Forbes Medi-Tech sees revenue up in fiscal 2006

By Clarisse Douaud

- Last updated on GMT

Related tags: Forbes medi-tech, United states

Forbes Medi-Tech has reported in its year-end financial report that
sales of Reducol continue to increase and offset operating losses.

The Canadian company has a reported revenue of $7.2mn for the year ending December 31, 2006, up 64 percent from the previous year. At the same time, net losses from continuing operations also increased - growing to $17.7mn in the 2006 fiscal year from $16.5mn in 2005. Despite the toll of development and marketing investments, Forbes Medi-Tech has underscored the success Reducol is seeing as it appears in more and more products worldwide. "As we focused on driving our company forward during 2006, our achievements and significant challenges brought change that required us to balance past ventures with future opportunities, and to build on the momentum created by our successes,"​ said Charles Butt, president and CEO of Forbes Medi-Tech. Based on the cholesterol-lowering ingredient's performance, the company expects revenues to be up approximately 31 percent over the course of the current fiscal year. To date, the company's focus with the ingredient has been on Europe. In 2006 Reducal was launched as a product ingredient through retailers including Tesco and Wal-Mart/ASDA in the United Kingdom, Albert Heijn in the Netherlands, Kesko in Finland, Modelo Continente and Jeronimo Martins in Portugal as well as Carrefour in France. Next the company plans to continue expansion into Asia and North America, with a focus on the United States. Forbes Medi-Tech also said it is looking to build a portfolio of products with new ingredients to boost overall revenue and mass-market appeal. The company received $25mn from the sale of its interest in the Canadian life sciences company Phyto-Source in March 2006. This sale signaled a change in course for Forbes Medi-Tech as it redirected net proceeds towards its pharmaceutical and nutraceutical development programs. "The balance of our pharmaceutical and nutraceutical areas of our business has enabled us to be in a strong position to make adjustments going into 2007,"​ said Butt.

Related topics: Cardiovascular health, Botanicals

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