Full Year 2023 Next Science Ltd Earnings Call Transcript
Key Points
- FY '23 revenue of $22.2 million, up 89% year-on-year.
- Direct product sales increased by 195%, representing 76% of total product sales.
- Gross profit of $16.2 million, up 77% year-on-year.
- Successful completion of a capital raise in September 2023, resulting in $9.2 million in cash by year-end.
- Significant progress in woundcare sales due to the DME business model and strategic targeting of larger woundcare centers.
- Operating expenses increased by 48%, driven by a 96% rise in selling and distribution expenses.
- EBITDA loss of $14.8 million, compared to a loss of $11.8 million in 2022.
- Gross margin decreased to 73% from 78% in 2022 due to the startup of the DME business.
- Net cash operating outflow of $15.1 million in 2023.
- Continued need for significant investment in direct sales force and clinical studies.
Good morning, everyone, and welcome to the Next Science Limited FY '23 result briefing. My name is Francoise Dixon, and I'm Head of Investor Relations for Next Science. Today our CEO, I.V. Hall and our CFO, Marc Zimmerman, will provide an overview of the FY '23 results before opening it up for questions. (Event Instructions)
I will now hand over to I.V. to take us through the results.
Thank you, Francoise. Good morning, everyone, and thank you for joining us for the presentation of Next Science's FY '23 result. It has been an important year for Next Science, as we continue to focus on the development and commercialization of our proprietary and unique XBIO technology.
Let's kick off with our financial highlights, and please note they are expressed in US dollars. FY '23 revenue of $22.2 million was up 89% year-on-year with the second half FY '23 revenue of $12.1 million, in line with guidance we
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