Blis Technologies Limited Analysis

Overview

Blis is an NZX-listed manufacturer of advanced probiotic strains that enable the delivery of probiotic solutions for specific health targets including throat health, halitosis (bad breath), immune support and teeth and gum health. Combining innovation with evidence-based research has enabled the company to develop a range of products containing two strains of probiotic bacteria - BLIS K12 TM and BLIS M18 TM. Both of these strains occur naturally in the oral cavity however, only around 2% of the population have these healthy bacteria at levels high enough to be effective.

BLIS products have received regulatory approvals for sale throughout New Zealand, Australia, Asia, Europe and the USA. Brand names include ThroatGuard PRO, DailyDefence, TravelProtect, HoneyBlis, FreshBreath and ToothGuard.

Blis probiotics have a significant body of evidence which is constantly growing as more clinical trials are completed. Blis probiotics have been included in more than 40 clinical trials to date.

The company's origins lie in research undertaken by Professor Emeritus John Tagg of the Microbiology Department at the University of Otago in New Zealand who found that Salivaricin B, a substance which acts as a natural antibiotic, controls streptococcal throat infections. Blis Technologies commenced business in August 2000 when it acquired the University's collection of several thousand bacteriocin-producing organisms. It listed on NZX in 2001.

Performance

The following information was extracted from BLIS Technologies Limited's market update, released on 18 August 2025

Revenue growth with one off cost pressures impacting profitability

BLIS Technologies Limited (BLIS) delivers revenue of $3.5m for the first quarter ending 30 June 2025 (1Q26), an increase of $0.1m on the same period last year. 1Q26 EBITDA is a $0.2m loss compared to a $0.5m profit for 1Q25.

1Q26 results are characterised by growth in Private Label revenues and strong New Zealand wholesale revenues leading into winter. Total ingredient revenues were down compared to the same period last year, impacted by the timing of orders for one of our larger customers, but will rebound this quarter.

1Q26 earnings have been impacted by one-off cost increases within the supply chain. The one-off cost increase is forecast to be $0.9m in the full year FY26 with $0.7m impacting the Q1 result. Q1 EBITDA is a $0.5m profit on an underlying basis excluding one-off costs (Q1 2025 $0.5m).

“Based on current market indicators, we are forecasting revenue in 1HY26 will be around $7.5m, driven by a strengthening of ingredient revenues. This represents an increase of 25% from 1HY25. EBITDA (inclusive of one-off costs) for 1HY26 is expected to be a profit slightly below the same period last year (1HY25 $0.3m).

“The timing of ingredient sales and the one-off costs in the supply chain have impacted the Q1 result. An improved Q2 result will offset the lower Q1 trading result. At this stage we are forecasting revenue growth of between 10% and 15% for the full year FY26” said Scott Johnson, CEO.