The Skinbiotherapeutics PLC (LON: SBTX) share price plunged 23.9% after releasing its financial results for the six months to 31 December 2022 (H1 2023). The company generated revenues worth £77,000 during the review period, improving on the £22,000 recorded in the 2022 financial year.
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However, investors were disappointed by the low revenue figures despite the significant increase from the previous year. The life sciences company also revealed that it maintained a retention rate of over 80% of subscribers at the end of each month as new customers turned into repeat customers.
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The company reminded investors that it had received regulatory approval to launch its products in Spain on 13 March 2023, after the end of the reporting period. The firm is working with regulators in France and Italy and expects to enter the two European markets by the end of 2023.
Skinbiotherapeutics’ collaboration with Croda on the Sederma project is progressing well. The company is investigating further claims while considering how to start human trials to validate some of the additional claims.
The company managed to scale up its production capacity to 600 litres and is currently testing how to scale up its facilities to produce 20,000 litres of product. The firm is discussing applying its technology to other areas with some potential partners.
Skinbiotherapeutics plans to release the feasibility study results from its skin health and disease research program later this year. The company has also generated positive early indications from its skin health and disease research program and has advanced the program into the formulation stage.
Stuart Ashman, SkinBioTherapeutics’ CEO, said: “Our priority focus for the first half of FY23 to drive forward new product development and sales in AxisBiotix, with the ultimate goal being a partnership opportunity with a multinational, along with the continued progression of work with Croda and the research programmes with Manchester University and the pursuit of an accretive acquisition opportunity that could bring solid sales revenue. We are pleased to report advancements in all areas.”
SBTX shares had recouped some of their losses at publishing.
*This is not investment advice.
Skinbiotherapeutics (SBTX) share price.
The Skinbiotherapeutics (SBTX) share price plunged 23.93% to trade at 11.22p, from Friday’s closing price of 14.75p.
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