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(Alliance News) - OptiBiotix Health PLC on Thursday reported a widened annual loss but a slight revenue climb during a year of "significant progress" for the life sciences business.
OptiBiotix said that for the 13 months to December 31, revenue was 45% higher to GBP755,883 from GBP514,289. The company, focused on developing treatments to tackle obesity, high cholesterol and diabetes, said its pretax loss stretched to GBP2.2 million from GBP1.9 million.
OptiBiotix's financial 2019 ran for the 13 months after it changed its year end date to December 31 from November 30, to "align our reporting with that of similar companies on other international exchanges".
Chief Executive Officer Stephen O'Hara said: "OptiBiotix has made significant progress in the last 12 months growing sales across all divisions, signing 24 new agreements and extending our reach into 46 countries. OptiBiotix's products are now being commercialised as food ingredients, medical devices, drug biotherapeutics and supplements in more and more countries across the world helping to build brand presence."
It was a year when its SlimBiome weight management product was awarded with a CE mark, a certificate awarded to health products which meet EU directives.
"Despite challenges facing the global economy caused by the Covid-19 pandemic, we remain focused on the next phase of our strategy, driving our divisions to profitability in the current year. This is not just about continuing to grow sales, but also about managing costs, renegotiating contracts as volumes increase, reducing the cost of goods to OptiBiotix, and focusing on higher margin products," O'Hara added.
Shares in the company were 6.2% lower at 61.00 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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