Half Year 2024 Bubs Australia Ltd Earnings Call Transcript
Key Points
- Gross revenue increased by 30% to $49.2 million compared to Half 1 FY '23.
- Sales in the U.S. market grew by 102% over the prior corresponding period.
- Underlying gross margin improved by 300 basis points to 38%.
- Operating expense to net revenue ratio improved to 53% from 78% in Half 1 FY '23.
- BUBS Australia Ltd (ASX:BUB) expects to be EBITDA positive and cash flow positive in FY '25.
- Net loss after tax was $7.7 million for Half 1 FY '24.
- One-off costs included $2.7 million for FDA regulatory costs and $1.9 million for litigation costs.
- China net revenue decreased by 30.3% compared to the prior corresponding period.
- Operating expenses, although reduced, still resulted in an underlying EBITDA loss of $6.2 million.
- Supply chain shortages impacted potential higher sales in the U.S. market.
Good morning, everyone, and welcome to the Bubs Half 1 FY '24 Results Briefing. My name is Reg Weine and I'm the CEO and Managing Director of Bubs.
Before we get into the result briefing and the slide presentation, I would like to draw your attention to our disclaimer on Page 2 of the presentation and now on your screen. The agenda and content for today's presentation will firstly cover the Half 1 FY '24 results and highlights. I will then discuss Bubs strategy and the significant progress we have already made against Bubs 5-point plan to responsibly manage capital and maximize shareholder value, and I will provide a high-level update on each of the strategic pillars. I'll then briefly touch on what I consider to be the Bubs investment highlights and the ingredients that I feel make us a strong investment proposition. I'll then move on to what to expect in half 2 and the outlook. And for those that are interested, there is a statutory reconciliation provided on Slides 34 and 35.
Looking at our Half 1 FY
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