Microba Reports 30% Revenue Growth and 88% Surge in Australian Test Sales

Strong Momentum in Diagnostics

Microba Life Sciences Ltd (ASX – MAP) closed FY25 on a high note, reporting a record quarter for its core microbiome diagnostic tests, MetaXplore and MetaPanel. In Australia, MetaXplore sales surged 88% year-on-year to 3,451 tests, supported by an 89% increase in ordering clinicians. The UK market, having achieved full access only at the end of May 2025, saw a 74% quarter-on-quarter jump in MetaXplore tests, marking a significant acceleration in clinician adoption.

This growth underpins Microba’s strategy to transition away from legacy products and focus on its core diagnostics portfolio, which now represents the majority of gastrointestinal (GI) test sales in both regions. The company’s FY25 revenue of $15.67 million reflects a 30% increase over the prior corresponding period, despite a strategic revenue mix shift that saw legacy services phased out.

Clinical Validation and Product Innovation

Microba bolstered its market position with compelling clinical study results. Notably, its MetaPanel test identified gastrointestinal pathogens in over 35% of inflammatory bowel disease (IBD) patients experiencing flare-ups, with more than 60% of these pathogens missed by routine testing. Such findings have the potential to reshape treatment protocols and reduce unnecessary therapies or surgeries.

Additionally, 71.4% of reports from over 4,600 patients using MetaXplore identified actionable results, with a separate patient cohort reporting a 65.5% improvement in health outcomes following clinician-guided interventions. These data points highlight the clinical utility and transformative potential of Microba’s diagnostic offerings.

Product enhancements released in Q4, including intuitive Marker Cards and a secure Report Sharing feature, aim to improve result interpretation and foster collaborative care among clinicians, further accelerating adoption.

Strategic Shift to Partnering and Therapeutics Pipeline

While Microba has ceased internal R&D investment in therapeutics, it maintains a rich pipeline of live biotherapeutic assets developed over five years. The company is now focused on partnering to unlock value, with two major sector deal catalysts anticipated by late 2025. These catalysts coincide with pivotal clinical trial readouts from peer companies that could validate the live-biotherapeutic modality and trigger competitive deal activity.

Microba’s therapeutics strategy leverages its proprietary databank and AI-driven discovery platform, positioning it well within a burgeoning $1.4 trillion healthcare disruption opportunity centered on microbiome diagnostics and therapeutics.

FY26 Outlook and Market Expansion

Looking ahead, Microba targets regional break-even in Australia and the UK in FY26, contingent on doubling core test volumes to over 24,000. The company plans to expand into the US and European markets, assuming regulatory pathways remain accessible and partnerships with established laboratory service providers are successfully established.

Microba’s management emphasizes disciplined capital allocation to support commercial execution and product development, aiming to sustain revenue growth ahead of expense increases and enhance operating leverage.

With a solid cash position of $11.7 million and a market capitalization of approximately $54 million, Microba is well-positioned to capitalize on growing clinician adoption and emerging therapeutic opportunities.