The Next Science Ltd (ASX: NXS) share price has managed to avoid the market selloff and push higher on Friday.
In afternoon trade the medical technology company's shares are up 1% to $1.86.
What is Next Science?
Next Science is a medical technology company headquartered in Sydney, Australia, with a research and development centre in Florida, United States.
Its primary focus is on the development and commercialisation of its proprietary Xbio technology to reduce the impact of biofilm based infections in human health.
Xbio is a unique, non-toxic technology with proven efficacy in eradicating both biofilm based and free-floating bacteria.
Why is the Next Science share price pushing higher?
Investors have been buying the company's shares on Friday following the release of its full year results.
For the 12 months ended December 31, Next Science delivered a 43% increase in revenue to US$4.1 million and a 42% lift in gross profit to US$3.5 million. This was achieved despite the company facing challenges due to delays with its distribution partners in the United States, and with delayed regulatory approvals in Europe.
Also improving during the 12 months was its underlying EBITDA. Next Science posted an EBITDA loss of US$11.1 million, compared to a loss of US$13.1 million in FY 2018. This was the result of a 6% reduction in operating expenses, thanks largely to a sharp reduction in employee expenses following a sales and marketing restructure.
At the end of the period the company had cash of US$16.9 million. Management believes this is sufficient to fund its business plan and grow its investments.
Outlook.
No guidance was provided, but management revealed that it is focused on growing the sales of its existing products in FY 2020.
It will be working with its partners on geographic market expansion when appropriate regulatory approvals are cleared, as well as the launch of BlastX with the 3M KCI sales force.
Outside this, the on-boarding of new partners and new product launches are expected to also boost its sales in FY 2020.
