Next Science reports Q3 FY24 performance

Next Science (ASX:NXS), a leader in medical technology focusing on biofilm-based infections, has announced its financial results for the quarter ending 30 September 2024. The company experienced a decline in product sales due to a restructuring of its Durable Medical Equipment sales strategy. Despite these challenges, Next Science maintains its guidance for a positive Adjusted EBITDA and cash flow by the end of FY24.

Next Science's strategic outlook and future plans

Next Science reported a 7% decrease in product sales for Q3 FY24, largely due to the restructuring of its Durable Medical Equipment sales strategy. Despite this, the company reported improved gross margins and remains optimistic about future performance. The company continues to focus on expanding its XPERIENCETM product line, particularly in military and private sectors, and advancing its clinical trials to support market expansion. Next Science has accessed financial resources from Thorney Investment Group to support its operations and aims to achieve positive cash flow and Adjusted EBITDA by the end of March 2025. The company is committed to maintaining transparency with investors through regular updates and webinars.

Executive commentary on Q3 FY24 results

The restructuring of our sales strategy, while impacting short-term results, is a necessary step towards establishing a sustainable business model that will drive future growth. We remain focused on expanding our XPERIENCETM product footprint and advancing clinical studies to validate our solutions in addressing biofilm-based infections.