Microbia Life Sciences (ASX:MAP) is a microcap who’s main products are two gut health testing kits Metaexplore and Metapanel. From a patient faecal sample MAP claim to be able to identify and help propose solutions for a host of gut related illnesses. It has been a long slow slog for MAP and it is yet to reach cashflow breakeven. No doubt the reason for today’s announced capital raise, and a recently precipitously falling share price.
Despite some early successes MAP has yet to reach anything like the testing volumes they need for profitability. In part I suspect this goes back to GPs limited understanding of gut health problems and skepticism of the tests and solutions offered by MAP. You might think the dietitian/naturopath and “allied health professional practitioners” would be a more successful sales channel. However this doesn’t seem to have gone too well either. Maybe a significant barrier to further sales of the tests, is the reluctance of people to poke a little plastic rod into their own shit to obtain the necessary sample.
We know this because the Australian government sends out free bowel screening tests to citizens between the ages of 50 and 74 and typically gets a return rate of only around 40%. This is despite bowel cancer being the second leading cause of cancer after lung cancer and the test kit is delivered to your door free. Potentially, for very little effort you may avoid a grisly death or in many cases being forced to have a plastic poo bag strapped to your chest for the rest of your life. Yet the majority of Australians refuse to take the test.
As a counterpoint, people will endure all sorts of discomfort when it comes to their personal appearance. Including botox needles to the lips, all sorts of painful surgical enhancements, ripping hair from almost any part of their bodies and tattoos from the top of their arse cracks to just about anywhere else. But they will not undertake faecal testing.
Whilst in the last decade the incidence of on line Shit-Posting has skyrocketed, Shit-Poking remains very unpopular. This is curious in itself, with so many in society behaving as if what comes out their rear end doesn’t stink, you would think for most faecal sampling would not be an unpleasant activity.
MAP CEO Luke Reid who was a Strawman guest in July of last year. He is likeable and slightly serious young chap, as well he might be. He is dealing with serious shit.