The Australian Securities Exchange-listed company announced a full year revenue of AUD$66.4m (US$45.2m), up 78.9 per cent year-on-year.
Of which, 94.2 per cent of its revenue came from its health supplements sold under the same name brand and the remaining was from its skincare brand Eaoron.
Revenue from its health supplements arm also surged 92.3 per cent.
Net profit after tax (NPAT), on the other hand, soared 91.8 per cent to AUD$6.9m (US$4.7m).
Greater China is the company’s largest revenue source, contributing 78.9 per cent of total revenue – up from 40.3 per cent last year.
Revenue from China in FY24 also went up 95.7 per cent to AUD$52.4m (US$35.7m), and the company said it continued to see China as a “high growth market”.
Australia ranks second with 17 per cent of its total revenue coming from that market, while the remaining came from New Zealand and other markets.
NMN 175,000mcg, L-lysine growth capsule, and bone growth chews were EZZ’s top three bestsellers in FY24.
The first two were only launched in the first half of FY24. The company now has 53 active SKUs.
Over 95 per cent of EZZ’s sales came from e-commerce channels.
“We have significantly expanded EZZ’s product range and grown our distribution channels in key markets.
“China has been a strong growth market for the company this year and we expect it to continue following the strategic relationships we announced during the last quarter of FY24,” said Glenn Cross, EZZ chairman, on the FY24 results.
Other channels selling EZZ’s products include Aubay and O’Mall.
Cross told NutraIngredients-Asia previously that sales from China’s content community and social platform Kuaishou was fast catching up with Tmall Global and Douyin.
Kuaishou has even become its second largest distribution channel after Douyin – China’s version of TikTok.
On Douyin, the company said it was able to target niche segments and has enhanced the effectiveness of its highly targeted social advertising.
The rise in brand awareness also enabled it to collaborate with top-tier influencers with strong reach and highly engaged followers.
Pinduoduo is another channel that has shown strong growth.
“While economic conditions are expected to remain challenging given the ongoing cost of living pressures for consumers, EZZ’s experienced management team is confident in the ability to deliver continued revenue growth and margin expansion, while driving efficiencies within the business,” he added.
Entry into the US
By the next quarter, EZZ is expecting to start selling in the US through its TikTok store.
It already has nine products that have obtained approvals from the US Food and Drug Administration under the food category.
“Our expansion into the US market in FY25 along with our strong balance sheet, which enables us to consider value-accretive growth opportunities, provide confidence that we’ll deliver further revenue growth in FY25,” said Cross.
In South East Asia, it said it has secured a strategic investor and a major sales agreement to expand distribution channels.
The company also plans to launch 10 new products in the first half of 2025. In FY24, it launched a total of 21 new EZZ products.