How are Bubs’ (ASX:BUB) shares faring after Q1 update?

2 min read | November 01, 2022 01:56 PM AEDT | By Tamnna

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How are Bubs’ (ASX:BUB) shares faring after Q1 update? — Image source: © Paha_l | Megapixl.com

Highlights of Bubs’ Q1 FY23 quarterly activity

Let’s look at how Bubs Australia performed in the quarter that ended on 30 September:

Bubs’ Q1 group gross revenue during FY23 was AU$23.6 million, up 28% from the previous corresponding period (pcp).
Bubs® infant formula made more than double revenue during Q1, up 109% from pcp.
In the US, Bubs generated gross revenue of AU$9.6 million; this covers about 40% of the group’s gross revenue during Q1.
In the first 13 weeks, the company achieved 0.4% of the total market share in the US and 9% of the organic/health formula category.
Scan sales of Bubs ranked at the number 2 position among the approved list of imported brands, resulting in compounding weekly growth of 12.3%.
During Q1 FY23, Bubs received a go-ahead from US FDA for permanent access in the US by October 2025.
The company was invited by Amazon.com to become a direct retailer under a first-party relationship.
Talking about the China channel, gross revenue for China Daigou is 20% higher than the pcp.
Bubs set the foundation for a strategic partnership for enabling SAMR (GB) registration pathway for its Bubs® China label.
Lastly, Bubs’ cash balance is AU$64.6 million as of 30 September 2022.

Management Commentary

Commenting on this successful quarterly report, Kristy Carr, Founder and CEO, Bubs, said:

Image Source: © 2022 Kalkine Media®
Data Source: Company announcement dated 31 October

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