Join our daily newsletter At The Bell to receive exclusive market insights
- Wellfully (WFL) receives good manufacturing practices (GMP) certification for its Swisswell facility in Lugano, Switzerland
- The company received certifications for a number of its systems, including quality management, environmental management, compliance of HR management, and GMP compliance in manufacturing cosmetic products
- WFL says this is an important milestone for its operation that has already received approval for the use of the Swiss Made label earlier this year
- Additionally, the certifications have created a foundation for further approvals for the planned Swisswell lubricen knee patch insourcing
- Shares are trading flat at 2.8 cents each at 3:07 pm AEDT
Wellfully (WFL) has received good manufacturing practices (GMP) certification for its Swisswell facility in Lugano, Switzerland.
The company received certifications for a number of its systems, including quality management, environmental management, compliance of HR management, and GMP compliance in manufacturing cosmetic products.
WFL said this is an important milestone for its operation that has already received approval for the use of the Swiss Made label earlier this year.
Additionally, the certifications have created a foundation for further approvals for the planned Swisswell lubricen knee patch insourcing.
The knee patch aims to assist with cartilage degeneration and joint pain in knees.
In other news, the company released its annual report, highlighting doubled revenue of over $2.6 million.
It comes as Wellfully lifted customer receipts from $631,716 in FY21 to $2.25 million.
Meanwhile, it recorded cash outflows of $8.25 million, with its largest expenses being for directors and employee benefits, as well as marketing and operations services.
The company recorded loss after income tax of $7.3 million and finished the period with $317,669 in cash and cash equivalents.
Wellfully has since scheduled an investor webinar with CEO Paul Peros on Wednesday.
Shares were trading flat at 2.8 cents each at 3:07 pm AEDT.
