- Momentum builds for Eroxon; posts maiden profit
Shares in Futura Medical PLC (AIM:FUM, OTC:FAMDF) rose 7% in afternoon trading on Tuesday after the company reported better-than-expected full-year results and reiterated plans to expand its Eroxon product into 20 countries by the end of 2025.
Panmure Liberum highlighted the strong 2024 performance, which included a quadrupling of revenue to £13.9 million and a first-ever operating profit.
Higher-than-forecast milestone payments helped push profit before tax to £1.3 million, ahead of expectations. Gross margins reached 70%, up from 57% the previous year.
Analysts noted that Eroxon’s launch in the US has been slower than hoped, with sales impacted by in-store display issues and mismatched consumer expectations, particularly among older users. Marketing efforts are now shifting towards younger men, where effectiveness is proving higher.
Despite revising near-term revenue forecasts, Panmure sees potential from new product extensions and improved market positioning.
A second product, Eroxon Intense, is progressing towards US and EU approval, while a new gel treatment for women’s sexual dysfunction is entering early feasibility trials.
Panmure reinstated coverage with a 30p target price, reflecting near-term risks but pointing to long-term upside as partners refine strategy and market access broadens.
The stock was 0.62p at 9.57p.