Microba Reports 102% Revenue Growth in Q2 FY25 with 195% Jump in MetaXplore Tests

Strong Financial Momentum

Microba Life Sciences Limited (ASX: MAP) has delivered an impressive performance in the second quarter of fiscal 2025, with unaudited revenue reaching $4.43 million, more than doubling the prior corresponding period. This growth was underpinned by a 132% increase in personal testing and supplements revenue, which rose to $3.5 million, alongside a 35% uplift in research testing revenue as the company transitions to its Clinical Microbiomics platform.

Cash receipts for the quarter totaled $3.87 million, up 109% year-on-year, reflecting strong market demand and effective sales execution. Despite a typical seasonal slowdown in December, Microba’s sales momentum defied expectations, signaling robust underlying growth dynamics.

MetaXplore Driving Market Adoption in Australia

The standout contributor to Microba’s growth remains the MetaXplore gastrointestinal disorder test. Australian sales of MetaXplore tests soared by 195% year-on-year to 2,560 units in Q2, with an annualized run rate now exceeding 10,000 tests. This surge was fueled by both an increase in the number of ordering clinicians and higher orders per clinician, supported by targeted clinician education and product enhancements such as Expert Summary and Report Sharing.

MetaPanel, Microba’s gastrointestinal pathogen test, also gained traction, surpassing 575 tests sold since launch and achieving record sales in December. The partnership with Sonic Healthcare continues to expand MetaPanel’s footprint across major Australian states, further solidifying Microba’s domestic market position.

UK Market Expansion and Early Validation

Microba’s UK operations are entering a new growth phase with the MetaXplore Early Access Program launched in October. Initial clinician referral rates in the UK mirror those seen in Australia, providing strong validation for the product and encouraging the company to accelerate the program’s rollout. The company aims for full market access in the UK by the second half of FY25, supported by a bolstered sales team and strategic clinician engagement.

While some existing testing products experienced transitional impacts on sales, the focused push on MetaXplore is expected to drive growth in the UK market in the coming quarters.

Therapeutics Pipeline Progress

Beyond diagnostics, Microba is advancing its therapeutics pipeline with notable progress in inflammatory bowel disease (IBD) and immuno-oncology programs. The MAP 315 candidate is progressing toward a Phase 2 clinical trial in IBD, with the company actively exploring non-dilutive strategic partnerships to maximise value.

Additionally, Microba’s autoimmune disease program has successfully completed its discovery phase, advancing six lead candidates toward pre-clinical development and intellectual property filings. Collaboration with International Flavors & Fragrances on microbiome-based allergy treatments is also progressing, with safety and manufacturability assessments underway and key experiments expected to conclude in Q3 FY25.

Financial Position and Outlook

Microba ended the quarter with a strong cash balance of $17.3 million, providing ample runway to support ongoing operations and strategic initiatives. The company’s disciplined cash management and positive operating cash flow position it well to capitalise on growth opportunities in both diagnostics and therapeutics.

CEO Dr Luke Reid highlighted the company’s confidence in its growth trajectory, citing the breakout sales performance in Australia and promising early UK results as evidence of Microba’s expanding market traction and the significant opportunity ahead.