Full-year revenue guidance on track with further upside potential

ASX-listed Wellnex Life has started FY23 with a metaphorical muscle flex, announcing that all segments of its health and wellness business have experienced growth in the past two months.

ASX-listed Wellnex Life has started FY23 with a metaphorical muscle flex, announcing that all segments of its health and wellness business have experienced growth in the past two months.

Revenue for July and August was $3.93 million, up 46% on the same period last year ($2.68 million), the company said, noting “strong growth across the whole business” particularly in its wholly owned brands and contract manufacturing.

CEO George Karafotias added that Wellnex’s wholly owned brands again saw month-on-month growth across both its pharmacy and grocery channels over the two-month period.

“The company anticipates the strong start to continue and accelerate throughout the year with a number of exciting product and brand launches,” Mr Karafotias said.

“The guidance of $29 million in revenue for the full year is on track, with the potential for further upside dependent on the success of the new launches over the coming months.”

Among those launches is Mark Wahlberg’s Performance Inspired sport supplement range, which is expected to be delivered this month in preparation for its launch in Chemist Warehouse stores nationally in October, with a “substantial” initial purchase order already received.

Wellnex (ASX: WNX) will produce these product lines within Australia to remove the “timely and expensive” international logistics costs, which the company says will in turn help to achieve higher margins.

Further, the production of Ocean Road Dairies brand Organic A2 infant formula range has been completed and is now ready for its October launch in Chemist Warehouse.

Wellnex CEO George Karafotias will be holding an investor briefing on Thursday 15th September at 11am (AEST) where he will provide a more in-depth company update. Click here to book in.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Wellnex Life Limited and will receive fees for its services.

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