Cambridge Nutritional Sciences (CNSL) , a specialist medical diagnostics company, has announced its unaudited interim results for the six months ended 30 September 2023.
In the period, CNS established itself as a standalone business focused on Health and Nutrition under its new name of Cambridge Nutritional Sciences Plc.
In the first half, Cambridge Nutritional Sciences saw revenue hit £4.9 million, up 44% from H1 2022. Gross margin increased to 62.7%, owing to enhanced production and product mix. Finally, cash came in at £4.4m, up from H1 2022’s £2.7m.
Operationally, CNS said its FoodPrint® operations significantly improved, and a USA lab launched commercialising FoodPrint®. Further expansion into the USA is planned, with validation and approvals currently taking place with two other laboratories in the region.
Looking ahead, Cambridge Nutritional Sciences is set to meet full-year market expectations. Expansion into three new countries via educational programs is underway and MyHealth Tracker's UK-wide rollout is imminent, with international expansion planned for FY25.
Commenting on the results, Jag Grewal, Chief Executive officer, said: "The first half of this year delivered encouraging performance in both financial and operational terms. It is particularly reassuring to see improvements in the operational side of the business yielding tangible results. We continue to build a new foundation as a standalone business and believe we have the right strategy and vision to build on a leadership position in the exciting market of personalised health and nutrition."
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CNS provides a range of diagnostic laboratory tests associated with food intolerance, gut health, and wellbeing. These tests are designed to support both health professionals and individuals who wish to make informed decisions when managing their health.
The refocus on Health and Nutrition during the period is timely, given the growing demand for food sensitivity tests, attributed to an increase in the number of food borne illnesses, evolution of regulatory environment, and the rise in consumer awareness against food intolerance. This is shown through revenue increasing 44% overall.
CNS's food sensitivity tests are made for those with a condition where there is a delayed adverse physiological response to particular foods, as opposed to an allergic reaction to food.
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