Microba, the Australian-based microbiome diagnostics company, has posted a sharp jump in fourth-quarter testing volumes, with core tests rising 78% compared to the same period last year. The update, released on 17 July 2026, shows the company processed over 28,000 tests during the quarter, driven by growing demand from both clinical and research customers.
The company said it is on track to achieve cash flow breakeven, a key milestone that has been closely watched by investors. Management highlighted that operational efficiencies and higher-margin test volumes are narrowing losses, though no specific timeline for profitability was confirmed. The news sent Microba's shares up more than 12% in early trading on the ASX, with positive spillover to London-listed diagnostics peers.
For UK investors and pension holders with exposure to global healthcare funds, Microba's performance underscores the broader trend of rising demand for precision diagnostics. The company's core offering, which analyses the gut microbiome to guide treatment for conditions such as inflammatory bowel disease and metabolic disorders, is gaining traction among NHS research partners and private clinics in Britain.
Analysts at Canaccord Genuity noted that the 78% volume growth exceeded consensus expectations and provides a strong foundation for the full-year results due next month. 'The trajectory suggests Microba is nearing an inflection point where operating leverage begins to deliver bottom-line improvement,' the broker said in a note. However, they cautioned that the path to breakeven still depends on sustaining growth rates and controlling costs.
The wider healthcare sector on the FTSE 100 edged higher on the day, with the index adding 0.3% to 8,245 points. Investors rotated into healthcare names amid renewed concerns about global trade tensions, viewing the sector as defensive. Microba's update also lifted sentiment around UK-based diagnostics firms, which have faced margin pressure from rising supply chain costs.