Bioxyne has upgraded its revenue forecast for FY25 from A$20 million to $25m on the back of record second-quarter trading and H1 revenue of around $12.6m, a 267% increase on the previous half.

The firm attributed the performance to “several major contracts, a growing customer base, and an expanding product range”.

It expects to deliver four consecutive quarters of positive cashflow in FY25 alongside positive EBITDA for both H1 and full-year FY25.

Sam Watson

Bioxyne described Breathe Life Sciences Australia as its “standout performer” following the granting of licences to manufacture medicinal cannabis products as well as psilocybin and MDMA in 2024.

The company said it is focussed on growing its manufacturing customer base, and market share for its Dr Watson-branded pharmaceutical and health and wellness products in Australia and Europe respectively.

It also plans to roll out its proprietary lactobacillus fermentum PCC probiotic product via its existing global distribution channels.

Last year, Bioxyne forecast revenues would double to $20m in FY25 on the back of contracts to manufacture gummies for Montu and Aura Therapeutics at its Brisbane facility.

At the time, 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.

Increased pastille manufacturing capacity will be commissioned in February 2025 to meet growing demand, with regulatory approvals to be received “shortly” allowing exports to the United Kingdom.

Planning is also underway for a proposed GMP manufacturing facility in Europe to meet local needs.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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