BUB -4.96%: a record year for Bubs after receiving a boost in sales on gaining US FDA approval late in the year. Revenue came in at $104m and underlying EBITDA of$4.8m were both ahead of guidance provided in July when the company raised $63m to scale up operations. Revenue from China bounced back, more than doubling vs FY21, as export restrictions to the country eased. The US made up 9% of revenue despite having received FDA approval in late May. The company is now working toward achieving permanent approval, already managing to send 800,000 tins of infant formula to the country. Plenty of positives out of FY22, however the company provided little in the way of detailed guidance which weighed on shares today.
MM is neutral BUB ~60c
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