- EZZ Life Science (EZZ) lifts its operating cashflows during FY22, as it continues to reduce expenses
- The company gained $1.9 million from its operations, a jump from the $253,533 recorded in FY21
- It comes as EZZ sharpens its focus on cost control with advertising and marketing costs reducing by $4.88 million while its cost of sales fell by over $2 million
- The company says the second half of FY22 left it in a “robust” financial position and it finished the year with cash and cash equivalents of $10.46 million
- Shares in the company last traded at 36 cents each on August 31
Genomic life science company, EZZ Life Science (EZZ) has lifted its operating cashflows during the 2022 financial year, as it continues to reduce expenses.
Operating cashflow increased 7.5 times on the prior year to $1.9 million. This result came as EZZ sharpened its focus on cost control with advertising and marketing costs reducing by $4.88 million while its cost of sales fell by over $2 million.
Whilst revenue fell by 32.6 per cent to $15.02 million due to impacts of the pandemic, the company said it saw rapid revenue recovery in the second half of the year.
It attributed this rebound to the establishment of diversified distribution channels.
Although earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 35.4 per cent from $2.7 million in FY21 to $1.7 million in FY22, the EBITDA margin remained largely in line with the previous year at 11 per cent.
EZZ Life Science improved its overall financial position with an 18 per cent lift to cash and cash equivalents to $10.46 million at the end of the financial year.
Looking ahead, EZZ said it is in a “robust” financial position for future growth.
Shares in the company last traded at 36 cents each on August 31.
By Yvette Ogilvie