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news.Forbes Medi-Tech has reported increased fiscal 2005 revenue guidance and increased fiscal 2004 revenue, which the company has attributed, in part, to its milk drinks based on cholesterol-lowering ingredient Reducol.
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Forbes announced revenue guidance of C$21 to C$22 million for fiscal 2005 for the period ending December 31, 2005. This anticipated revenue represents a minimum 20% growth versus 2004’s expected revenue of approximately C$17.5 million.
The company’s projected 2004 revenue exceeds the previous guidance of C$16.5 announced in December 2004. This increase is due to strong sales of Reducol and non-branded sterols (Phyto-S Sterols) in November and December.
Sterol shipments have commenced under the three-year $24.4 million agreement between Forbes’ manufacturing joint venture, Phyto-Source LP, and a leading multinational ingredient company. This contract, announced in September 2004, and revenue from sales of Reducol in the European Union are expected to contribute to the 2005 revenue guidance.
“We are excited by our prospects for 2005,” said Charles Butt, president and CEO of Forbes Medi-Tech. “The recent European Union approval of our cholesterol-lowering ingredient, Reducol, in milk-based beverages and pending approvals for other food groups should provide significant opportunities for our nutraceutical business.”