H1 FY26 Results & Company Presentation
Released
Released
Announcement PDF
Jan 2024 Strategy Meeting
February 2026
H1 FY26 Results &
Company Presentation
Blair Vega Norfolk
Founder & Managing Director
Biome Australia
#1 fastest growing probiotic brand, ACTIVATED PROBIOTICS,
in Australian pharmacy
100% of product range in growth. Full-margin growth without promotional discounting.
Proprietary IP pipeline with first
human clinical trial underway
BMB18TM
strain, 240-participant RCT with La Trobe University
Record revenue, record profit,
40% growth
$12.40m H1 revenue | $6.45m Q2 revenue | $1.18m net profit | 8 consecutive EBITDA quarters
H1 FY26 Financial Scorecard
Record results across all key metrics
Revenue
$12.40m
+40% vs PCP
Adj. EBITDA
$1.47m
8th consecutive quarter
Net Profit
$1.18m
+172% vs PCP
Gross Margin
61.1%
Achieved (1H25: 61.0%)
Op. Cash Flow
$2.09m
$3.21m turnaround
EPS
0.53c
+165% vs PCP
Operating Leverage Now Visible
Earnings growth significantly outpacing revenue growth
Revenue & Cash Receipts ($m) EBITDA* (Adj) & Net Profit ($m)
Revenue
+40% +100%
Net Profit
+172%
Cash Receipts
+62%
EBITDA
Market Opportunity
Large, growing global market with significant runway in Australia and internationally
Global Probiotics Market
~US$75B+
estimated 2025, growing 7-8% CAGR
Dietary supplements the fastest growing segment at ~12% CAGR
Australian Probiotics Market
~A$600M
estimated domestic market
Biome is #1 growth brand with significant headroom to scale
How Biome Has De-Risked the Opportunity
#1 growth brand
Category leadership established across
community pharmacy, TWC, Priceline,
and wholesale
Revenue at scale
Annualised run rate of ~$25.8m with
40% growth, proving product-market fit
and repeat demand
5 markets live
Practitioner-only model validated in
Australia and now replicating in Canada,
Ireland, UK, and New Zealand
Distribution built
7,000+ points from 100 in FY19. TAM
~12,000. Current penetration ~58% with
significant upside
About Biome Australia
Biome Australia (ASX: BIO) is focused on becoming a
global leader in the complementary medicine industry,
offering clinically-proven, condition-specific probiotic
products fueled by novel clinical research programs to
cement and extend the evidence base of its probiotic
products.
Activated Probiotics, Biome’s flagship range of novel
live-biotherapeutics (probiotics), was created in
partnership with world leading organisations in
microbiome research and utilises innovative delivery
technologies that improves their stability and efficacy.
Biome has a B Corporation certification, a designation that
a business is meeting high standards of verified
performance, accountability and transparency.
A range of condition
specific probiotics
Activated Probiotics has selected specific strains for
various health conditions and aspects of health to
create a range of precision probiotics
7
Selective formulations
with clinically validated
applications
8
Clinically Proven Product Range
The majority of products are supported by published clinical trials on the finished product
Mood, Sleep &
Depression
Biome Lift™
3 RCTs on finished product
Clinically proven for mood, sleep quality,
and subthreshold depression
Bone Health
Biome Osteo™
Published in The Lancet
78% reduction in bone loss vs placebo in
landmark clinical trial
Immune &
Respiratory
Biome Breathe™
RCT on finished product
64% reduction in asthma events vs
placebo
Cholesterol
Biome Cholesterol™
5 RCTs on finished product
Significant LDL reduction. Proven safe
alongside statins
Skin: Eczema
Biome Eczema™
RCT on finished product
52% reduction in eczema SCORAD score
vs placebo
Skin: Acne
Biome Acne™
RCT on finished product
39% reduction in acne lesions vs placebo
Iron Absorption
Biome Iron+™
Clinical trial published
More than 50% increase in iron
absorption with a fruit juice
Children's Health
Biome Daily Kids™
Federation Uni clinical trial
Paediatric-specific formulation with
clinically documented strains
This depth of clinical evidence across a full product range is unique in the global probiotics market and underpins the practitioner
recommendation model
Clinical Evidence as Competitive Moat
The evidence base is what makes the practitioner model work. Without it, there is no recommendation.
Clinically Documented
Strains
Every product formulated with strains
supported by published clinical evidence. Not
marketing claims. Practitioners require this
standard before recommending.
Condition-Specific
Formulations
18 products across two brands, each targeting
a defined health condition. Enables
practitioners to prescribe by indication,
exactly as they would a pharmaceutical
product.
