Bioxyne has lifted its FY25 revenue guidance from A$20 million to $25 million, buoyed by record second-quarter trading and first-half revenue of approximately $12.6 million — a 267% jump compared to the prior corresponding period.
The company credited the result to "several major contracts, a growing customer base, and an expanding product range."
Bioxyne anticipates four consecutive quarters of positive cashflow across FY25, along with positive EBITDA for both the first half and the full year.
The company singled out Breathe Life Sciences Australia as its "standout performer," following the award of licences to manufacture medicinal cannabis products as well as psilocybin and MDMA in 2024.
Bioxyne said its priorities include expanding its manufacturing client base and growing market share for its Dr Watson-branded pharmaceutical and health and wellness products across Australia and Europe.
The company also intends to distribute its proprietary lactobacillus fermentum PCC probiotic product through its existing global distribution network.
Earlier, Bioxyne had forecast that revenues would double to $20m in FY25, driven by contracts to produce gummies for Montu and Aura Therapeutics at its Brisbane facility.
At that point, managing director Sam Watson said the firm was well placed to take advantage of the expected rise in the popularity of gummies, which he tipped as "potentially a $100m opportunity in Australia".
UPDATE (January 29, 2025): Bioxyne has reported Q2 revenue of $8.1m in its latest quarterly activities report, up 77% on Q1 and a 310% increase on Q2 FY24
The firm recorded positive operating cash flow of $1.5m during the quarter from receipts of $7.4m. Cash on hand as at December 31, 2024 was $2.7m.
Additional pastille manufacturing capacity is set to come online in February 2025 to keep pace with rising demand, with regulatory approvals expected "shortly" to enable exports to the United Kingdom.
Planning is also underway for a proposed GMP manufacturing facility in Europe to serve local market requirements.
