- Freshly re-listed Health House International (HHI) reported a drop in cash inflows but enjoyed a stronger overall bank balance over the March quarter
- The pharmaceutical distributor earned $2.2 million in cash receipts over the period, which brings its total cash receipts over the last three quarters to $6 million
- The company’s cash and equivalents balance remained strong, totalling just over $7 million for the period
- The formerly named VPCL also completed its acquisition of Health Holdings over the quarter and officially became Health House International following shareholder approval
- Health House International shares are off 2.44 per cent following the news, trading at 20 cents
Freshly re-listed Health House International (HHI) reported a drop in cash inflows but enjoyed a stronger overall bank balance over the March quarter.
The pharmaceutical distributor earned $2.2 million in cash receipts over the period, which brings its total cash receipts over the last three quarters to $6 million. HHI advised the sales were mostly from its sales in Australia and the U.K.
The company’s cash and equivalents balance remained strong, totalling just over $7 million for the period, enough to see it through the next 13 quarters based on current spending levels.
The rejuvenated bank balance, which was reported at $761,000 in the previous quarter, is owed in part to a successful $3.5 million public offering undertaken by Health House in mid-March.
Health House spent $658,000 on staff costs and $263,000 on administration costs, bringing its respective year-to-date figures to $1.9 million and $565,000 during the December quarter.
The company also completed its acquisition of Health Holdings over the quarter, issuing 115,298,743 shares in the company to the Health House vendors as consideration for the acquisition and 3,458,961 shares to advisors.
After receiving the tick of approval from shareholders, the company formerly known as VPCL officially became Health House International and was reinstated to the ASX on April 16.
Looking ahead, the freshly named ASX-lister is looking to grow its revenues by expanding into key strategic markets including Australasia, South East Asia, the U.K. and Europe.
The company recently signed a distribution agreement with U.K. supplier DragonFly Biosciences.
Health House International shares are off 2.44 per cent following the news, trading at 20 cents at 11:43 am AEST.