Wellnex Life (ASX:WNX) Company, Half-Yearly & Trading Update

Wellnex Life Limited (Wellnex, WNX or Company) (ASX:WNX), owner and developer of some of Australia's leading health brands, has recently published key ASX announcements. 



7 March 2024: Half-year Report & Trading Update


Announcement Highlights

  • Revenue for the first half of FY24 was $5.7 million with all revenue derived from Company's owned brands and IP licensing.
  • Wellnex has pivoted away from all previous business involving brokerage at the commencement of FY24 affecting the revenue for this period which was impacted by the delay in the Pain Away acquisition.
  • Loss from operations was $9.8 million which was primarily driven by non-cash expenses of $3.3 million and one-off expenses involving Pain Away transaction and inventory provisions of $1.8 million.
  • Net Assets of the Company up to $6.5 million including a 60% increase in inventory holdings to $5.0 million.
  • Strong start to the second half of FY24 with brand sales for the first 2 months of $2.3 million at a margin of 45%.
  • February brand sales were $1.43 million and an operating profit of $301,000.
  • Sales for March are budgeted to be $1.7 million in brand and a further $800,000 in IP licensing revenue.
  • Strategic decisions made in the first half of FY24 coupled with the completion of the Pain Away transaction have transformed the Company where we will see increasing revenue, margins and profitability.

Read the full Wellnex Life Half-Year Report & Trading Update here.


1 March 2024: WNX Company Update


Announcement Highlights

  • Wellnex achieves trading profit in February from normal operations.
  • Pain Away transaction delivers for Wellnex with revenue and markings aligned to budgeted expectations.
  • Acquisition of Pain Away has resulted in efficiencies in the business with circa $1.5 million per annum in savings identified and implemented in February.
  • Strategic Investor signs binding commitment to increase placement from $2 million to $3 million on the same terms as the entitlement issue in December representing an 11% premium to the last traded price.
  • Half-year accounts will be released to the market by Wednesday 6th March with the delay being due to the incorporation of the Pain Away acquisition and associated corporate activities.

Read the full Wellnex Life Company Update here.


Wellnex's CEO George Karafotias commented:

George-Karafotias"The first half of financial year 2024, while it had its challenges, was a pivotal moment for the Company. In the last 6 months, we acquired the Pain Away business and transformed the Company into a totally focused branded business. There is a strong Company focus to generate quality revenue that will add to the profitability of the organisation. Achieving our first operating profit in February is evidence we are on the right track with our aim and expectation to keep growing our margins and profits for the rest of this financial year and beyond."


Further comments from the BPC's team;

Michael-Jeffery"When BPC looked at the pain away transaction and what it meant for Wellnex we immediately supported it. What we saw has now materialised with the company being profitable and further growth opportunities to grow revenue, margins and profit."

- Michael Jeffery - Director, Corporate Finance



Asset 2"When you roll the sleeves up, believe and work hard you will often find that results follow. These results, showing the immediate benefits of the Pain Away acquisition, are the result of that belief. I'm looking forward to talking to our clients more and more in the future about the ongoing profitability of Wellnex Life."

- James Whelan - Managing Director, BPC Wealth Management


To learn more about Wellnex Life and stay up to date with investor information, subscribe to the Company's Chairman’s List.