Futura Medical Plummets as Revenue Forecasts Slashed

Futura Medical (LON: FUM) shares plunged on Friday as the company faces a significant setback, revealing that revenue for the year ending December 31, 2025, is expected to be materially below expectations.

The news sent Futura's stock price as low as 4p per share. It is currently trading at 5.74p, down 35%.

In-market sales of Eroxon, Futura's flagship product, have been slower than anticipated across all markets, particularly in the United States, which was considered the area of greatest potential.

Initial inventory orders from distributors, recognized in 2024, are said to still be meeting current demand, leading to significantly lower replenishment sales for Futura.

Adding to the financial strain, a $2.5 million milestone payment from Haleon, contingent on the granting of a U.S. patent for Eroxon, is now expected to be received in the first half of 2026, instead of FY 2025 as initially projected.

While external legal advice suggests a high probability of the patent being granted, the delay further impacts Futura's near-term revenue outlook.

The company now anticipates FY 2025 revenue to fall between £1.3 million and £1.4 million, a substantial drop from previous market expectations of £5 million.

This forecast has forced Futura to explore various options to extend its cash runway, including potential financing and commercial opportunities.

As of the end of August 2025, Futura's cash and cash equivalents stood at £2.71 million, which is expected to provide working capital only into January 2026, subject to certain variables. This necessitates a significant restructuring to align the cost base with the company's current commercial progress.

The Board is said to be undertaking a thorough strategic review, considering alternative partnering, licensing, and distribution arrangements for Eroxon, Eroxon Intense, and WSD4000.

A potential sale of one or more assets is also on the table as the company seeks to maximize shareholder value. Development plans for Eroxon Intense and WSD4000 are continuing, reflecting the Board's belief in the underlying value of the Group's assets.