Accelerating revenue growth at listed life sciences business
York-based life sciences business, OptiBiotix Health, has reported a further rise in year on year revenue growth, in an update for the first six months of the financial year.
In this period, total invoiced sales of the company’s LPLDL® and SlimBiome® products – both as ingredients or final products – were £741,504, representing a 398% increase over the first half period last year (£148,818).
OptiBiotix says its year on year increase in revenue growth has risen from 7.7% (H1: 2017-2018) to 84.7% (H1: 2018-2019) to 398% (H1: 2019-2020), as more agreements generate revenues and partners continue to grow sales from successful product launches.
The company also received £747,500 of investment income from the disposal of shares in SkinBioTherapeutics plc, which is not included in these figures.
Within this same period the business, which develops compounds to tackle obesity, cardiovascular disease and diabetes, has signed 15 commercial agreements – 11 for SlimBiome®, and four for LPLDL®.
These include deals with Holland and Barrett, Optipharm, and USA partners, opening up retail opportunities in the UK, Australia, parts of Asia, the Middle East, and North America.
Stephen O’Hara, CEO of OptiBiotix, said: “The first six months of this year has seen strong commercial progress with a 398% increase in revenue compared to the same period last year.
“There is a now a trend showing an acceleration in year on year revenue growth, as more agreements generate revenues, existing partners grow sales, and more retail partners launch products.
“We anticipate further revenue growth in 2020 as interest in the microbiome and products for health and wellbeing grows.
“Whilst uncertainty within the global economic environment will create challenges we believe our strategy of working with multiple partners, across different application areas and geographies within the healthcare sector, will limit the risk related to any individual deal, product, or geography.”
