Infant formula Bubs Australia revenue more than doubled for the 2022 year, and for the first time delivered an underlying profit: EBITDA was a profit of $4.8 million.
The company said the result was driven by strong growth in China and a late push in the United States when there was a product shortage.
?Whilst we will continue to protect and grow our domestic market position, China and the USA will be key growth engines, with both markets expected to be similar in revenue and margin contribution within the next three years?, said CEO and Founder Kristy Carr.
Shares in Bubs Australia dropped 3.31% in morning trade.