We are pleased to share Wellnex Life (ASX: WNX), owner and developer of some of Australia's leading health brands, has recently published an exciting ASX announcement.
Announcement Highlights
- Strong Monthly Sales Growth: Wellnex Life reported net sales of $2.2 million for the month of May, with a robust gross margin of 40%.
- Significant Year-to-Date Margin Improvement: For the period from January to May, gross margins were 40.1%, a substantial increase from 14% in the prior corresponding period (PCP). Gross profit increased from $2.0 million to $3.3 million year-over-year.
- Lucrative IP Licensing Revenue: IP licensing revenue for the January to May period was $1.5 million, with a gross margin of 20.5%, compared to $3.3 million at a gross margin of 5% in the PCP.
- Expansion of Product Lines: The new "Wakey Wakey" product lines are set for delivery in July, with confirmed placements in major grocery and pharmacy retailers and wholesalers.
- Launch of Medicinal Cannabis Brand: Introducing "Wellnex Life", a new medicinal cannabis brand, launching in July. This brand will be available in Chemist Warehouse and other leading pharmacies.
Wellnex Life Limited (ASX: WNX) (“Wellnex” or “the Company”) is pleased to provide an update for the January to May period, showcasing continued growth and transformation following the acquisition of Pain Away in December 2023.
Since acquiring Pain Away, Wellnex has demonstrated consistent month-to-month sales growth, with net sales in May reaching $2.2 million with a gross margin of 40%.
Wellnex's owned brands contributed 80% of total revenue for the period from January to May, compared to 21% during the same period in 2023 (PCP), with revenue rising from $3.0 million to $6.6 million.
Total revenue for Wellnex for the January to May period was $8.4 million, compared to $13.1 million for the PCP. Despite the revenue adjustment, gross margin grew 65% increasing from $2.0 million to $3.3 million.
Congratulations to George Karafotias, Zack Bozinovski, the board and the team at Wellnex Life for reaching this significant milestone.
Read the full Wellnex Life ASX announcement here.
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