Cellmid 2017 Annual Report 7
to be renewed through a lengthy and complex application
process. Orders could not be shipped as a result between
October 2016 and July 2017. With new import permits now
in place for Lexilis® and Jo-Ju® Advangen commenced
shipping again in FY2018.
Looking back at the company since the acquisition of
Advangen Inc., the financial performance between FY2014
and FY2017 is summarised in Table 1 below. Sales of the
consumer health products increased almost four-fold in four
years. Our income cover improved from 38% to 58% during
the same period, even though we have made a significant
investment in our US business in FY2016 and FY2017.
Our target remains profitability for our consumer health
businesses. Equally important is pursuing the large
international markets of the USA and China expeditiously,
so we keep ahead of the competition. Anti-aging hair care
is the fastest growing segment in the hair care category
and, predictably, competition is intensifying. Advangen
is currently leading the field with its first FGF5 inhibitor
products range, a position that must be exploited to
achieve maximum market penetration within the shortest
possible time.
TABLE 1: FINANCIAL RESULTS 2014-2017
FY2014 FY2015 FY2016 FY2017
Total revenue $2,795,948 $2,967,562 $4,611,108 $5,560,121
Advangen Revenue $1,150,931 $1,842,804 $3,120,367 $4,453,208
Midkine revenue $1,009,188 $126,559 $268,535 $247,606
R&D tax credit/grants $747,106 $998,199 $1,121,562 $831,408
Total expenditure $5,023,890 $6,301,547 $8,098,979 $9,530,994
R&D spending $1,660,236 $2,218,220 $2,492,360 $2,478,483
Current assets $4,499,891 $4,173,616 $5,131,104 $6,562,302
Revenue/Expenditure 38% 47% 57% 58%