Wellnex - Trading Update (ASX:WNX)Key Points- $2.2M net sales...

Wellnex - Trading Update (ASX:WNX)
Key Points
- $2.2M net sales for May with a gross margin of 40% (circa $880k)
- Gross margins are over 26% higher for the Jan - May period of 2024 versus the same period for 2023, with gross profit increasing from $2M to $3.3M in that period
- IP Licensing for the same period was $1.5M with a gross margin of 20.5%, compared to $3.3M for the same period last year with only a 5% gross margin
- New 'Wakey Wakey' products due for delivery in July, coinciding with the launch of Wellnex's new medicinal cannabis product 'Wellness Life' also in July
- The 'Wakey Wakey' products will be available through grocery stores + pharmacy retailers & wholesalers
- As outlined in the charts, revenue from Jan-May dropped from $13.1M to $8.4M for the same Jan-May period last year, however gross margins grew 65% from $2M to $3.3M
- The July launch of its medicinal cannabis product available through Chemist Warehouse & other pharmacies / dispensaries in conjunction with InstantConsult (over 125,000 consultations a year) entering a $500M+/year (and growing) market in Australia alone
- Chemist Warehouse retain a 10% holding in this JV, and have over 550 stores across Australia to distribute these products through