Medtech company Miris breaks its sales record with its complete product portfolio for breast milk analysis. Recently, the company reported the highest net sales to date for the first half of the year, in a global market where they are currently without competition. With encouraging sales growth and a strong cash position, Miris is well equipped for further expansion.
Spotlight-listed Miris develops and sells a market-approved and complete breast milk analysis product portfolio that gives premature babies an increased chance of a healthier life. The company’s analysis instrument Miris Human Milk Analyzer (Miris HMA) is sold globally, with neonatal units, milk banks and research institutes as its customers.
With Miris HMA, breast milk enrichment is tailored to the individual nutritional needs of premature babies.
The company has no direct competitors as there are currently no other regulatory approved analysis instruments for breast milk analysis.
Record sales in H1
Recently, the company’s report for the year’s second quarter came out. The company reported an operating loss of SEK -3.0 million – an improvement of more than 40 per cent compared with the same period last year. Sales rose by 44 per cent to SEK 4.4 million from SEK 3.1 million in 2021 during the period. Since the start of the year, sales have risen by approximately 11 per cent. With a gross margin of 71 per cent, Miris also shows good margins on its sales.
Miris CEO Camilla Myhre Sandberg commented on the results in the report:
– In other words, we continue our strong sales growth and deliver the highest net sales in the first half year of Miris’ history. A clear sign that a broader market is embracing the message we have been communicating over the past five years.
Recurring revenue increases
There are currently approximately 450 HMA instruments installed in 53 countries. In addition, Miris also sells products for sample preparation and consumables related to HMA to offer a complete product portfolio. Learn more.
The interim report shows that revenue from consumables increased by 66.8 percent during the first half of the year compared to the same period in 2021. As a result, consumables accounted for more than a quarter of total net sales in H1, confirming the ever-increasing use of Miris HMA.
Growing in the US-market
Although new HMA instruments have been delivered to various locations in Europe, instrument sales during the second quarter have mainly taken place in the US. In the US market, Miris had a total of 74 instruments installed at the end of the period, spread over 29 states. This includes 28 percent of U.S. milk banks and 6.4 percent of the nation’s neonatal intensive care units (NICUs). Despite already good market penetration, HMA being the only product in the segment is thus well placed for increased growth also going forward.
Financially strong for expansion
Another important event during the quarter was the expiry of Miris’ warrants of series TO2 – issued in connection with the 2021 rights issue. The options were subscribed to 89 percent and provided the company with SEK 6.9 million before issue costs. With the capital injection and expectations of continued positive sales growth, Miris considers itself financially well-equipped for further expansion going forward.
With the development of the next generation of HMA, which also enables the introduction of a better business model, the company estimates that the global market potential will grow from the current SEK 3 – 4 billion per 5-year period to SEK 10 – 11 billion per 5-year period. Given that Miris HMA is the only approved product for breast milk analysis, the company also has a special position in pricing and an expansion in this significant market could have a major impact on the last line of upcoming reports.