It’s earnings season again as the ASX market announcements page becomes increasingly flooded with earnings lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

 

Tyro Payments (ASX:TYR)

Highlights for H1 FY23:

  • Group revenue up 45% on pcp to $216.6m on pcp
  • Bottom line EBITDA rose 600% on pcp to $19.5m
  • Operating costs down 16% on pcp to $75.7m

Tyro’s payments transactions for the half rose by 37% on the prior corresponding period (pcp) to $21.7 billion.

The company’s cost reduction program is on track to achieve an $11 million reduction in annualised cost base, with H1 FY23 operating leverage of 80% achieved, down from 96% in the pcp.

Tyro also said it was on track to reach positive free cash flow by the end of the financial year.

The company updated its FY23 earnings guidance, with forecast transaction value increasing to a range of $42.5 billion to $43.5 billion (up from $40.0 billion to $42.0 billion).

This will result in an improvement to gross profit of between $187 million to $191 million, and a targeted operating leverage of around 79%.

“The first half of FY23 has been exceptionally strong, however in forecasting the second half of FY23, we are taking a cautious approach and have allowed for some softening of consumer trading conditions due to rising interest rates and other macro-economic factors,” said Tyro’s CEO, Jon Davey.

 

Bigtincan (ASX:BTH)

Highlights for H1 FY23:

  • Annualised Recurring Revenue (ARR) hits $130m
  • $30m institutional capital raise completed to support ongoing growth

The AI-powered software company continues to execute on its strategy to become a global leader in sales enablement.

The company achieved an ARR of $130m as at the end of December, driven by new customer wins including Pfizer, Align, Jabra, Equifax and Assurant.

These wins are in addition to expansions with Google, Cisco, Semrush, Seek, TMobile and Neogenomics, among more than 300 customers who expanded  in excess of $30k per annum on average.

In December, Bigtincan also completed a $30m placement to institutional investors, and has an ongoing non-underwritten Share Purchase Plan (SPP) scheduled to close on 18 January to raise up to an additional $5m.

Based on the 1H FY23 performance, Bigtincan says it remains on track for its guidance for FY23, with ARR expected to be in the range of $137m to $143m, and revenue in the range of $123m-128m.

The company also expects positive adjusted EBITDA forecast in FY23 to materially exceed FY22.

 

Baby Bunting (ASX:BBN)

Highlights for H1 FY23:

  • Sales up 6.6% on pcp to $254.9m
  • Gross profit margin was down 2.1% on pcp to 37.2%
  • Group NPAT was down 59% on pcp to $5.1m

The maternity and baby good specialist reported a disappointing 6.6% in top line sales to $254.9m, with comparable store sales being 0.4%.

The company continues to invest in the business to support future growth as it targets 120 stores in Australia and New Zealand, with a growing digital market presence.

The first half reflects the investment to establish the New Zealand business, including the costs incurred ahead of further store openings.

In Australia/ NZ, new stores have been opened at Albany (NZ), Burnside (Vic), Hornsby (NSW) and Hectorville (SA).

For its FY23 outlook, Baby Bunting expects pro forma NPAT to be in the range of $21.5 million to $24 million, and full year gross profit margin to be between 38% to 39%.

 

Polynovo (ASX:PNV)

Highlights for H1 FY23:

  • Total revenue including BARDA was $29.5m, up 62.2% on pcp
  • Strong growth in US, achieving 1H23 record sales of $22.8m, up 61% on pcp

Polynovo registered three $5m+ sales months during the the first half of FY23, reflecting the growth in customer accounts and penetration of existing accounts as well as sales in new markets.

The company also reported headcount increases and new market expansion, which should support its activities in the second half.

CEO Swami Raote said: “We are pleased to see the strength and quality of our growth across all markets.

“In addition to geographic expansion, we are investing in building our R&D capabilities to ensure that NovoSorb is a truly innovative and disruptive soft-tissue regeneration platform, as well as increasing our manufacturing capacity to satisfy increasing demand.”

 

Little Green Pharma (ASX:LGP)

Highlights from the Quarter:

  • Record quarterly customer cash receipts of $6m
  • Successful $4m placement, with applications up to $2m SPP closing today
  • Ethics approval granted for Schedule 3 CBD product clinical trial

During the quarter, the company achieved $6m in customer cash receipts, up over 35% from the $4.4 million in the previous quarter.

This was achieved despite missing the quarter end cut-off for the delivery of a $0.4 million shipment to Demecan, which was instead delivered in early January.

This revenue growth was generated in part by a 20% increase in Australian flower sales from the prior quarter, and a 10% increase in Australian oil sales.

With flower estimated to represent over 70% of the Australian market, LGP is expecting significant growth within this segment of its portfolio.

In Europe, following the termination of its contract with Four 20 Pharma, the company swiftly placed its SMS strain with another existing distribution partner in Germany, Cannamedical Pharma, under a second exclusive supply agreement valued at around $4.7m.

In November, LGP secured Human Research Ethics Approval for its Phase III clinical trial in support of its proposed Australian Schedule 3 CBD product registration for  improved quality of sleep. 

The company also raised $4m in the quarter from institutional investors, and a $2m SPP from retail investors which is closing today.

In addition, LGP received its annual R&D rebate of $2.3 million which it used to repay its $1.9 million R&D financing.

Share prices today:

 

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