Microba Life Sciences (MAP) Q2 2026 earnings summary

Executive summary

• Core clinical testing volumes grew 90% year-on-year, with an annualized run rate exceeding 21,300 tests and on track to surpass 24,000 for regional break-even in Australia and the UK by FY26.

• Microbiome Explorer now represents 55% of total revenue, reflecting a full transition from legacy products, which are now fully discontinued.

• UK market adoption is 33% higher than Australia at the equivalent post-launch period, leveraging an acquired customer base and enhanced product features.

• AI-driven transformation has delivered significant operational efficiencies, with over 70% of customer inquiries resolved autonomously and a 94.7% satisfaction score.

• Major brand consolidation and new product features, such as the Oral Species Biomarker and Pay on Invoice, have improved operational efficiency and clinical utility.

Financial highlights

• Core testing revenue rose 123% year-on-year, with Q2 FY26 total revenue at $3.72m and FY25 revenue at $15.67m.

• Over $1.6 million in legacy product revenue replaced by core products, with legacy product roll-off now complete.

• UK Invivo-branded supplements delivered a record quarter, with PHGG prebiotic supplement volumes up 110% year-on-year.

• Net operating cash outflows reduced to $1.6m in Q2 FY26, reflecting cost reductions and R&D tax incentive receipt.

• Cash balance as of 31 Dec 2025 was $11.27 million, with estimated 7 quarters of funding at current burn rate.

Outlook and guidance

• On track for regional break-even in Australia and the UK by FY26, targeting over 24,000 core tests for the full year.

• Group EBITDA break-even expected with further scale and continued strong clinical adoption.

• Expansion into the US and Europe planned, contingent on regulatory pathways and successful laboratory partnerships.

• Expect continued acceleration in clinical adoption and revenue growth as legacy product wind-down is complete.

• Cash receipts expected to normalize from Q3 FY26 as payment term changes cycle through.