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(Alliance News) - OptiBiotix Health PLC on Wednesday said sales from existing partners have improved in recent months, and that its move to focus on US and Asian markets is progressing well.
The York, England-based life sciences company said the retail climate "remains volatile", but that sales with its existing partners were improving on a monthly basis, "with more active account management leading to increases in sales across a number of key accounts".
In particular, OptiBiotix reported increased retail sales in both India and Saudi Arabia through Apollo and Nahdi Medical stores, with both partners delivering their highest monthly sales to date in September.
"As the company increases its online presence with Amazon in each of these territories with increased marketing, we anticipate enhanced brand awareness and a further improvement in sales growth both in-store and online," OptiBiotix added. "Sales with Holland & Barrett and THG are also improving."
During 2023 OptiBiotix has prioritised "shifting the focus" from partners in Europe to larger ones in the US, Asia and other "key strategic markets", to widen its partner base and reduce revenue dependency "while accessing larger markets with substantially higher sales volumes".
OptiBiotix said it has made "strong progress" in this area since March. Developments include "ongoing discussions with a very large US corporate" on launching own-brand products in the second half of 2024, first in Asia and then globally. Moreover, one partner has secured an international listing for SlimBiome products with Costco Wholesale Corp, and their launch online through Boots of Walgreens Boots Alliance Inc in the first quarter next year.
"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," said Chief Executive Officer Stephen O'Hara.
He continued: "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."
OptiBiotix Health shares were down 0.7% at 32.27 pence in London on Wednesday.
By Emma Curzon, Alliance News reporter
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