During the December quarter, our first as a listed company, Biome continued to build on the momentum established over the past year. As you will see in the attached 4C report which we lodged with the ASX yesterday, the quarter saw us achieve strong sales supported by new product launches and our strategic growth plan.
Combined with the sales of our September quarter,
we are pleased to report record sales of $1.81 million in the first half of the current fiscal year. In addition to being approximately
double the sales of H1 FY20, this represents the best result we have achieved in any six-month trading period.
This excellent result was underpinned by our flagship precision probiotics brand Activated Probiotics, which comprised $1.6 million of our sales in H1 FY22. Supporting this was our new Biome Eczema Probiotic, which was launched during the half-year period. The feedback from this product has been very positive to date, with many customers telling us that it has helped improve their eczema. Following the promising launch of Biome Eczema Probiotic (See attached clinical A4), we have three additional product launches planned for the second half of the fiscal year. We are confident that these will also be well-received by customers and further add to our bottom line in the quarters ahead.
Cash at the end of the quarter was $7.74 million, leaving us well placed to continue executing our strategic growth initiatives. These include but are not limited to expanding our inventory, hiring additional sales & marketing staff, and developing new products, as outlined in the Prospectus.
We continue to use rigorous financial and commercial discipline to ensure Biome's operating costs are optimised to support the ongoing success of the company. In the quarters ahead, we aim to continue growing Biome's sales revenue and exploring expansion into new markets worldwide.
Biome’s progress has also been recognised by Canaccord Genuity, which in a research note published yesterday gave us a ‘speculative buy’ rating and assigned a target price of A$0.31, almost triple the A$0.11 where Biome is currently trading.I would like to take this opportunity to thank shareholders for their ongoing support and encourage you to follow Biome’s progress on the ASX platform and across our website and social channels.
Yours sincerely,
Blair Norfolk
Managing Director and Founder
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