Zoono delivers massive 741pc jump in top-line revenue, share price still lags
Health & Biotech
Health & Biotech
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Biotech company, Zoono (ASX:ZNO) has announced a massive 741% increase in top-line revenue of NZ$14.4 million for the first half of FY21.
Bottom line net profit came in at NZ$2.7 million, up NZ$3.4m on the prior corresponding half-year.
The company said its December invoices made up the bulk of the sales, notching up NZ$7 million.
Zoono develops a suite of environmentally-friendly anti-microbial solutions, primarily in the B2B sector. Its products are primarily based on its intellectual property, ‘Zoono Molecule’, an antimicrobial molecule used to combat a variety of pathogens.
Its main markets are scattered all over the world, and includes North Ametrica UK/EU, China, the Middle East and Africa.
North America has been a key focus for the company during the half year. Zoono has now successfully completed control and ownership of US licences, and with that done, will now implement a similar strategy to that adopted in the UK/EU to build the American business. NZ$2.8 million was booked in the American business for the half.
The company is also expecting results of the US Environmental Protection Agency (EPA) testing of its Z-71 products against the human coronavirus by the end of February.
In Asia, Zoono said it has revamped its approach to the China market. The company has now established a wholly owned subsidiary in China, and will start to seek strategic distributors in the country. The company expects that Zoono products will be introduced to all Chinese zoos (including the famous China Giant Panda Breeding Centre).
The Middle East segment continued to perform well, and after passing some new regulatory testing, Zoono products can now be sold into hospitals and medical centres. The company also submitted a proposal to supply sanitisation products for the entire Dubai Expo 2021 site.
Back home in Australia, Zoono has also partnered with the Australian defence sector, with its surface and hand sanitiser technology already used in several bases in NSW. Five additional bases in Queensland are scheduled to come on-line in early March.
Zoono CEO, Paul Hyslop, said:
“While the home markets of NZ and Australia are important, the sales volumes available in the larger off shore markets demand that Zoono continues to aggressively go pursue new business globally. We remain confident of delivering a year-end revenue result that surpasses last year.”
Despite positive developments in recent months, Zoono’s share price has consistently fell over the past six months by over 65 per cent.