Futura Medical PLC (AIM:FUM, OTC:FAMDF) says its 2024 revenue and profit were ahead of market expectations, driven by the strong launch of its erectile dysfunction gel, Eroxon.
Sales reached at least £13.7million, up from £3.1 million in 2023. The product is now sold in 15 countries, including the US, with plans to expand to 20 by the end of 2025.
Eroxon launched in the US in October 2024 through Futura’s partner Haleon, triggering a $5 million milestone payment. Initial sales have been positive, but consumer uptake has been slower than expected.
Despite strong early demand, Futura has lowered its 2025 outlook. It now expects revenue to be 50% below previous forecasts, meaning it is unlikely to achieve the threshold for receiving sales-based milestone payments in 2025. The company anticipates a loss instead of a profit for the current year.
"Whilst it has been slower than anticipated to generate consumer awareness, and resulting sales, in a completely new product in a new consumer market that naturally has some stigma attached to it, we, and our partners, remain confident in the future prospects for Eroxon," said CEO James Barder.
"Our commercial partners are committed to building the Eroxon brand based upon the learnings gleaned post-launch, especially within the key US market, as we look to meet the unmet demand for a product of this nature and take advantage of the opportunities available to us."
Futura is also expanding its product range. It is developing Eroxon Intense, aimed at users seeking stronger effects, and WSD4000, a topical gel for female sexual dysfunction. Both products have shown positive results in trials.