Complementary to
Medical Treatment
Positioned alongside, not instead of, medical
interventions. Practitioners recommend with
confidence because the products complement
existing care plans and are free from any
known drug interactions.
Why This Is Difficult to Replicate
Clinical evidence
requires years
of investment
Practitioner trust
built through
education
Recommendation
drives pharmacy
ranging
Scan data proves
performance,
deepens ranging
New entrants
cannot shortcut
this process
Adjunct Medication Opportunities
ATC medication category Medication volume
July 2020–June 2021
Activated Probiotics product with adjunct opportunities
General Anti-infectives
10M
Prescriptions
per year
Biome Advanced™
Probiotic
To help restore the balance
of beneficial gut bacteria
after antibiotic use
Nervous System
48M
Prescriptions
per year
Biome Lift™
Probiotic
To support healthy mood balance
and enhance sleep quality
Respiratory System
12M
Prescriptions
per year
Biome Breathe™
Probiotic
To help stimulate a healthy immune
system response in children
Dermatological
3M
Prescriptions
per year
Biome Eczema™
Probiotic
To help reduce the symptoms
of mild eczema
Musculo-skeletal System
7M
Prescriptions
per year
Biome Osteo™
Probiotic
To help promote bone
healthy in adults
Cardiovascular
System
29M
Prescriptions
per year
Biome Cholesterol™
Probiotic
To help support healthy cholesterol levels
in healthy adults
Source: http://medicarestatistics.humanservices.gov.au/statistics/pbs_group.jsp
Condition-specific range enables multiple products per patient, positioned alongside medical treatment
Activated Probiotics are recommended by practitioners as complementary to existing medical treatment, not as alternatives. This positions Biome alongside
pharmaceutical and medical interventions rather than competing with mass-market supplements. The clinical evidence base gives practitioners the confidence to
actively recommend, creating a fundamentally different demand model to traditional VMS brands.
Market Position
The fastest growing brand in the biggest category in pharmacy
#1
Community Pharmacy (ex CW)
Probiotic brand by revenue
Fastest growing in category
#2
Terry White Chemmart
Total vitamins
Fastest growing in category
48%+
Priceline Pharmacy
MAT scan sales growth
Significant headroom for further
growth
#1
Wholesale (Symbion/API)
Growth brand VMS category
100% of range in growth
The Pull Model
Full-margin growth without promotional discounting
Traditional VMS Model Push
Growth driven by promotional cycles and discounting
Margin erosion as brands scale
Price-sensitive, substitutable demand
Retailer controls the relationship
High cost of customer acquisition
Biome Model Pull
Growth driven by practitioner recommendation
61% gross margin achieved and maintained at scale
Evidence-based demand, high brand loyalty
~2.5 units per transaction, 6 visits per year (TWCM data)
Consumer seeks the product by name
The Practitioner Flywheel
Our competitive moat: practitioner endorsement drives category leadership
1
Practitioner
Education
Health-qualified
consultants deliver
clinical training
2
Practitioner
Recommendation
Trusted endorsement
drives patient purchase
3
Pharmacy
Purchase
~2.5 units per
transaction, 6 visits/year
(TWCM data)
4
Scan Data
Validates
Category growth drives
deeper ranging
5
Category
Leadership
#1 growth brand
reinforces practitioner
confidence
Repeat purchase behaviour compounds growth across all channels
Training and Education Driven
Sales Model — Practitioner Only
Unique Education and Service Model Drives Sales
in Australia, UK and NZ
Education and Service Support
The Biome sales team is a mix of health qualified practitioner education
consultants and territory managers
Practitioner education consultants undertake high level product detailing and
training in community pharmacy and with independent health practitioners
High quality training and education develops stronger trust and relationships
with health practitioners
Biomes support leads to active recommendations of Biome Australia products
Digital educational content and assets effectively support the national sales
team in servicing practitioner markets
Health Clinics are provided to key accounts to gain trust and develop existing
accounts
Rolling 12 Months
and Quarterly Sales
Revenue
● Biome has grown its Australian distribution from 100
distribution points in 2019 to 7000+ in FY26 — the total
addressable distribution market for Biome in our local
market is ~12,000.
● Existing distribution (7000+) is expected to be ~58%
developed at the close of H1 FY26. This leaves
significant potential for scale in both number of
accounts and average account revenue through Vision
27 and beyond.
● FY26 estimated 7500 by end of FY26.
