Cellmid on track for profitability in FY2022 with planned revenue growth in ecommerce and new product launches
The company has made progress in its new product development program with a hair loss supplement formulation completed and manufacturing and ecommerce set to launch during the first half of 2022. Cellmid is well-funded to implement its growth strategy after completing a $4.5 million capital raise in March, taking cash reserves to around $8.3 million after costs.
Cellmid Ltd (ASX:CDY) is on track for profitability in the 2022 financial year with planned revenue growth in ecommerce, new distribution channels to China and new product launches.
During the March quarter, consumer health sales increased by 12% on pcp, due to an increase in sales of Cellmid’s evolis branded platforms and through ecommerce retail partners.