LONDON - SkinBioTherapeutics PLC (AIM: LON:SBTX), a company specializing in skin health, reported a year of considerable growth and strategic acquisitions in its full-year results for the period ended June 30, 2024. The company, which has been active both organically and through mergers and acquisitions, announced an increase in revenue and the expansion of its commercial product range, alongside the introduction of distribution and manufacturing capabilities.
Operational highlights for the year included the extension of a contract with Croda (LON:CRDA) for further studies on SkinBiotix, with commercial terms finalized after the year-end. The company is now preparing for the commercial launch of SkinBiotix in the cosmetics industry in April 2025. AxisBiotix, another product from the company, has shown ongoing sales growth in the treatment of psoriasis and is expected to expand further with European launches and a presence on Amazon (NASDAQ:AMZN) UK.
The company's acquisition strategy has led to the inclusion of Dermatonics, a player in the skincare and wound care space, and the post-year-end acquisition of Bio-Tech Solutions, which adds manufacturing and packaging capabilities to the group.
Financially, SkinBioTherapeutics reported revenues of £1.2 million, up from £0.1 million the previous year, reflecting the increase in AxisBiotix-Ps™ sales and five months of Dermatonics revenues. The operating loss was slightly reduced to £2.9 million from £3.0 million, with the increase in sales offsetting the rise in headcount costs. The cash position at the end of the period was £0.8 million, down from £1.3 million, mainly due to an earn-out payment for the Dermatonics acquisition.
Looking ahead, the company expects an annualized turnover of £6.3 million for FY25 and anticipates becoming cash flow positive from FY25, negating the need for further capital raising for working capital.
Stuart Ashman, CEO of SkinBioTherapeutics, commented on the achievements and challenges of the past year, emphasizing the growth in underlying business and the strategic acquisitions made in a difficult economic environment. He highlighted the company's evolution into a broader group with a stronger financial position and the ability to strike favorable deals with partners.
The company will hold a live presentation for shareholders and potential investors on December 10, 2024, to discuss the full-year results. The presentation will be hosted via the Investor Meet Company platform, where participants can submit questions.
This article is based on a press release statement from SkinBioTherapeutics PLC.
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