Microba Life Sciences (MAP) H2 2026 earnings summary

Executive summary

• Completed transition to a focused core testing business, with core testing revenue up 92% to $8.6M, now the majority of group revenue.

• Total revenue declined 6% to $14.8M due to planned phase-out of legacy products; continuing product revenue grew 53% to $12.7M.

• Statutory loss after tax increased 39% to $20.7M, impacted by non-cash and non-recurring items; underlying loss improved 11% to $18.8M.

• No dividends declared or paid for the year.

Financial highlights

• Gross margin held steady at 47.6% (FY25: 47.5%).

• Operating expenses reduced 7% to $29.9M, reflecting cost management and restructuring.

• Cash at 30 June 2026 was $7.9M, down from $11.7M in FY25.

• Net tangible assets per share fell to 0.18 cents (FY25: 1.57 cents).

• Receipts from customers were $15.6M; net operating cash outflow was $12.4M.

Outlook and guidance

• FY27 priorities: launch Microba GI Navigator, grow core testing volumes in Australia and UK, realise full benefit of $7M annual cost reduction, and advance therapeutics partnering.

• Targeting whole-company cashflow break-even on a run-rate basis in calendar year 2027.

• Forward financials assume operating expenditure grows below revenue, continued clinical adoption, and sufficient capital.