Columbia-based Martek Biosciences Corp. has reported a sales increase of 166% of its nutritional oils for infant formula, from US$1.9m to US$4.9m, for Q3 this year.
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In the same period, the three months ending 31 July, revenue more than doubled, from US$2.5m to US$5.6m.
Martek produces nutritional products from microalgae, and the oils are licensed to many major infant formula markers, who sell products in over 60 countries.
In May, the US Food and Drug Administration (FDA) approved the use of Martek’s nutritional oils in infant formula for sale in the US.
The company added that the enormous sales growth helped narrow its Q3 loss, to US$3.3m, down from US$3.8m for the same quarter the previous year.
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