Recap 2024/202518 Dec 2024 10:16
If you're new to SBTX - here's a quick recap as lots have happened in 2024: Still a great price entry point - as 2025 will see huge growth from commercial Croda ties:
Revenue: 1.2 million for the fiscal year, up from 100,000 the prior year.
Projected Revenue: Analyst guidance projects 5.3 million, with a full-year pro forma projection of 6.3 million.
EBITDA: Loss of 800,000 pre-synergies, with a pro forma EBITDA of 2.2 million if acquisitions were included before year-end.
Net Loss: Remained flat compared to the prior year.
Cash Balance: 800,000 as of June 2024, with a significant fundraise in August to bolster reserves.
Organic Revenue: 250,000 from Axis Biotics PS, up from 130,000 the prior year.
Inorganic Revenue: 950,000 from Derma Tonis post-acquisition.
Gross Margin: Blended margin expected to be around 60% in FY25.
Acquisition Costs: 1.68 million for Derma Tonis, with an earnout over three years.
Convertible Loan Note: Cleared from the balance sheet post-year-end.
Fundraising: 3.3 million raised in November 2023, 1.6 million in August 2024, and 250,000 for Biotech Solutions acquisition.
Projected Cash Runway: Expected to last through summer 2026, excluding potential Croda (LON:CRDA) income.
Release Date: December 10, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
SkinBioTherapeutics PLC (LSE:SBTX) reported a significant increase in revenue for the year, reaching 1.2 million, largely due to the acquisition of Derma Tonis.
The company has successfully integrated two acquisitions, Derma Tonis and Biotech Solutions, which are expected to enhance manufacturing capabilities and expand product offerings.
The partnership with Croda PLC has progressed to commercialization, with expectations of revenue generation before the end of the calendar year.
Sales of Axis Biotics PS for psoriasis have doubled year-on-year, and the company is preparing for the launch of an acne product following successful consumer studies.
SkinBioTherapeutics PLC has extended its cash runway through to summer 2026, reducing the need for additional fundraising for working capital.
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