Futura Medical PLC (AIM:FUM, OTC:FAMDF) hailed a landmark set of annual results after the successful launch of its Eroxon over-the-counter erectile dysfunction (ED) treatment in the Europe and US, with the company eyeing profitability in the next 12 months.
The year saw market approval received from the medical regulator in the US, the largest consumer healthcare market in the world, plus in several other countries; Haleon secured as US distribution partner with a US$4 million upfront payment to be recognised this year; launches in the UK and Belgium via distribution partner Cooper Consumer Health.
In 2023 the company generated its first meaningful revenue, £3.1 million compared to zero the year before, with early market data following Eroxon’s launch showing circa 20% market share in the UK and Belgium.
Still in its early stages, a gross profit of £1.8 million was made at a gross margin of 57%, with a statutory post-tax loss of £6.51 million versus £5.85 million reflecting commercialisation costs and non-cash, share-based incentive plan payments.
In the new financial year so far, the Haleon up-front payment will be recognised and the Cooper licensing agreement has been extended, with Eroxon made available on prescription in the UK and Wales,
Chief executive James Barder said launch preparations with Haleon are going well and the company is “well set for our next stage of growth”.
He added: "We have a lean operating model and clearly defined growth strategy, which underpins everything we do.
“The size of our target market and the early take up of Eroxon in the markets where we have launched gives us great confidence as we look to make Eroxon available to more people across the globe and on the path towards profitability in the next 12 months."