Probiotix Health PLC Q3 2024 Trading Update

RNS Number : 2300H

Probiotix Health PLC

08 October 2024

 

8 October 2024

                                                                                                                                 

ProBiotix Health plc

("ProBiotix" or the "Company" or, together with its subsidiary, the "Group")

 

Q3 2024 Trading Update

 

ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health, is pleased to announce a Q3 2024 trading update (for the nine months to 30 September 2024) which shows ongoing strong momentum in the business.

 

Key highlights:

 

·      Sales +39% to £1.525m (2023: £1.099m)  

·      Gross Profit +40% to £874k (2023: £623k)

·      Gross Profit margin stable at 58% (2023: 57%)

·      Strong cash balance with no requirement for further funding

·      Order book at record levels

 

The trading performance for the period has been robust, with sales to our key US-based commercial partner continuing to develop positively, with double-digit growth expected both this and next year. The increase is being driven by a recent product launch on Amazon and in 2,000 Target stores across the US.

 

ProBiotix is planning a further sales push in North America in Q4 2024, and the Company will be exhibiting at the largest dietary supplement exhibition in Las Vegas (Supply Side West) later this month. In parallel, the process of hiring a local US Sales Manager is expected to complete by late Q4 2024/early Q1 2025 to help drive additional growth in what is the Company's largest market.

 

Two leading US supplement brands have successfully developed line extension products based on LP_LDL®. Both companies are looking at 2025 product launches in physical stores as well as online.

Late stage negotiations are ongoing with a large international ingredient company to sell LP_LDL® as an ingredient into China. This agreement to sell LP_LDL® as an ingredient will provide an additional opportunity to drive sales in China and will work in parallel with the recently announced cooperation with DanCare, which is focused on selling finished dosage formats.

 

A new Albania based cooperation partner has confirmed its commitment to enter into a local clinical trial for YourBiotix_BP to support its commercial activities.    

 

Steen Andersen, CEO of ProBiotix, commented: "We are delighted at the progress the Company is making, delivering record sales, a very healthy level of new enquiries and momentum on several fronts.

 

"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.

 

"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."

 

For further information, please contact:

 

ProBiotix Health plc	https://probiotixhealth-ir.com/
Steen Andersen, Chief Executive Officer	Contact via Walbrook below
Peterhouse Capital Limited (Aquis Corporate Adviser and Broker)
Mark Anwyl	Tel: [phone]
Walbrook PR Ltd	[e-mail]
Anna Dunphy	Mob: [phone]

 

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

 

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