ENDEXX Corp. (OTC:EDXC) has reported a near doubling in fiscal 2022 revenue and said growth in the year ahead will be supported by a recent restructuring aimed at optimizing its growth potential and expanding its product offerings internationally.
The provider of innovative hemp-derived wellness and nutritional products showed a 96% increase in top-line revenue to $1.28 million for the year to September 30, 2022 and generated a gross profit of $503,009 compared to a loss of $344,078 in the prior year. It said it was able to reduce operating expenses by 23%, a reduction of $1,162,007.
“Fiscal 2022 reflected a year of expansion and recovery after two years of economic challenges associated with the economy and the pandemic,” CEO Todd Davis said in a statement. “Expansion of the national mass retail footprint put the company back on its growth path. We now have five of the top eight 'Mass Retailers' in the US as our customers.”
READ: ENDEXX ships more than $3M of its recently reported $6M in HYLA purchase orders since October 2022
Endexx 2022 milestones and highlights:
- Increased Food/Drug/Mass (FDM) retailer shelf space:
- Men’s Skincare and Grooming line launched in select Target and CVS stores nationwide;
- Grew from 4,000 mass retail stores to over 8,000 in fiscal 2022;
- Launched premium plant-derived skincare line on Amazon.com with reach to 13 countries;
- Garnered “top 2” in sales of CBD products in Mass Retail Pharmacy outlets in 2022 according to Nielsen Ratings;
- Expanded retail footprint nationwide with its top-selling balm and cream products in the “pain aisle” at Walgreens; and
- Acquired 51% interest in HYLA US, a company that specializes in non-nicotine, plant-based vape and consumable products for domestic and international markets.
“We anticipate continued top-line revenue growth, continued store expansion, and some of the challenges that we saw in fiscal 2022 to moderate with our hemp-derived CBD products and skincare line,” Davis continued. “Non-nicotine, plant-based alternatives in the consumer product market provide for an extremely compelling outlook for Hyla US going forward. We believe Hyla’s revenues will grow exponentially this fiscal year, continuing into fiscal 2024 and 2025.”
Endexx develops and distributes all-natural, plant-derived topical skincare products. Its products vary from balms, creams, lotions, butters, masks, scrubs, and oils, all with the shared purpose of healthy skin and grooming wellness.
The science behind these products involves a decade of clinical research in the field and lab work to provide a functional formulation with ingredients for optimal absorption and support of skin health.
Contact the author at stephen.gunnion@proactiveinvestors.com