Microba Life Sciences (MAP) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached $15.67 million, up 30% year-on-year, driven by record core diagnostic test sales and strong clinical adoption in Australia and the UK.

• Core test volumes exceeded 12,600 with over 100% year-on-year growth; regional break-even milestones achieved in Australia and the UK.

• Strategic focus shifted entirely to core products, with legacy product transition nearly complete and discontinued legacy products impacting Q4 revenue.

• Major clinical studies released: MetaXplore identified actionable results in over 70% of cases; MetaPanel detected undiagnosed pathogens in 20% of patients, most missed by standard tests.

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

Financial highlights

• FY2025 revenue was $15.67 million, a 30% increase year-on-year, with Q4 revenue up 22–23% sequentially but down 13.5% year-on-year due to legacy product phase-out.

• Core test sales in Australia grew 88% year-on-year; UK MetaXplore sales up 74% quarter-on-quarter at the end of Q4.

• In vivo branded supplement sales rose 12% year-on-year, while distributed supplement sales declined.

• Cash and equivalents at 30 June 2025 were $11.74 million, with an additional $8.45 million to settle in August.

• Market capitalisation at $54 million with 515.03 million shares on issue.

Outlook and guidance

• FY2026 guidance targets over 24,000 core tests and regional break-even in Australia and the UK, assuming 100% year-on-year core test volume growth and stable pricing.

• Group EBITDA break-even contingent on continued clinical adoption and sufficient capital for expansion.

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

• 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 a $2.5 million R&D tax incentive anticipated in H1 FY26.