland launch, it has also provided an update on its revenue guidance for FY24—anticipating a $1 million jump from $11.5 million to $12.5 million. It is forecasting sales growth of 74% on FY23 ($7.2 million). These sales have been led by Biome’s Activated Probiotics in the Australian pharmacy and practitioner markets.
The revenue update followed a “better than expected” first half, where Biome recorded a revenue of $6 million. Biome’s revenue has experienced swift growth over the years, reaching $866K in FY20, $2.3m in FY21, $4.1m in FY22, and $7.2m in FY23.
Biome also saw a strong 20.4% growth in Q2 FY24, despite the usual seasonal dip attributed to December’s shorter month and the emphasis on Christmas gifting in pharmacies.
Norfolk added, “Biome and our Activated Probiotics’ continued momentum in both the consumer and practitioner market is evidenced by record quarter-on-quarter growth for the year.”
Biome has already assembled a skilled European team of sales and education experts, leveraging their extensive industry experience to spearhead both current and upcoming market launches in Europe. Plus, the Regional Sales Manager, with a background in leading the sales team of a prominent UK probiotic brand, will play a big role in driving sales efforts.
As Biome prepares for global expansion and explores new markets, the influence of seasonality is set to diminish, with European markets offsetting Australia’s weaker trends. With reliable distributors and an upgraded revenue outlook, it will be interesting to see the growth of Activated Probiotics this year.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
Leave a Comment
You must be logged in to post a comment.