Join our daily newsletter At The Bell to receive exclusive market insights
- Wellfully (WFL) spent the first quarter of FY23 focusing on its operations and scaling its revenue
- WFL executed an agreement with Beauty Solutions to be the exclusive distributor of RÉDUIT across the UAE, Oman, Qatar and Saudi Arabia
- Further, Italian pharmacy distributors began rolling out SWISSWELL and Wellfully initiated contracting with distributors in Israel and Brazil
- Wellfully ended the period with $29,000 in total available funding, representing 0.03 quarters of use and it plans to maintain “strict control” of spending and may seek funding options
- Company shares are down 4.55 per cent and trading at 2.1 cents at 2:53 pm AEDT
With the majority of its development projects completed at the end of FY22, Wellfully (WFL) spent the first quarter of FY23 focusing on its operations and scaling its revenue.
The beauty and wellness company expanded from the beauty space with its RÉDUIT brand into the healthcare and wellness sector with SWISSWELL.
This marked a milestone for the company who’s aiming to become the “world’s first fully integrated, sustainable, science-based company spanning beauty, health and wellness industries”.
In early September, Wellfully executed a distribution agreement for RÉDUIT with Beauty Solutions Trading.
Under the three-year agreement, Beauty Solutions will be the exclusive distributor of RÉDUIT in the Gulf Cooperation Council markets which includes the UAE, Saudi Arabia, Qatar, Bahrain, Oman and Kuwait.
In the quarter, Italian pharmacy distributors began rolling out SWISSWELL and Wellfully initiated contracting with distributors in Israel and Brazil.
Looking at its finances, Wellfully burnt through $1.06 million, down 50 per cent from $2.14 million in Q4 FY22. The majority of these funds went to staff costs.
As of September 30, the company had $29,000 in total available funding, representing 0.03 quarters of use.
WFL expects receipts from customers to continue increasing and it is considering a number of funding options as well as capital raisings. It also said it’s maintaining “strict control” over cash outflows.
The company’s forward focus is sales and marketing initiatives for RÉDUIT, developing and launching new devices, rolling out the SWISSWELL pain patches following recent regulatory approval, and ongoing collaborations.
Company shares were down 4.55 per cent and trading at 2.1 cents at 2:53 pm AEDT.
