Microba Life Sciences (MAP) Q1 2026 earnings summary

Executive summary

• Achieved annualized run rate of 20,000 core tests globally, with strong growth in Australia and the UK, supporting the path to regional break-even by FY26 end.

• Q1 FY26 core tests reached 4,931, up 145% year-on-year, with record MetaXplore sales in Australia and the UK.

• Strategic discontinuation of legacy products, with legacy revenue replaced by growth product revenue; transition to focus on core Growth testing products is nearly complete.

• Major brand consolidation and operational efficiency initiatives are scheduled for Q2 FY26 to unify global brands and enhance marketing efficiency.

• Transitioned therapeutics from R&D to a partnering phase, with sector deal catalysts expected before end of CY2025.

Financial highlights

• Q1 FY26 total revenue was $3.6m (AUD 3.6 million), down 1% year-on-year due to legacy product discontinuation; excluding legacy, revenue grew 42%.

• Growth product revenue reached $1.9m, up 151% year-on-year; base product revenue was $1.3m, down 15% year-on-year.

• Core testing product volumes up 145% year-on-year.

• UK supplement sales were $1.0m, down 20% year-on-year, but Invivo branded supplements grew 7% year-on-year.

• Cash and equivalents at 30 September 2025 totaled $13.89m.

Outlook and guidance

• On track to achieve regional break-even in Australia and the UK by end of FY26, targeting over 24,000 core tests.

• Already reached an annualized run rate of 20,000 tests, with growth expected to accelerate in the second half.

• Q2 FY26 will mark the completion of the transition to core Growth products, with no legacy product revenue from Q3.

• Entry into US and Europe planned, with initial market penetration in one geography per region.

• No further R&D expenditure from FY26; focus shifts to partnering and deal-making in therapeutics.