Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) delivered a nearly three-fold increase in its revenues and revealed a strong bank balance as it said it aimed to be cash flow positive in the second half of next year.
It ended the year with total sales of $17.5m, up from $6.2m 12 months earlier, buoyed by strong demand for its iron deficiency product, Accrufer, the average selling of which increased by 21% to $145 per prescription. Shield ended 2023 with cash of $13.9m.
A generally upbeat statement did come with one caveat: Errors in third-party data reporting have led to a revision in prescription forecasts. Total prescriptions were 77,000.
"The progress made in the market in 2023 has shown us that the opportunity for Accrufer continues to be significant," said CEO Greg Madison.
"Quarterly prescription numbers grew throughout the year and we saw a significant improvement in the average net selling price in the second half."
An investor presentation is scheduled for February 22. For more details click here.