Futura lowers outlook on slow trading, patent delay; eyes asset sales
Futura Medical PLC on Friday said it will pursue major restructuring plans including possible asset sales as it warned of full-year revenue ‘materially below expectations’.
The Guildford, Surrey-based developer of sexual health products now expects revenue for 2025 between £1.3 million and £1.4 million, versus company-cited consensus of £5 million. In 2024, Futura’s revenue totalled £13.9 million.
The firm attributed the downgrade to slower sales in all markets, and delays in securing a US patent for its Eroxon product.
Futura shares plunged 48% to 4.60 pence on Friday morning in London, and are down 87% in the last 12 months.
The company has partnered with Haleon PLC to commercialise Eroxon in the US. The Weybridge, Surrey-based consumer healthcare products firm will owe Futura $2.5 million upon the patent being granted. Futura had banked on this forming part of full-year 2025 revenue, but on Friday said it only expects the payment to be due in the first half of 2026.
Still, the company noted ‘external legal advice indicates a high probability’ of receiving the payment and the grant, which is currently under evaluation by the US patent office.
Futura indicated that US in-market sales of Eroxon were particulary disappointing, given that this is ‘where the market size and potential is considered to be the greatest.’ Replenishment sales were ‘significantly below forecast’, as initial inventory orders from distributors were limited by demand.
Cash and cash equivalents were around £2.7 million at the end of August, according to Futura, with enough working capital to see the business through to January 2026. The firm is mulling ways ‘to extend its cash runway’ through commercial options and financing.
Earlier in August, Futura announced a company review. It has since ‘broadened’ its considerations to the possibility of asset sales, as it eyes alternative partnerships, licenses and distribution deals for its Eroxon, Eroxon Intense and WSD4000 products.
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