Blis Technologies of Dunedin, reported a reduced loss of $617,000 for the year ended March 31, an improvement on the $964,000 loss reported in the previous corresponding period (pcp).
In the same period, the company improved its revenue 28% to $878,000, chairman Peter Fennessy said.
Product sales were up 41% to $657,000, mainly due to increases in offshore sales of $270,000.
Licensing revenue was nil compared to $114,000 in the pcp.
Rev-enue from research and development agreements was up 93% to $183,000.
Sharehold-ers' funds at balance date were $1.92 million.
No tax was payable and no dividend would be paid, he said.
"The implementation of the new business strategy has been the focus over the last year.
This focus is on business-to-business relationships seeking part-nerships with companies with regional and global marketing reach."
The appointment of Barry Richardson as chief executive had translated into a major effort to secure such business partners, Mr Fennessy said.
The new agreement with Pharmabroker, for New Zealand sales, and the expanded agreement with Breezecare, in Australia, and the ongoing negotiations with DSM Nutritionals were evidence of the strategy.
The R&D partnership with Nestle was signed in 2007 and the company received payments totalling $180,000 in the year to March.
The review of the New Zealand market strategy was completed and the marketing arrangements had been re-organised, he said.
Product sales in New Zealand increased in volume, although gross income was reduced.
Changes had been made to improve profitability.
Sales to Australia had increased and the Breezecare business model, with its focus on direct marketing to dentists, was a successful one, Mr Fennessy said.
The increasing complex-ities of the international regulatory environment had inhibited progress.
However, those were the realities of the international market and the company had worked "assiduously" to overcome the delays by engaging in strategic partnerships with companies with the appropriate expertise in the various markets.
The year had been notable one for the Blis intellectual property (IP) portfolio, he said.
Patents had been granted in Canada, the European Union and Hong Kong for the Lantibiotic patent and in the United States for the dental caries patent.
Two new patent applications had also been filed.
"In this respect, the company is also investigating opportunities to manufacture the Blis products offshore.
A strong IP position is an essential component of any such manufacturing strategy," Mr Fennessy said.
