Here is extract of most recent qtrly
Ended 30 June 2023
HIGHLIGHTS
• US business nearing cash flow neutral starting the September 2023quarter, with
NGS on track to be cash flow neutral or positive by the end of December 2023.
• Walmart confirmed a total of 795 stores to stock NGS’s new Happy Tummies®
product with distribution commencing early August 2023, and potential to drive significant new revenue.
• Cash receipts for the June 2023 quarter of US$745k (approx. A$1.096m an increase compared to June 2022 quarter of US$684k (approx. A$1.005m)
• Continued focus on the US market and building sales momentum through Walmart:
To my reading - Happy Tummies is a another NGS product line to Healthy Heights - see below - being the current Walmart product line per balance of same announcement below - IMHO and if I am reading it correctly - a new (in essence 2nd) NGS product - Happy Tummies - going into 795 Walmart stores over and above the existing footprint of Healthy Heights is pretty significant
o Number of Walmart stores increased from 409 to 465, following initial
performance ofHealthy Heights® Kidz Protein® with NGS aiming to deliver
further store increases and higher sales.
o Began onboarding two new retailers iHerb and CVS Pharmacy owned
Alternative Formats, with these retailers expected to significantly contribute
to NGS revenue and retail expansion efforts.
o Sales through Amazon and NGS webstore continued to contribute the
majority of topline revenue.
• NGS products to be sold under a white label brand in Maccabi Healthcare Services
Pharmacies, a leading Health Maintenance Organisation in Israel providing health
coverage to around 25% of the population.
• Progressed the strategic restructure to simplify operations and build a stronger
foundation, with a significant reduction in costs during the Quarter and further
gains to be realized in future periods as organisational changes take full effect:
o Restructure expected to significantly reduce annual Selling, General and
Administrative costs by approximately US$1.9m or 34% compared to 2022.
• Successful capital raise raising a total of A$1.2m (before costs), with funds to be
applied to the Company’s North American expansion strategy
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