Hydration solutions company, The Hydration Pharmaceuticals Company Limited (ASX: HPC) ("Hydralyte North America" or "the Company"), is pleased to report on its activities and cash flows for the 12 months ending 31 December 2023 (FY2023). IMPORTANT NOTE: Unless otherwise designated, the consolidated financial statements and this associated analysis are presented in USD ($), which is The Hydration Pharmaceuticals Company Limited's functional and presentation currency. Results for Announcement to the Market for Year Ending 31 December 2023: Highlights10% increase in FY2023 net sales to $10.0M2ppt increase in Gross Margin to 54% resulting in a 15% increase in Gross Profit from $4.7M to $5.4MSales and Marketing expenses decreased by $2.4MMarketing as a percentage of sales decreased to 39% down from 74% in FY22.Net cash used in operating activities down 41% to $5.7MUnderlying EBITDA Loss of ($6.6M) - after adjusting items including share based payment expenses, amortisation and FX gains (refer table overleaf); this marked a $2M reduction over FY22Financial ResultsNet SalesThe Company achieved net revenue of $10,041,184 during FY23, which represented a 10% or $0.9 million increase on the previous 12-month period (FY22: $9,099,968). The Company faced inventory shortages due to high demand combined with supplier delays from September through December 2023, which resulted in unfilled orders worth approximately $877,576 in net sales. The Company's inventory situation has since recovered with best selling products back in stock and meeting demand from key retailers. After adjusting for inventory shortages, the YoY growth rate increases to 20%. Click here for the full ASX ReleaseThis article includes content from The Hydration Pharmaceuticals Company Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
