Microba Life Sciences (MAP) Q4 2024 TU earnings summary

Executive summary

• Achieved record full-year revenue of $12.09m, up 123% year-over-year, with Q4 revenue of $4.81m, up 20.2% quarter-over-quarter and 113% year-over-year.

• Launched MetaPanel and MetaXplore diagnostic products, with strong adoption in Australia and expansion into the UK, and Invivo Clinical contributing $4.45m in H2 FY24 sales.

• Advanced therapeutics pipeline, including completion of a world-first autoimmune discovery program with Ginkgo Bioworks, six promising leads, and preparation of MAP 315 for Phase 2 in IBD.

• Ended Q4 with $20.9m in cash or equivalents, with ~$6m R&D tax incentive expected in H1 FY25.

• Achieved ISO 15189 accreditation in Australia, CE marking in Europe, and CLIA/CAP in the US for non-diagnostic testing.

Financial highlights

• Full-year revenue reached $12.09m, up 123% year-over-year; Q4 revenue was $4.81m, up 20.2% quarter-over-quarter and 113% year-over-year.

• Core personal testing revenue was $4.61m, up 50% year-over-year.

• Q4 cash receipts were $4.66m, up 15.7% quarter-over-quarter and 275.4% year-over-year; full-year cash receipts totaled $12.44m, up 148.1% year-over-year.

• Invivo Clinical in the UK delivered $4.45m in H2 sales; Q4 sales were $2.21m.

• Cash balance as of 30 June 2024 was $20.9m, with an additional ~$6m expected from the R&D tax incentive.

Outlook and guidance

• Plans to launch MetaXplore in the UK in FY25, with expanded sales and marketing resources.

• Focused on expanding reimbursement and coverage, especially in the US, and leveraging out-of-pocket payments in Australia and the UK.

• Management anticipates continued growth, with meaningful sales volume and revenue growth expected from MetaPanel and MetaXplore expansion.

• ~$6m R&D tax incentive expected in H1 FY25 to support operations.

• No specific guidance yet on Phase 2 trial commencement for the lead therapeutic candidate.