The medical products company Blis Technologies is changing its business model, following its disappointing full year result in 2022.
The Dunedin-based company manufactures a range of probiotic-based products for the mouth and throat. (File pic) Photo: 123RF
Blis said it will narrow down its operational focus on business-to-business (B2B), moving away from direct selling to consumers except for those in New Zealand and the United States.
The Dunedin-based company - which posted a net loss of $2.7 million for the year-ended March - manufactures a range of probiotic-based products for the mouth and throat.
Blis chief executive Brian Watson said while it was a change from its current operating model, it would continue undertake many of its existing activities.
"We have identified which markets and channels continue to work well and deliver margin for us. In other markets, we will seek to develop partnerships with parties who are better placed long term to develop those opportunities.
"Our B2B focus on international markets will see us looking to leverage other companies' strengths in the [business-to-consumer] market while we focus Blis's business on growing and delivering a portfolio of ingredients and finished product formats that those companies can take to market," Watson said.
Blis chairperson Geoff Plunket said the company remained committed to its purpose of developing breakthrough probiotic solutions.
"The FY22 result has led us to consider whether a more tightly focused strategy is appropriate. By sharply critiquing every aspect of Blis's operational and financial performance we have identified what we do best and how we are best to deliver to our purpose," Plunket said.
Blis said its revenue for the first quarter of 2023 is at $2.3m, up 29 percent from the same period last year, with an operating loss of $0.3m.
