Futura Medical (FUM) H1 2025 earnings summary

Executive summary

• Interim CEO appointed in August 2025, launching a strategic and performance review to address underperformance, cost structure, and leadership succession.

• H1 2025 saw launches in up to 25 countries, but consumer uptake and repeat sales were significantly below expectations, especially in the US and Europe.

• Strategic review underway, focusing on cost-cutting, operational efficiency, and exploring options such as licensing, divestments, asset sales, and new partnerships.

• New product development (Eroxon Intense, WSD4000) continues, with regulatory milestones targeted for late 2025 and launches expected from 2026 onward.

Financial highlights

• H1 2025 revenue was £1.0–£1.01 million, with about half from US royalties and half from EU/UK sales; minor contributions from LATAM and Middle East.

• Gross profit was £0.7–£0.73 million before a £0.49 million inventory obsolescence provision; gross profit after provision was £0.243 million.

• Exceptional charges totaled £3.6–£4.05 million, mainly for impairment of plant/equipment and inventory write-downs.

• Loss after tax was £6.59–£6.6 million; adjusted loss after tax (excluding exceptional and non-cash items) was £1.9–£2.0 million.

• Cash at period end was £3.69 million, falling to £2.7–£2.71 million by end of August 2025, providing runway into January 2026.

• Full year 2025 revenue now expected between £1.3–£1.4 million, well below initial forecasts.

Outlook and guidance

• FY 2025 performance and revenue expected to be significantly below market expectations.

• Cash runway extends into January 2026; further extension depends on commercial or financing actions.

• Strategic review results and business update expected by end of Q1 2026.

• Regulatory approval for Project Intense targeted by end of 2025, earliest launch in Q3/Q4 2026; WSD4000 launch anticipated in latter half of 2028.

• US patent milestone payment delayed to H1 2026, impacting cash flow.