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 19 February 2026

Strong YTD performance

For the third quarter (3Q26) ending 31 December 2025, BLIS Technologies Limited (BLIS) achieved revenue of $3.1m, although being 3% behind the same period last year, the nine months revenue to 31 December 2025 was $10.8m, an increase of $1.5m (17%) on the same period last year.

The EBITDA result for 3Q26 is $0.3m, the same as for the same period last year. For the nine months to 31 December 2025 (YTD), underlying EBITDA is $1.7m after adjusting for the one off supply chain costs noted in previous market updates. Reported EBITDA is $0.8m being an increase of 44% on the same period last year.

“Year to date revenue growth has predominantly come from a $1.4m (21%) increase in B2B revenues, a combination of strong orders from existing ingredient customers, new ingredient customer activity in APAC and growth of private label revenue. Total B2C revenue has grown by $0.3m (9%), with strong performance in the NZ Wholesale channel.” said Scott Johnson, CEO.

“Over the past months, BLIS collaborated closely with Probi AB to revise their joint business plans, aiming to advance the oral probiotics program for both humans and pets. This was a result of the extension of the existing Technology License & Distribution Agreement. This relationship is key to delivering future growth in our B2B business.” said Scott Johnson, CEO.