EZZ Life Science Holdings Limited (ASX: $EZZ) Quarterly Activity Report

EZZ Life Science Holdings Limited (ASX: $EZZ) presents its quarterly activity report and Appendix 4C cash flow statement for the quarter ended 31 March 2024. The company reported a robust cash position with a balance of $14.5m at 31 March 2024 and no debt. Customer receipts totalled $23.6m for 3Q FY24, marking an impressive 111% increase from the corresponding period last year. Operating cash flows remained positive at $2.04m, representing a substantial 372% increase from the last quarter.

Executive Commentary on Q3 FY24 Performance

EZZ achieved a record cash inflow of approximately $23.6m from customers in 3Q FY24, representing a significant 111% increase compared to the corresponding quarter last year. This strong growth is primarily attributable to delayed payments and sales via Douyin, a burgeoning platform for ecommerce in China. Despite the anticipated seasonal fluctuations in cash flows for this quarter, the Company's investment in new marketplaces during 1Q and 2Q FY24 has yielded strong results. EZZ achieved cash inflow of $2.04m from its operational activities, marking an impressive increase of approximately 372% compared to the previous quarter. As of 31 March 2024, EZZ's cash balance remained robust at $14.5m, with no debt. The 15% increase in cash balance over the previous quarter reflects the strong improvement in operating cashflow achieved this quarter. With a strong balance sheet, the Company continues the implementation of its strategic plan and accelerating growth.

Summary of EZZ Life Science Q3 FY24 Report

EZZ Life Science Holdings Limited (ASX: $EZZ) reported a robust cash position with a balance of $14.5m at 31 March 2024 and no debt. The company achieved a record cash inflow of approximately $23.6m from customers in 3Q FY24, representing a significant 111% increase compared to the corresponding quarter last year. This growth was primarily driven by delayed payments and sales via Douyin, a burgeoning platform for ecommerce in China. EZZ's investment in new marketplaces during 1Q and 2Q FY24 yielded strong results, with a 372% increase in operating cash flows from the last quarter. The company's strong balance sheet reflects its commitment to implementing its strategic plan and accelerating growth, demonstrating a positive outlook for the future.