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Highlights
- ProBiotix reported a 39% increase in sales, reaching £1.525 million compared to £1.099 million in 2023.
- A product launch on Amazon and in 2,000 Target stores is driving strong growth in the US market, with more sales pushes planned for Q4 2024.
- The company is negotiating to sell LPLDL® in China and has new cooperation in Albania for a local clinical trial of YourBiotixBP.
ProBiotix Health plc (AQSE:PBX), a life sciences company focused on developing probiotics for cardiometabolic health, has released its Q3 2024 trading update for the nine months ending September 30, 2024. The results indicate ongoing strong momentum within the business, underscoring its position in the health and wellness market.
Key Financial Highlights
- Sales Growth: The Company reported a significant increase in sales, rising by 39% to £1.525 million, compared to £1.099 million in the same period last year.
- Gross Profit: Gross profit increased by 40% to £874,000, up from £623,000 in 2023.
- Stable Gross Profit Margin: The gross profit margin remained stable at 58%, slightly up from 57% the previous year.
- Strong Cash Position: ProBiotix has maintained a robust cash balance and does not require any further funding at this time.
- Record Order Book: The Company is experiencing a record level of orders, indicating strong demand for its products.
Positive Market Developments
The trading performance for the period has been particularly robust, driven by sales to ProBiotix's key US-based commercial partner. The Company anticipates double-digit growth in sales for both this year and the next, largely attributed to a recent product launch on Amazon and in 2,000 Target stores across the US.
Looking ahead, ProBiotix is planning an aggressive sales push in North America in Q4 2024. The Company will be exhibiting at the upcoming Supply Side West, the largest dietary supplement exhibition in Las Vegas, later this month. Additionally, ProBiotix is in the process of hiring a local US Sales Manager, expected to be onboarded by late Q4 2024 or early Q1 2025, to further enhance its growth in this key market.
Strategic Partnerships and Product Developments
ProBiotix has also made strides in expanding its product offerings. Two leading US supplement brands have successfully developed line extension products based on ProBiotix’s LPLDL®, with both companies eyeing 2025 product launches in physical retail stores and online platforms.
Furthermore, the Company is engaged in late-stage negotiations with a large international ingredient firm to sell LPLDL® as an ingredient in China. This potential agreement is expected to complement the recent cooperation with DanCare, which focuses on selling finished dosage formats in the region.
In addition, ProBiotix has secured a new cooperation partner in Albania, who has confirmed its commitment to conduct a local clinical trial for YourBiotixBP, further supporting the Company’s commercial activities.
