Medical market proves not all milk and honey for Comvita

Bee products company Comvita said today it has been harder than anticipated to break into the medical wound care market, but added the payoffs would be worth it.

The company said in a statement to the stock exchange that meeting the regulatory and product requirements to enter the market had taken longer than anticipated.

Chief executive Graeme Boyd said this had delayed revenue benefits of the new products.

"That delay had a direct impact on our bottom line result for the year but in effect it is not lost revenue, it is delayed revenue," Mr Boyd said.

But Mr Boyd said the potential benefits of entering the medical wounds market, which is worth $6 billion worldwide, made the perseverance worthwhile.

Mr Boyd said Comvita's medical honey dressings now had approvals that allowed them to be sold in all European markets and the company had adopted a "steady as she goes" approach.

"We are working to a very clear plan for growth, and we've proved we have the stamina to stay focused on the outcomes we want, even when things don't go as quickly as we would have liked."

Comvita's dressings are infused with an antibacterial property in manuka honey called UMF, or Unique Manuka Factor. UMF is found in some, but not all, manuka honey.

Comvita has a manufacturing agreement with British-based medical device manufacturer Brightwake.

"We now have medical manuka honey infused into a calcium alginate fibre - a fibre already accepted by the wound care profession," Mr Boyd said.

Comvita is listed on the stock exchange's alternative exchange, the NZAX. Its shares last traded at $2.10, having ranged between $2.04 and $2.70 over the past 12 months.

- NZPA