Last checked at 6 Feb 2024 07:31
SkinBioTherapeutics plc
("SkinBioTherapeutics" or "the Company")
Dermatonics Trading Update
6 February 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the life science business focused on skin health has today provided a trading update for its newly acquired subsidiary, Dermatonics.
Trading update
Following the recent acquisition of Dermatonics by SkinBioTherapeutics plc, the Company is updating shareholders on the updated trading results (unaudited) of Dermatonics for the year to 31 January 2024 (FY24).
For FY24, Dermatonics reported revenues of £1.86 million (2023: £1.82m) assisted by the increased sale of products into the NHS and podiatry clinics, at higher price points negotiated in February 2023, as well as growth in key distributor relationships outside of the UK.
EBITDA for FY24 increased by 77% to £422k (2023: adjusted EBITDA £230k). The adjustments were for one-off items: £150k stock write off and £123k bad debt in FY23.
The cash balance as at 31 January 2024 was £149k (2023: £213k).
Stuart Ashman, CEO of SkinBioTherapeutics Plc, said:
"When the acquisition was announced, we stated that this acquisition was going to be immediately financial accretive. We are pleased to release the full year's results from Dermatonics which show positive increases across all key metrics - revenues, margins and EBITDA - in FY24 compared to FY23. This reflects the anticipated upwards momentum of the Dermatonics business, and a strong base from which to build. We look forward to updating shareholders on the ongoing process of integration and the additional operational and sales benefits."
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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Notes to Editors About SkinBioTherapeutics plc SkinBioTherapeutics is a life science company focused on skin health. The Company's proprietary platform technology, SkinBiotix®, is based upon discoveries made by Professor Catherine O'Neill and Professor Andrew McBain. The Company is targeting a number of skin healthcare sectors, the most advanced of which are cosmetic skincare and food supplements to modulate the immune system by harnessing the gut-skin axis. In each area SkinBioTherapeutics plans to exemplify its technology through human studies. The Company's first product, AxisBiotix-Ps?, a food supplement to address the symptoms of mild to moderate psoriasis. The Company listed on AIM in April 2017 and is based in Newcastle, UK. For more information, visit: www.skinbiotherapeutics.com and www.axisbiotix.com.
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