The firm, which recently announced plans to expand its astaxanthin capacity by a third to meet growing demand, said the red antioxidant accounted for 60% of group revenues during the quarter, while spirulina – a blue/green algae - accounted for the other 40%.
Nutrex supplements sales up 73%
Chief executive Brent Bailey said sales of Cyanotech’s Nutrex-branded finished products (supplements) had also made a significant contribution to group sales.
“Our Nutrex-branded sales grew 73% and represented 37% of our net sales.”
Net income in the year to September 30, 2011, was $2.2m compared with $1.3m in the year to September 30 2010. Revenues surged 35% from $15.5m to $21.1m.
A potent antioxidant
Cyanotech produces its BioAstin astaxanthin from Haematococcus microalgae, which is grown in closed culture systems and then put through a 'reddening' cycle in open culture ponds (pictured).
A potent antioxidant, astaxanthin is claimed to have a wide range of benefits spanning joint, skin and eye health to healthy immune function, healthy tendons, UV protection for the skin, anti-aging, increased energy, recovery after exercise and a healthy cardiovascular system.
Astaxanthin has primarily been used in the feed industry to make farmed salmon a richer pink color. However, it has recently gained momentum in the dietary supplements market and is also being promoted as a functional food ingredient following several GRAS applications.