Distribution growth and
business development
Clinical & IP Pipeline
Proprietary IP strategy building long-term competitive advantage
Discovery Preclinical
Ethics
Approval
Human
Trial
Results &
Product Dev
BMB18TM
Lactobacillus plantarum
BMB18TM
Human Clinical Trial
Trial Design: Randomised, double-blind, placebo-controlled | Participants: 240 | Partner: La Trobe University
Commenced: February 2026 | Strain Bank: Registered with DSMZ (Germany) | IP Status: Proprietary to Biome Australia
Existing Clinical Evidence Base (30+ RCT studies on Biome’s finished products) Including:
Biome Lift (mood & sleep) Biome Osteo (bone health) Biome Daily Kids (paediatric)
BMB18™
: Proprietary Strain Development
Lactobacillus plantarum BMB18 | 100% owned by Biome Australia | DSMZ registered
In Vitro Study Results
Completed by European research partner
Immune Modulation
Strong ability to modulate immune responses and inflammation
Oxidative Stress Reduction
Demonstrated capacity to reduce oxidative stress markers
Gut Barrier Integrity
Maintained intestinal barrier integrity, reducing leaky gut
Human Clinical Trial
Commenced February 2026
Design: Randomised, double-blind, placebo-controlled
Participants: 240 across two active dosage levels
Partner: La Trobe University
Duration: 12 months
Cost: ~$140,000 (within existing R&D budget)
Registry: ANZCTR (Australia New Zealand Clinical Trials)
Target Conditions
Digestive symptoms (bloating, discomfort)
Sleep disturbances
Mood disturbances
Quality of life outcomes
Development Pipeline
Strain
Identification
Commercial
Validation
DSMZ
Deposit
In Vitro
Characterisation
Human
Clinical Trial
Product
Development
100% Biome-owned IP Reduces COGS via proprietary strain Future licensing opportunity Long-term balance sheet asset
International Expansion
Four markets now contributing to revenue
Established Australia
7000+ distribution points
TWC, Priceline, Symbion, API
Mecca, Go Vita
Growing Canada
Fullscript (practitioner platform)
Ecotrend (national wholesale)
Territory managers in ON, BC & Q
Launched Ireland & UK
Uniphar (wholesale distribution)
Pharmacy access established
Launched July 2025
Launched New Zealand
Propharma (EBOS Group)
Green Cross Health
Dual-channel model
H2 Outlook & Growth Catalysts
Winter Immunity Campaign
First major above-the-line national advertising campaign. Outdoor, digital, and co-branded activity with key retail
partners. Timed to coincide with peak demand period.
International Momentum
Canada accelerating with Fullscript now live alongside Ecotrend. Ireland and New Zealand partnerships continuing to
build. UK market under development.
BMB18TM
Clinical Trial
240-participant randomised controlled trial underway with La Trobe University. Results will support proprietary product
development and strengthen IP portfolio.
Category Expansion
Active product pipeline under evaluation to extend the Activated Probiotics and Activated Therapeutics ranges into new
therapeutic categories.
Investment Case
Category Leader
#1 fastest growing probiotic brand in Australia's biggest pharmacy category. 100% of range in growth.
Premium Margin Model
61% gross margin achieved at scale without promotional discounting. Pull-based demand driven by practitioner endorsement sustains
full-margin growth with long product lifecycles.
Operating Leverage Proven
Net profit up 172%. Operating cash flow turnaround of $3.28m. Eighth consecutive EBITDA positive quarter.
Proprietary IP Pipeline
BMB18TM
strain in human clinical trial. DSMZ registered. Long-term balance sheet asset under development.
International Optionality
Four markets live. Practitioner-only model replicating across Canada, Ireland, and New Zealand.
Fully Funded Growth
No capital required. Borrowings halved. Cash generative. Annualised run rate of ~$25.8m ($6.45m Q2 exit run rate).
Shaping the Industry
Biome plays an active role in advancing standards, regulation, and education across
the complementary medicine industry
Complementary Medicines
Australia (CMA)
Board Director
CMA is the peak industry body representing the complementary
medicines sector in Australia, advocating for regulatory frameworks,
market access, and evidence-based standards across the industry.
International Probiotics
Association (IPA)
Board Director
The IPA is the global voice of the probiotics industry, representing
companies across research, manufacturing, and distribution.
Membership includes leading probiotic producers worldwide.
What This Reflects
Direct input into regulatory and policy decisions that shape the Australian and global probiotics landscape
Industry recognition of Biome's scientific credibility and evidence-based approach to product development
Relationships with the world's leading probiotic researchers, manufacturers, and distribution partners
Visibility and influence that support commercial partnerships and international market access
Contact details
Blair Norfolk, CEO
Lauren Dwyer, CFO
Email
corporate@biomeaustralia.com
Websites
biomeaustralia.com
activatedprobiotics.com.au
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