Futura Medical PLC (AIM:FUM, OTC:FAMDF) may have one eye on the upcoming US launch of its fast-acting erectile dysfunction gel Eroxon by healthcare giant Haleon.
However, its financial performance in the first half of 2024 was possibly more worthy of top billing as it booked a maiden £1 million profit on revenue of £7 million. It exited the period with £3.9 million on the balance sheet.
In an upbeat statement, Futura said both revenue and profit will "significantly exceed" market expectations for the full year.
"It is a significant milestone to be able to announce our first profit, a year after the initial pilot launch of Eroxon, and well ahead of market expectations," said CEO James Barder.
"We believe that this is just the beginning for Eroxon, our highly differentiated treatment for erectile dysfunction which helps users get an erection within ten minutes, as we look to build a new product and new category within the underserved sexual health market."
GSK spin-out Haleon, meanwhile, confirmed Eroxon is already available for pre-order online for delivery in October and availability in stores in the US from October.
This triggers the next milestone payment, which is of a similar scale to the previous one, Futura noted.
Futura has successfully launched its erectile dysfunction gel, Eroxon, in over ten countries, including key European markets like France, Italy, and Spain, with further launches expected in 2024.
To meet growing demand, the company has secured two new contract manufacturers to strengthen its supply chain and increase production capacity.
The licensing agreement with Cooper has been extended until 2029, ensuring long-term market access.