Life science firm sees highest monthly sales in Asian markets
Life sciences firm OptiBiotix Health said September saw its highest monthly sales to date in Indian and Saudi Arabian markets.
In a commercial update to the London Stock Exchange the York firm said its first-generation products are seeing month on month improvement with retail partners despite a volatile environment due to more active management of key accounts. Sales in India are up 624% since launch in September 2022, and sales in Saudi Arabia up 219% since launch in March 2023.
The firm has moved its focus from Europe to large partners in key markets, particularly in the US and Asia, resulting in a large initial order of £116k from a US weight management and sports nutrition brand, four new partners in Asia who are expected to create revenues of £150k in 2024, and ongoing discussions with a large US corporate for launching OptiBiotix own-brand prducts in the second half of 2024.
Chief executive Stephen O’Hara said, “We are making good progress with commercialising first generation products since the restructuring of the management team in March, with more active account management supporting existing partners returning to forecast, more focused commercial discussions leading to a significant number of new partners looking to use LeanBiome and Slimbiome, and growing online sales across multiple channels. We are particularly pleased with the pipeline of high-quality partners and the high conversion rate of interest to new accounts and the progress we are making with online sales, particularly in China. These all have the potential to bring in significant future revenues.
“In addition to growing interest in our products the Company has no debt, a strong balance sheet, second generation products close to commercialisation, and retains significant exposure to the considerable growth potential of the microbiome through its shareholdings in ProBiotix Health plc and SkinBioTherapeutics plc.”
The firm has also opened new online channels on Amazon, Walmart, Tiktok and Ebay in addition to its online own shop.
