Healthy sales rise at life sciences group
Life sciences business, OptiBiotix Health, is hailing another year of sales growth as it publishes its audited results for the 12 months ended 31 December 2021.
The York-headquartered company, which develops compounds to tackle obesity, high cholesterol, diabetes and skin care, has reported full year revenue of £2.2m a 45.3% increase on 2020 (£1.5m).
The business also recorded pre-tax profits of £6.2m (2020: £5.7m). Total cash on the firm’s balance sheet at the year-end increased by 122% to £2m (2020: £0.9m).
Stephen O’Hara, CEO, said: “The company has achieved a second year of strong sales growth with a 45% increase in revenues, a 27.7% increase in gross profit, both ProBiotic and PreBiotic business’s EBITDA profitable, and a Group net profit of £6.3m.
“The company has invested substantially in building its senior commercial team reflecting our focus on commercialising products with larger partners, growing the US market, and developing our direct to consumer business.
“Post period-end, the company successfully floated its formerly wholly-owned probiotic subsidiary, ProBiotix Health plc, returning a dividend to OptiBiotix shareholders.
“OptiBiotix shareholders now have a diversified interest in multiple areas within the microbiome space with the Group looking to accelerate bringing its second-generation technologies to market and acquire and/or develop new technologies to build the product pipeline and subsidiaries of the future.”
OptiBiotix notes the three commercial agreements it signed at the end of 2021 with well-known national and international brands demonstrate the future direction of the Group, as it move to focus on fewer and larger business partners.
It explains this long-planned strategic shift creates the potential for extending the company’s global reach, enhancing the reputation of its products and generating substantial volume sales.
Company chairman Neil Davidson said: “It should also be recognised that these larger partners tend to operate on longer timescales than the smaller and quicker-to-market enterprises with which we forged our initial commercial agreements.
“It also means that we will receive fewer but much larger orders for our products than in the past, so revenues will accrue less evenly through the year, and our results for future financial periods may reflect such timing differences.”
