Futura Medical (FUM) H1 2024 earnings summary

Executive summary

• Achieved first-ever profit, reporting GBP 1 million (GBP 2.3 million excluding non-cash items) for H1 2024, reversing a prior loss, with revenue of GBP 7 million, marking over 300% year-over-year growth driven by Eroxon commercialisation.

• Eroxon, a novel OTC erectile dysfunction treatment, is now available in over 10 countries, with launches in France, Spain, Italy, Mexico, and the imminent U.S. rollout.

• U.S. launch with Haleon as partner is expected to be a major growth driver, with pre-orders open and retail launch set for October.

• Cash and cash equivalents at period end were GBP 3.92 million, down from GBP 7.84 million a year earlier.

Financial highlights

• H1 2024 revenue reached GBP 7 million, up from GBP 1.7 million year-over-year; direct product sales grew over 130%.

• Gross profit margin on direct sales was 44%, with gross profit of GBP 3.1 million.

• Operating profit was GBP 0.82 million, reversing a loss of GBP 1.96 million in H1 2023.

• Cash used in operations was GBP 3.05 million outflow.

• Basic EPS was 0.33p (H1 2023: -0.61p).

Outlook and guidance

• Confident in significantly exceeding current full-year 2024 revenue consensus of GBP 9.5 million; updated guidance to follow.

• Directors confirm sufficient funds for at least 12 months of operations from the approval date; financial statements prepared on a going concern basis.

• U.S. launch anticipated to be the largest market opportunity, with further launches planned for 2024 and 2025.