Overview of Microba Life Sciences Q3 FY24 activities

Microba Life Sciences Limited (ASX: $MAP) has reported a significant surge in revenue for the quarter ended 31 March 2024. The company achieved $4.00m in unaudited revenue, marking an 82% increase quarter-on-quarter (QoQ) and a substantial 297% increase year-on-year (YoY). The Personal Testing & Supplements revenue saw a remarkable 110% QoQ increase, amounting to $3.18m, while the Research Testing revenue also experienced a notable 20% QoQ growth, reaching $0.82m. Additionally, the company's cash receipts for Q3 FY24 totaled $4.03m, reflecting a substantial 217% QoQ increase and a remarkable 224% YoY increase. Microba also reported $7.28m in year-to-date FY24 unaudited revenue, representing a remarkable 230% YoY growth.

CEO Dr. Luke Reid's perspective on Q3 FY24 performance and strategic initiatives

Microba's CEO, Dr. Luke Reid, expressed satisfaction with the company's accelerating sales and revenue growth, particularly emphasizing the successful launch of the world-first pathogen test, MetaPanel, in collaboration with Sonic Healthcare. Dr. Reid highlighted the strategic education and sales efforts that are driving the growth of the Gastrointestinal Disorders test, MetaXplore, in Australia. He also underscored the successful integration of the UK acquisition, Invivo Clinical, which delivered its first full quarter of sales aligned with expectations. Dr. Reid further emphasized the company's focus on advancing therapeutic development programs, particularly the progress made in preparing MAP 315 for a Phase II clinical trial and the expansion of the immuno-oncology program dataset to support lead candidate selection.

Outlook and Financial Update

Microba's strong financial performance in Q3 FY24, coupled with the successful launch of MetaPanel in Australia and the first full quarter of sales from the UK acquisition, Invivo Clinical, bode well for the company's growth trajectory. The company's strategic initiatives to advance therapeutic development programs, including the Inflammatory Bowel Disease Program and the Immuno-Oncology Program, demonstrate a commitment to driving clinical efficacy and expanding the clinical dataset to support lead candidate selection. With $23.60m in cash or equivalents at the end of March 2024, and the receipt of a $6.08m FY23 R&D Tax Incentive return in early April 2024, Microba is well-positioned to continue its growth and innovation in the precision microbiome space.