Aussie genomic life science company EZZ (ASX: EZZ) —known for its health and wellness tablets—is set to launch its online store on Amazon and introduce three new branded products.
The Company has officially launched its Amazon online flagship store at the e-commerce site for Australian consumers. Amazon is recognised as one of Australia’s—and the world’s—leading online e-commerce platforms and will provide an important distribution channel for EZZ and EAORON branded products.
Chairman of EZZ Life Science, Glenn Cross, commented, “We are delighted to have established a key new distribution channel with Amazon. Amazon is one of the largest and fastest growing online e-commerce marketplaces in Australia and will form an important part of EZZ’s omnichannel strategy.”
The Company has selected an initial range of 29 key products to be distributed through Amazon, with further products to be added in the coming months. Fifteen of these products are EZZ-branded products and 14 are EAORON-branded products.
Cross added, “The Company has also released three new EZZ branded products for the domestic and Asian markets. Our R&D efforts continue to be directed towards supplements in large, high-growth markets and we look forward to further expanding our EZZ product range this year.”
EZZ continues to develop its own range of targeted health supplements and has released three new products with approval from the Therapeutic Goods Administration (TGA) to complement the existing range of EZZ branded products currently in the market.
These include EZZ Children’s Eye Health is a supplement to support eye and macula health in children; EZZ Magnesium Plus is a supplement rich in natural magnesium oxide to support nerves and muscles and help keep the body’s immune system balanced; and EZZ Sugar Metabolism is a nutritional supplement supporting the metabolism of carbohydrates and energy production in the body.
During COVID-19, in FY22, the Company decided to reduce its advertising and marketing expenditures to cut costs. In H1 FY23, however, it bounced back and developed and expanded its existing and newly-established distribution channels, including its official shopping website, pharmacies, and e-commerce platforms in other countries. As a result, EZZ spent $7.7 million on marketing and advertising, up from about just $1 million in H1 FY22.
In 1H FY23, the Company experienced an operating cash outflow of $641K, primarily due to the timing of payments related to the launch of new products and deferred payment receipts from e-commerce platforms, but it was offset by the $9 million in-flow.
Thankfully, its financials bolstered its investments. EZZ’s EBITDA increased very significantly from $70,202 in H1 FY22 to $1,811,809. Plus, its revenue shot up from $6.2 million to $15.12 million.
There was a time when EZZ relied mainly on B2B consumers, but that is no longer the case. With most of its sales coming from B2C, it is looking to focus more on its official online store and e-commerce sites, like Amazon.
This new line of products has been developed for local consumers in Australia and export, particularly to Southeast Asia—one of its expansion goals for FY23.
Alinda is a Business Reporter for The Sentiment
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