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 Full Year results, released on 21 May 2026:

BLIS Technologies Limited (BLIS) is pleased to report strong revenue and underlying earnings growth for the year ended 31 March 2026 (FY26). The financial year was marked by disciplined commercial execution, meaningful progress on key strategic partnerships, and resolution of the significant intellectual property matter that had carried over from FY25.

Revenue for FY26 was $14.7m, a 16% increase on FY25 ($12.6m). This was underpinned by strong growth across our B2B ingredient and private label revenues, together with continued B2C momentum, particularly in the New Zealand wholesale channel.

As detailed in the 1H26 commentary, FY26 earnings were impacted by a one-off supply chain cost increase of $0.9m. After adjusting for this, FY26 underlying EBITDA was $1.8m, and a significant step forward in realising the earnings potential of the business. Reported EBITDA for the year was $0.9m, compared to $1.0m in FY25. Net profit after tax (NPAT) was $0.7m (FY25 $0.8m), with underlying NPAT of $1.6m representing a 90% improvement on FY25.

BLIS maintains a strong balance sheet to support future growth and innovation. Cash and short-term deposits at 31 March 2026 totalled $8.5m (FY25 $9.7m). This movement reflects the investment in inventory during the period associated with the one-off supply chain cost.