Futura Medical PLC has released its final results for the year ended 31 December 2023, marking a transformational year for the company. The company has made significant progress in key target markets, including obtaining FDA Marketing Authorization for Eroxon® in the USA, successful launches in the UK and Belgium, and approvals in new markets such as Saudi Arabia, Mexico, and Australia. Early data shows a 20% market share for Eroxon® in the UK and Belgium, indicating proven demand for the product.
Financially, the company achieved its first meaningful revenues of £3.1 million, with a gross profit of £1.8 million and a strong cash position of £7.7 million. Futura also extended its licensing agreement with Cooper to 2029 and made Eroxon® available on prescription in England and Wales, improving availability and raising awareness.
James Barder, Chief Executive Officer, expressed his delight at the landmark results, highlighting the company's progress and the excitement for future growth. He emphasized the team's tireless efforts, the lean operating model, and the clearly defined growth strategy, which underpins everything they do. Barder also expressed confidence in making Eroxon® available to more people across the globe and aiming for profitability in the next 12 months.
Futura Medical plc is the developer of innovative sexual health products, with its lead product Eroxon® developed for the treatment of Erectile Dysfunction ("ED"). The company has distribution partners in major consumer markets, including Haleon in the USA and Cooper Consumer Health in Europe. Eroxon® has been nominated for healthcare industry awards and has won several to-date.
The company will be hosting a live presentation for investors on 10 April 2024. The presentation will provide further insights into the company's performance and future plans.
This news release contains forward-looking statements, reflecting the company's current expectations and involving risk and uncertainty related to future events and circumstances.