Microba Life Sciences (MAP) Q4 2025 earnings summary

Executive summary

• Achieved record core diagnostic test sales and strong clinical adoption in Australia and the UK, with MetaXplore and MetaPanel driving growth and a strategic shift to high-value core products nearly complete.

• FY25 revenue reached $15.67m, up 30% year-on-year, despite discontinuing legacy products and services.

• Major clinical studies demonstrated high rates of actionable results and symptom resolution, validating product adoption and clinical utility.

• All R&D investment in therapeutics ceased; focus shifted to partnering, with two sector deal catalysts expected before year-end.

• Completed a $14.5m capital raise, ensuring a strong cash position to support growth and regional break-even targets in FY26.

Financial highlights

• FY25 revenue was $15.67m, a 30% increase year-on-year, in line with guidance.

• Q4 FY25 revenue was $4.2m, up 22% sequentially but down 13.5% year-on-year due to legacy product phase-out.

• Q4 cash receipts were $3.99m, down 5.6% sequentially and 14.2% year-on-year, reflecting discontinued legacy products.

• Cash and equivalents at 30 June 2025 were $11.74m, with $8.45m to settle in August and a $14.5m capital raise completed.

• Operating cash outflows for Q4 totaled $5.56m, driven by increased manufacturing, R&D, and staff costs.

Outlook and guidance

• FY26 targets over 24,000 core test volumes and regional break-even in Australia and the UK, with continued revenue growth expected.

• Expects 100% year-on-year growth in core test volume, with growth building each quarter and stable pricing.

• No further R&D expenditure planned for therapeutics; focus is on deal-making with two catalysts expected before year-end.

• Operating cash outflows planned to decrease in FY26, with an anticipated $2.5m R&D tax incentive in H1 FY26.

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