Immuron Sees Substantial Sales Growth in FY23 Driven by Resurgence in Travel (ASX:IMC)

5th July 2023 | Healthcare & Biotech News | StockHound

Immuron Limited (ASX: IMC; NASDAQ: IMRN), the Melbourne-based biopharmaceutical firm, has reported a stellar performance for FY23 with a 136% surge in global sales compared to FY22. The company’s over-the-counter gastrointestinal and digestive health immune supplements, Travelan® and Protectyn®, contributed largely to this significant increase in sales, which reached AUD $1.80 M in FY23, compared to AUD $765 k in FY22.

In Australia, the sales for FY23 stood at AUD $1.16 M, which is a 478% increase from FY22 sales (AUD $201 k). Immuron attributes the notable sales hike to the rebound in overseas travel. Australian resident short-term departures in April 2023 were 82% of the pre-pandemic levels in April 2019, according to the Australian Bureau of Statistics.

In the June 2023 quarter, Immuron faced stock outages for Travelan® due to increased demand, affecting some wholesalers and pharmacies. Although Immuron has inventory ready for release, it awaits GMP Clearance from the Therapeutic Goods Administration (TGA) before it can replenish stocks. The TGA is currently inundated with a high volume of GMP Clearance extension applications, which is delaying processing timeframes. Immuron intends to expedite the resolution of this issue with the TGA.

Meanwhile, in the USA, Travelan® saw an increase of 28% in FY23 sales, reaching AUD $643 k, up from AUD $501 k in FY22. The growth was primarily driven by increased sales in Passport Health Travel Clinics and distributor sales. However, the sales were impacted by supply constraints, which have now been resolved. Immuron holds sufficient inventory to meet the needs of its current customers and has already shipped inventory to Amazon, anticipating a launch in the upcoming weeks.

Looking ahead, Immuron plans to continue expanding its portfolio of products and focusing on growing sales of its existing offerings. The company remains poised to tap into new market segments with its strong product pipeline.

Travelan® is an orally administered passive immunotherapy that aims to reduce the risk of contracting travelers’ diarrhea, a common issue faced by tourists and caused primarily by pathogenic bacteria and the toxins they produce.

Immuron Limited (ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical company focusing on the development and commercialization of orally delivered targeted polyclonal antibodies for the treatment of inflammatory mediated and infectious diseases.