Genomic life science company, EZZ Life Science Holdings, reported strong results with an increased cash flow despite a dip in customer receipts and the launch of new products.
EZZ attributed its decreased customer receipts of $14.6 million in January, to a slow Chinese New Year period coupled with reduced digital advertising as compared to the same period last year.
The company’s strong operating performance for the quarter resulted in $1.5 million of positive cash flow due to stable cash inflows over the last six months.
EZZ launched its Liquid Calcium Complex and Probiotic Digestive Support products in the last six months while upgrading the formula and packaging of its L-Lysine Growth Capsules, Bone Growth Chews and Smart Clarity Boost products.
The company continues to build its strong financial foundation by remaining debt-free to support ongoing strategic initiatives, including international expansion, new product development and potential acquisition opportunities.
EZZ will focus on entering the US market through e-commerce platforms and launch a differentiated product line in the remainder of the financial year.
It will also prioritise pursuing strategic acquisition opportunities aligned with EZZ’s long-term vision and shareholder value objectives and capitalising on major shopping events.
“Despite seasonal headwinds affecting customer receipts this quarter, EZZ has delivered another period of strong operating performance, driven by our ongoing commitment to innovation and agility in responding to dynamic market conditions,” said Glenn Cross, non-executive chair of EZZ.
