Wellnex delivers full year revenue lift despite global supply chain glut, says FY23 revenue will now jump by 50%
Health & Biotech
Health & Biotech
Link copied to
Aussie health and wellness company Wellnex Life Limited (ASX: WNX) says unaudited revenue jumped by almost 7% on last year, despite the global supply chain glut delaying key shipments.
The delays have impacted projected full year targets, but the firm is now offering revenue guidance almost 50% higher than the last financial year.
In a note to the market, Wellnex Life Limited (ASX:WNX) says it’s unaudited FY22 revenue of $19.5 million is a 6.6% gain on FY21, but some 7% under previous guidance of $21m.
With product deliveries planned for June now arriving in July and August, the company’s latest $3m in confirmed purchase orders will push this revenue back onto the books of the new financial year.
Wellnex now anticipates it will continue to grow its pipeline of contract manufacturing orders in FY23 for both these products as well as new products currently being developed.
Wellnex projects revenue for FY23 to be $29 million, an increase of circa 49% on FY22.
This increase will be driven by growth in the Company’s own brands which will increase the margins and profitability of the entire business.
Wellnex is also aiming to achieve positive EBITDA in FY23.
WNX expects revenue growth in FY23 to be accelerated by:
Despite the global supply chain challenges facing global exporters, Wellnex Life CEO George Karafotias said Wellnex has made strong progress throughout the year.
“We have successfully launched several new products, signed a supply agreement with pharmaceutical giant GlaxoSmithKline and have key distribution agreements in place with all major pharmacy and grocery retail channels.
“Wellnex is targeting revenue growth of circa 49% in FY23 and margin enhancement from the growth of our in-house brands. We look forward to continuing to expand our pipeline of new product offerings into FY23 and beyond, to serve the growing health and wellness market,” he added.
Only last month, Wellnex Life raised more than $6m to fast-track its entry into the newly opened-up and highly lucrative, over-the-counter medicinal cannabis sector and take advantage of e-commerce opportunities.
Since re-listing on the ASX in July last year, WNX has continued its upward trajectory with strong revenue growth from successful new product launches.
The company’s initial supply agreement with GlaxoSmithKline and key distribution agreements come hot on the heels of word that Coles will stock two of its owned brands – Wakey Wakey and The Iron Company.
This article was developed in collaboration with Wellnex Life, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.